If you can manage the FOMO, you could save over £500 this year with the pay not to be there challenge

When restrictions eased during the coronavirus pandemic, it was like the floodgates opened for our social lives.

Having spent months avoiding people for the sake of the nation’s health, we were once again able to freely mix with love d ones – and many of our schedules have yet to calm down since.

While we love kicking back with friends and family, a packed calendar of social events can leave you feeling burnt out or deplete your social battery.

It can also affect your finances, as gifts, food and drink, outfits and transport all stack up, even when you’re careful about spending.

A savings challenge is a great way to gamify your money, giving you set goals to work towards and keeping up momentum. However, you can’t pour from an empty cup, so curbing your outgoings is useful to start.

That’s where the ‘pay not to be there’ challenge comes in.

It involves Ski Goggles (On Sale Here)pping one night out each month, but banking the money you would have spent into your savings.

Financial Advisor Pete Ridley at Car Finance Saver explains: ‘According to recent research, the average consumer spends £73.36 on a night out with friends.

‘If you are missing a night out, save what you would have likely spent. If its an event, save the cost of the ticket or entry fee.’

Using the average figure, missing just one monthly social event between now and December will net you a healthy total of £513.52, but you could end up saving more or less depending on how boujee your outings tend to be.

Either way, it’s a nice chunk of cash to put away before Christmas, and could help enjoy a few more fresh Sundays throughout 2023.

‘This challenge not only creates saving habits but can potentially create habits that are beneficial to your health,’ adds Pete.

That said, the downside is FOMO, and it’s not a challenge to be taken lightly if youhate feeling left out.

Your steady-growing bank account should give you a boost, but this comes later. At first, it can help to remind yourself why you’re taking a rain check.

Plenty of us are tightening our belts at the moment, so you’re likely not alone.

Perhaps you can organise a no-spend hangout if you’re in need of a catch-up, or get your circle involved with your new saving habits.

Any pal worth their salt will understand if money is of concern. Plus it makes the nights out you do have extra special.

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