Have you ever woken up after a whirlwind Friday night out with friends and seen the dreaded “Low Balance” notification from your bank?
That’ll put a pit in your stomach — and maybe even cast a cloud of anxiety over the rest of your week. That’s because we link our emotional and financial well-being. And in the United States, where your bank account balance can be the difference between housing one month and couchsurfing the next, it’s no surprise that many of us directly connect our fears, anxieties and hopes to our wallets.
But life is short, and you also deserve to enjoy yourself. So how do you square very-real financial pressures with your human need for excitement and connection? Then say hello to our friend, the Cash-Only Night Out.
Why Cash is the Ultimate Personal Finance Hack
In an increasingly cashless society, it’s too easy to become disconnected from your spending. Whether you’re tapping your card or using a virtual wallet, there is little friction between wanting something and buying it. But try doing the same thing with cash, and you’ll find yourself rethinking how much you actually want that new game or pair of shoes.
That’s because physically handling paper money changes your perspective. When you use a cash-only system:
- You have a hard limit — once the physical bills are gone, they’re gone.
- You become more mindful — by having a hard limit, you’ll become better at prioritizing how you actually want to spend your money.
- You eliminate “hidden” debt” — when you pay in cash, that $50 dinner doesn’t build interest, costing you much more over time.
How to Plan a Cash-Only Night Out
Set a Realistic Goal: Using your monthly budget, decide exactly how much you can afford to spend on going out this week. Don’t have a budget yet? Think of a number that won’t impact your ability to pay for the basics, like food, essential bills, credit card payments, etc.
Account for “Invisible” Costs: Build a little extra into your budget for tips or a ride home.
Leave the Cards at Home: When you don’t carry your cards, you’re not tempted to charge them. If you have a virtual wallet, you can put your cards on hold through your banking app — that friction can keep you from leaning on debt when you’re tempted.
Tell Your Friends: Let your friends know you’re doing a cash-only challenge. You might find they’re relieved to have an excuse to stick to a budget, too!
Focus on Connection, Not Consumption
At the end of the day, going out is about the experiences and connections you make. And when you remove the stress of overspending, you give yourself the mental space to actually enjoy the people you’re with.
Need more relief than a fun night out can provide? Talk to Accredited Debt Relief — we can slash your eligible monthly debt payments by 40% or more, and even help you become debt free in as little as 24-48 months.