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How to Manage Your Salary so you Don’t End up Broke After the New Year Party

New Year’s Eve is a time when most people go out to party, and the full-on benders that last all night can often leave you hungover and broke the next day. Instead of ending up broke on New Year’s, here are some tips to help you manage your salary the smart way:

Cover all the bills first

Once you’ve gotten your Christmas bonus, sit down and look over all of your bills. Make sure your rent, utilities, insurance, and food bills are covered, and set aside a bit more to go into savings. Once you are 100% certain that you have covered everything, only then should you start planning your New Year’s Eve!

Set aside money for your party

Make sure that you have set aside enough money that you can go crazy on New Year’s Eve. After covering all of your bills, pull out a hefty stack of cash that you are comfortable spending on your celebrations. New Year’s Eve only comes around once a year, so it’s a night you can go a little bit crazy. But ONLY spend the money that you have designated for your party.


Hang with friends

If you want to cut costs, why not spend New Year’s Eve with your friends? If you spent it at a bar, you’d likely burn through your money by buying drinks--both for yourself and any guys/gals you are trying to hit on. Hanging with friends may not be the BEST way to spend New Year’s Eve, but it’s definitely a good way to avoid going broke. Even if you do go out with them, they will help to foot the bill of your night of debauchery.

Leave the credit card at home

ONLY carry cash around with you when you go out. It’s harder to burn through cash, as the ability to physically touch the money is a psychological trick that will help you cut your spending habits. Even if you do burn through the money in your wallet, you will have no other way to access any kind of money until you get home. Try to avoid borrowing from friends, but stop spending once you’ve burned through the cash you have set aside for the party.

Pre-game it

Instead of hitting the bars hard, drink at home before going out. This is called "pre-gaming", and it’s MUCH cheaper than trying to get all of your drinking in at bars. You’ll spend about the same on an entire bottle of hard alcohol as you would on shots at a bar, and you can work up a nice buzz before you head out. Who knows, it may even help to build up your courage when you’re out and about!

Follow the advice above, and you’ll avoid spending more on the New Year’s Eve party than you should. You can start a new year without being totally flat broke!

 

Image: iStock