While living in New York, I’ve found it daunting to prioritize my financial goals. With dozens of exciting countries to visit with friends on my bucket list, an invitation to eat out pretty much a few times a week, and a zillion things to do literally at all hours of the day, how could I avoid experiencing FOMO while keeping my financial goals top of mind?
Here are a few tips that have helped me be more financially savvy while maintaining a healthy social life.
1. Proactively save for trips and entertainment
Although you may not have plans to take a trip or go to a festival with your friends in the near future, you can still save in anticipation of these events. By saving a small portion of each paycheck now, the last-minute purchase of a ticket is less likely to impact your financial goals and your wallet.
At the moment, I currently have four savings accounts. One for emergencies, one to save money for my own apartment next year, one to set aside rent money for my current apartment, and general savings account that I pull from whenever I want to do something that is not technically in my budget.
2. Recommend free or low-cost outings
Each month, make it a point to plan one to two free outings with your friends. Many cities offer free movie viewings on park lawns in the summer, reduced museum entry on certain days throughout the year, or free entry to festivals with low-cost food trucks.
You can find a lot of these events in local calendar listings or by searching online. Since I live in Brooklyn, my friends and I take advantage of the free events that happen at local bars in Bed-Stuy, First Saturdays at the Brooklyn Museum, and Smorgasburg in the summers.
3. Look for discounts and flash sales
When planning outings and trips with friends, look for flash sales, early-bird savings, and happy hour. One of my favorite spots in Manhattan for happy hour is Verlaine because it has a happy hour from 5-10 PM every day.
My friends and I have also managed to save money on plane tickets by using sites like Hitlist, Flighthub, and Skyscanner. Thanks to Hitlist, my best friend and I were able to find round trip tickets to Aruba for 5 days for $200.
4. Be honest with your friends
It’s okay to be honest with your friends about wanting to be mindful of saving money for your financial goals. In many cases, you’ll find that they are supportive of you being financially responsible and will look to you for advice on how to be financially responsible as well.
As I’ve become more aware of what I am spending, financially, I have declined invitations to eat out with my friends as much and have cut back on booking spontaneous trips. Being honest with my friends about wanting to prioritize my financial well-being has relieved the pressure of feeling like I have to spend money to be included.
In addition to being supportive, my friends have always found ways to make cost-efficient plans to ensure that I am included and not experiencing FOMO.
5. Get a financial advisor
Working with a financial advisor can help with budgeting fun with your friends while keeping your financial goals in mind. Working with Chandra, my financial trainer at the Financial Gym Advisors, has helped me with developing habits that allow me to keep my financial goals in mind. For example, I’m now allocating a specific amount of funds per week (i.e. $100) on a prepaid debit to keep me within budget, and am choosing to walk a few blocks to the subway instead of taking a rideshare home.
Need help navigating these tough financial situations in your life? Reach out to a coach at The Gym for more insight and guidance about how to regain balance in money and your relationships.
