Millennials are spending £6,589 a year on nights out

A survey of 18 to 35-year-olds has revealed that they’re going out twice a week and although they budget £50 per night, 78% are overspending and forking out an extra £1,389 a year on things they don’t actually need.

With drinks flowing there’s a chance you’re going to get in a round of shots, grab a taxi instead of walk or get the bus and feast on a kebab or 24-hour McDonalds at the end of the night. Making your total yearly spend a whopping £6589!

The true cost of friendship

According to the poll by sellmymobile, in a year, millennials are also ‘lending’ (code for never see again) £145 to friends, paying on average £88 entry fees for others and treating them to £170’s worth of food because they’re ‘feeling generous’.

You might feel like a good friend at the time but the majority, 77% of us, are waking up and regretting that spend.

Is it worth it?

With a hangover kicking in, 85% wake up and feel that the money they’ve spent could be put to much better use, with 90% saying they are currently in debt due to this lifestyle.

It’s not just the booze that’s costing money, 27% are also smashing their phones, 26% ruining expensive clothing and 19% losing jewellery.

Cutting the cost on socialising

According to the poll, the official budget is £5200 a year. However, if this amount fills you with dread then there are ways to save on socialising.

All about the pre-drinks – if you know you’re going out then save on buying drinks out and plan enough time to have a few before the taxi arrives.

Swap a night out with a night in – get your friends around, play board games, watch a film and plan those snacks. Popcorn, making pizzas etc – all a lot cheaper than a night on the town.

Discount vouchers – look out for dinner vouchers, takeaway codes to use online or 2 for 1’s at the cinema, and save some £’s each month.

Find some more top tips on how to save on nights out and nights in with our My Money guide.

Also let us know what your money-saving tips are over in our new Facebook group.