We love a good savings challenge. Be it the 1p Savings Challenge, no-spend challenges, or saving automatically every time it rains. Anything that gamifies our money, making it easier – and even fun – to help us save for the things we care about.
So, we were interested to see the ‘pay not to be there’ challenge trending online recently.
It involves skipping one night out each month and saving the money you would have spent.
It doesn’t mean pausing your social life. It’s about re-assessing your priorities when it comes to socialising – throwing yourself into plans that spark joy and politely declining ones that don’t.
The cost of a night out can add up fast – there’s the price of the ticket or entry fee, travel, food and drink, and possibly a gift and new outfit. An average night out with friends currently costs £73.36, up from £68.03 in March 2022, according to Renkom’s UK Night Index.
You might feel pressure to say 'yes' to plans when you’d rather stay in and have some 'me' time instead. How many times have gone out and then felt drained, overspent, and wasted a day hungover?
Of course, many of us have already reduced how often we socialise to cope with the rising cost of living. The ‘pay not to be there’ challenge could help you be more consistent with the plans you’re turning down. And by tracking how much you’re saving, you might feel more positive and motivated to keep going.
Here’s how to take on the ‘pay not to be there’ challenge with Monzo.
1. Pick plans you’re not fussed about missing
It goes without saying, but don’t skip the anniversary meal with your partner or your best friend’s wedding.
Go through your calendar for the month ahead, note anything that doesn’t particularly light you up (bonus points if it’s also out of your budget), and politely decline the invitation.
You probably won’t be penalised for missing the third after-work drinks in as many weeks. And if anyone asks why you can’t make it, be honest and explain that it doesn’t fit within your budget right now.
2. Make a Pot for the challenge
Create a dedicated space so you can see your money growing every time you ‘pay not to be there’.
Tap your display photo in the top left corner of the Home tab
Tap Create Pot and choose a Regular Pot
Name it and add a custom image that’ll inspire you to stay on track (like a photo from a recent cosy night in)
3. Put away the money you save by skipping each night out
Work out how much it’s saving you to miss each night out. Add up the cost of the ticket or entry fee, travel, food and drink, new outfit, gift and whatever else you would have needed to spend money on.
Be honest about how much you would have realistically spent on food, drink and whether you'd have taken an Uber home or public transport.
Move that amount out of your current account and into your new Pot.
4. Watch your money grow every month
Based on the average cost of a night out at £73.36, you’d save £513.52 by missing one a month between June and the end of the year.
Your savings will be even higher if you’re prone to spending more each time you socialise. (That’s why it’s worth being honest with yourself when estimating your spending.)
That’ll be a nice chunk of money to put towards your Christmas plans or to see you through January.
5. Focus on the positives, not the FOMO
Given the challenge only involves skipping one night out a month, and it’s the event you’re least excited about, it hopefully won’t be too difficult.
But if you struggle with FOMO, take steps to make your life easier. Don’t follow social media posts from the night out you’re missing and make your night at home more special than usual. Cook a delicious meal and watch something you know you’ll enjoy.
Focus on the benefits of avoiding a potential hangover (and the financial cost of that large Domino’s the next morning).
And remind yourself why you’re doing the challenge – to save money for things that are more important to you.
The ‘pay not to be there’ challenge doesn’t mean pausing your social life. It’s about re-assessing your priorities when it comes to socialising – throwing yourself into plans that spark joy and politely declining ones that don’t.
How much money do you think you’d save by doing the ‘pay not to be there’ challenge? Let us know on social media.
To apply for a Monzo bank account and access Pots you must be a UK resident. Ts&Cs apply.