Weekend at Bernie's, Trixy's or the Club de jour Chapter??
We all remember the Johnny Kemp song from 1988… “Just got paid… Friday night… party hunting...feeling right.†Those lyrics sum up a payday weekend, with partying and spending that would go on for years.
Let’s break down a typical payday weekend.: You meet up with some friends at the bar/restaurant. You grab appetizers, a few drinks and then probably hit the club later that night. Depending on how late the club closes, you might stumble into a nearby diner for breakfast and from there, hop into a cab and head home.
For many of us, all of that takes place on a weekend when there are no bills due. Rent and mortgage are already paid up and maybe cable or phone is due this week. So you can afford to go out and blow some cash. And let’s be real: experts say PAY YOURSELF FIRST! Right? WRONG!
True, the experts recommend taking a portion of your salary and setting it aside for the future, not running around town blowing cash on the weekends. Now you’re probably thinking that this money is just ‘party cash’ and you can’t save nything substantial on just a few bucks bi-weekly. Nothing can be further from the truth.
Let’s do some math:. In NYC, a meal at a restaurant would run you about $12 -$15 with tip. A typical club cover costs about $20. A drink would set you back about $12 a pop and breakfast at a diner the next day about $10. A metered cab ride home would average between $15-$20 depending on where you live.. If you round off these numbers, you have just blown about $80 on hanging out. But think about it like this: that same club money could go toward laying down your foundation for an emergency fund. Add $20 to that $80, you have $100. Set that aside every two weeks and within 3-4 months, you will have $1000 for your emergency fund. If that’s too much for you, try to save about $25 a week until you hit that magic number.
Why $1000? That’s that average costs of most emergencies. Car breaks down? About $1000 to get it repaired. Emergency room visit? A deductible would be covered if you had $1000. And let’s not forget those unexpected bills that creep up from time to time.
And as for the club, restaurants, movies, cab rides? Matinees and Blockbuster are good alternatives. And don’t cut out going to the club; just cut back. You can still get your dance/mack on once a month and watch the rest of the masses spending their emergency funds.
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