Will Going Out Hurt Your Financial Freedom? The Shocking Answer Revealed

What’s the deal with saving money, paying off debt, and trying to have some fun in your 20s?

I hate lame personal finance advice. I will never tell you to stop going out, to stay in, and cut your own hair. That’s so pathetic. No offence if you do any of these of course. I’m just saying that many of us just aren’t meant to sit around at home and do nothing.

Before we move on, you need to check out my financial stud’s guide to drinking. That will explain how to go out without losing your pants (unless you want to lose your pants).

Will going out hurt your financial freedom?

Not at all! It will actually help you.

When you try to restrict yourself and take everything away it’s actually counter productive.

We’ve all seen this before. Do you ever have a friend that wants to lose weight? They plan to never ever eat junk food again. They talk in absolutes. They say that they’re done with junk food forever. Then one day they get a craving and their plan goes out the window.

The same goes for going out and having fun. You could try to stay in a few weekends in a row. After that, you might just snap. I don’t want you to feel guilty for having fun.

I put together a 2,000 word piece on reaching financial freedom by 30. You need to check that out to get started. Back to going out…

Why’s going out good for you?

I want you to keep on going out because it’s not realistic to stay in all of the time for the rest of your 20s. You’re going to hate whoever suggested that you stay in after one boring weekend.

And because who doesn’t want to have fun? I mean, really, why wouldn’t you want some memories from your 20s? Imagine telling your future children that you never did anything in your 20s.

Money comes and goes. Times goes and never comes back. As long as you don’t go into debt when you go out and keep on hitting your savings’ targets, there’s no need to feel guilty about having a blast. I was able to save over $25k before 25 without ever missing a party.

Now it’s time for the most important question…

How do you hit our goal of financial freedom by 30 while going out?

This is where I might lose some of you. That’s cool. If you stick around, I promise you lots of amazing times without going broke.

How do I go out without going broke?

As I type this, I can’t control my laughter. We had such a fun night. I woke up feeling on top of the world and my wallet was thanking me as well. We spent zero money and had zero drinks. Well two of us. Our friend Pete (real name used since he reads this blog), got a bit too out of control, and spent a ton of money. We all still had the same amount of fun, except one guy woke up likely at 5 pm with a massive hangover.

And I’m not saying there’s anything wrong with drinking. I’m the first one to open the bottle at a party. You just have to be tactical with how you drink and when you drink.

How’s this possible?

You have to get better at going out sober. Drinking is a killer on the ol’ beer belly and wallet.

I love training and my bank account too much to always be drinking. I also enjoy the camaraderie with friends, so I can’t avoid alcohol forever.

What’s the simple process for always going out without hurting your financial goals?

  1. Plan out in advance when you’re going to do drink heavily and spend lots. No need to feel guilty about it.
  2. Try to go out sober sometimes. You won’t miss out on the fun and you’ll get to see your buddies.
  3. Always bring cash when there’s alcohol involved. The credit card is just too tempting.
  4. Hit your money-related goals first. Try not to go out if you went on an unplanned spending spree the day before
  5. Look for creative ways to have fun. Comedy clubs are a good start.
  6. Keep on living it up.

My biggest fear is that the party ends one day. As sad as that sounds, I really don’t want the good times to stop. I hope that with my plan outlined above, I can continue going out while saving money for many years to come.

Freedom is within your grasp. Who the hell wants to be broke by 30? Not you hopefully. Who wants to miss out on the fun of our 20s? Not any of us. Cheers to having a blast without going broke. All I ask is that you have a drink for me. Not the first one. The last one. The one that puts you over the edge.

You won’t be stuck in debt forever if you go out. Just plan it out a little in advance, don’t bring your credit card, don’t buy every stranger a beer, and you’ll have a blast without offending your bank account.

“26 shows up in the middle of coffee one morning and hands you a freshly printed memo that reads: You’re going to get old one day and die. You’re cool for now, but it will happen. You’re officially on notice. You won’t be young forever. And then 26 struts out of your office, like an unconcerned dick, having nonchalantly just changed your entire perspective. ” — Jessica Blankenship

6 thoughts on “Will Going Out Hurt Your Financial Freedom? The Shocking Answer Revealed”

  1. You know I am an avid believer that you can save for your future and have fun too. It just takes prioritization. You can spend on fun AND save, you just can’t spend on everything and save. My husband and I are 30 years old, own one home outright, have a mortgage left on the one we live in, and have a net worth above $350,000. Even without the houses, we’re at above $160,000. Yet we go out 1-2 times a week with our board gaming buddies, take 2-3 vacations a year, and manage to pack in a ton of fun into every week of life. The trick is to only spend on the fun and the minimum we need for bills – everything else is saved. It works.

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