When you receive your paycheque what is the first thing you do? Many of us Canadians use payday as an excuse to blow off a little steam from a hectic work week by going out for dinner or drinks with friends. Conveniently, for many of us payday lands on a Thursday or Friday which just happens to be a great time of week for the entertainment district.
A reputable Canadian newspaper recently posted that the average Canadian spends $184 a month on eating out. This may not seem much for some people, but let’s consider how much it may cost a person to enjoy a night out.
Let’s say a person earns $1000 per paycheque (so roughly $2000 net per month). Payday rolls around and this person decides to use his newly refreshed bank account to enjoy a night out on the town. Being a responsible person he takes a taxi to and from his destination which dips into his bank account by $50 (drivers would need to consider parking costs). Before starting dinner, he like many, start the evening with a couple “pre-drinks” which cost him $40. Dinner and additional drinks stretch his spending an additional $60. In total, his night out cost him $130. If he needed to factor in babysitting costs it would have cost him up to $50 more. In one night he has almost spent what the average Canadian spends in one month at $184. You can see how things can quickly add up in the matter of a few hours.
It may have been a fun night, but would he, like other Canadians in the same boat, be hard pressed financially until the next paycheque? It’s possible. If the frequency of this kind of self-fulfilling behaviour is twice or more per month, a person who earns $2000 a month would be spending a good chunk of their pay on entertainment.
These days the trends towards fancy dinner clubs and exotic bars are costing Canadians big bucks. It’s hard to find a decent club that doesn’t charge less than a $20 cover charge. The cheapest drink would run you $7.00 and if you’re going out with friends you can expect to buy a round or two. Factor in the trendy bottle service that many bars are practicing these days and you’ll be sure to pay through the nose. For the most part restaurants and bars located in the downtown core will always carry steeper prices than those in suburban areas.
Everyone likes to have a good time now and then and one should now and again. Doing it in a financially savvy way is the key. There will be times when events can occur spur of the moment, but it if you can, plan your nights out and give yourself time to save up for it. Consider going to a spot that is within walking distance to your home or share a taxi with a few people to keep costs down. Avoid the bars with hefty cover charges and especially those that offer bottle service. Limit your spending by using cash. Once it’s gone, you’re night is done. Have fun now without suffering later.
You’ll be thankful and quite proud of yourself if you can afford some play out of your pay without breaking your bank account!.
Recent Comments