It can be easy to manage money properly through the week but then the weekend comes. It is a common phenomenon that although many people try to follow a budget during the week, they tend to lose it over the weekends. Despite the name, weekends are a prime time for impulsive spending—whether through online shopping, eating out, or other similar activities that can blow your budget and derail your long-term financial plans.
In this article, I will explain what is the weekend spending trap, how it impacts your budget, and what techniques can be used to practice financial discipline while still having fun.
Why Do We Spend More on Weekends?
We have psychological distances between the weekdays and weekends. It is a clear fact that people get a feeling that they are owed something or that they need to relax after a long tiring week and this sometimes results in impulsive buying. The following are the reasons that lead to the weekend spending trap:
- Emotional Spending – Weekends are seen as a time to unwind from the pressures of work and thus people tend to explain away their extravagant spending as a way of treating themselves.
- Social Pressure – Family, friends and the social network increase the costs of goods and services. The fear of missing out (FOMO) can cause unnecessary expenses on fancy brunches or spontaneous trips.
- Lack of Structure – Whereas, weekdays are more likely to be regulated, weekends are relatively free, thus making it easier to make spontaneous financial decisions.
- Marketing Strategies – Retailers, restaurants, and entertainment venues offer discounts, promotions, and limited-time offers mainly on weekends to encourage people to spend more.
- Credit Card Usage – Most people use credit cards for weekend spending and this makes it easy to lose the actual amount being spent.
How Weekend Spending is Affecting Your Budget
A little extra spend over the weekend doesn’t seem like much, but over time, it can cause a lot of financial damage. Here’s how the weekend spending trap can harm your financial well-being:
Disrupts Budgeting Goals – Without a watch on the weekend spending, important expenses may be sacrificed for unnecessary ones, thus affecting savings, debt repayment, or emergency funding.
Creates a Paycheck-to-Paycheck Cycle – This is because many people find it difficult to make it to the end of the month because they have spent all the money they received at the beginning of the month during the weekend.
Leads to Accumulating Debt – Spending with credit cards can result in incurring very expensive interest bearing debt that is difficult to handle.
Effects Long Term Savings – If you are wasting your money on unnecessary weekend expenses, then it will hamper your progress towards your financial goals which may be home buying, investing, or even retiring early.
As mentioned earlier, this is because of the lifestyle changes that people incur during the weekends, leading to overspending. Some of the factors that may contribute to weekend spending include socializing with friends and family, partying, shopping sprees, and taking vacations among others. While it is okay to indulge once in a while, continuous overspending can have dire consequences on one’s financial status. It is therefore important to avoid the weekend spending trap as it can have a detrimental effect on one’s financial health. By being mindful of our spending habits and prioritizing our financial goals, we can avoid the pitfalls of weekend overspending and maintain a balanced and secure financial future.
How to Avoid Weekend Overspending Without Missing Out
It is possible to balance the desire to spend and the need to save during the weekend. Here are some tips that can be used to avoid unnecessary weekend spending:
- Set a Weekend Budget: At the beginning of every month, determine how much you want to spend on weekend activities. This way, you will be able to have a good time without having to break the bank.
- Plan Your Weekend in Advance: This is because spontaneous decisions are likely to result in extra costs. Instead, make weekend plans in advance and look for activities that cost less or nothing at all.
- Cash is King: Carrying a specific amount of cash for the weekend’s spendings can help to avoid the temptation of spending more than is necessary. When the cash is gone, it is like a light bulb that tells you it is time to stop spending.
- Separate Weekend Expenses from the Rest: Maintain a separate record of the expenses incurred during the weekends to know where the money is going and where the problems are likely to be. Many budgeting apps have features that enable users to classify their outlays to assist in the tracking process.
- Avoid Eating Out as Much as Possible: Eating out is one of the most common weekend expenses. Cooking at home, having a barbecue, or cooking with friends is also a fun way to save money.
- Rules for Spending Money on Social Events: Before going out with your friends, set a budget. If you have to, suggest low-cost activities like board games, hiking, or community events.
- Don’t Buy Things Right Away: Do not purchase large items on weekends when people tend to spend more money. It is recommended to try and remember to give it two days before making the purchase.
How to Avoid the Weekend Spending Trap: Improving Better Financial Management Skills.
Fighting the weekend spending trap is not about restricting enjoyment of life but it is about being more aware of the financial choices that one makes. If one is looking for some disciplined habits that can result in some significant savings then there are a few that can be followed.
- Review Your Spending Every Sunday Night – This helps track weekend expenses before starting the workweek to avoid costly mistakes and improve behavior.
- Set Financial Rewards for Good Spending Behavior – If you are successful in sticking to your weekend budget then you might want to reward yourself, but in a way that doesn’t involve spending more, for example, free time or a small treat for yourself.
- Stay Accountable – You should also tell your financial goals to a friend or your partner so that they can support you in not spending more on weekends than you should.
- Automate Savings – If you are most likely to spend more during the weekend, then it is recommended to make an automatic transfer of some amount to your savings account before the weekend, so that you have less money to spend impulsively.
Weekend spending traps can be a big obstacle to financial success if they are not managed well. The emotions of spending, social pressures and spontaneous buying are the factors that can easily derail the budget and affect the financial stability. But it is possible to have fun during the weekends without compromising your financial goals if you set your spending limits, plan your activities and make your financial decisions deliberately.
The importance of success is not to starve people of money but to know when to spend it and how to spend it wisely. It is therefore possible to improve one’s weekend spending habits and still have a prosperous financial future.
