Yahoo Finance 5 Invitations You Should Turn Down When You’re Broke
Charlie Brown said that happiness is being one of the gang, and nothing lets you know you’re one of the gang like getting invited to something. Unfortunately, you can’t say yes to everything — especially when you’re broke. If you’re in debt, surviving from check to check and living one emergency away from disaster, you have to be very discerning in which social offers you accept and which ones you regretfully decline.
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“Saying no to an invitation may seem difficult, but it’s a necessary step when you know that your finances are tight,” said Tony Abazi, senior loan officer and client financial advisor at Neighborhood Loans. “It’s best to decline the invitation and rethink how to spend your money wisely. After all, it’s better to be upfront about your financial status than put yourself in a difficult position by pushing your budget to its limits.”
Some invitations will push those limits much farther than others. If any of the following offers come your way when your finances are in the gutter, the sad side of the RSVP card is your only option.
We’re Both Off This Weekend? Let’s Go Somewhere!
It’s good to get away every now and again, even when money is tight — but you must plan every detail, even for short getaways near home. If you wing it on the road, you’re almost guaranteed to overspend. Therefore, you’ll have to politely decline any invitation to join in on impromptu expeditions, even if you love the idea of jumping in the car with a group of friends and going wherever the wind takes you.
“Considering the financial impact, avoiding spontaneous travel plans is crucial, as last-minute trips often incur higher transportation, accommodation and activity costs, potentially leading to increased debt,” said finance expert Brian Quigley, founder of Beacon Lending.
When you’re flush with cash, you can afford to throw caution to the wind and head to Vegas for the weekend or drive down to the Keys to beat the cold on a whim. But when you’re avoiding a stack of unopened bills, freewheeling spontaneity is out of your price range.
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In October, Restaurant Business ran a story with the headline, “Restaurant prices keep rising faster than inflation.”
While the price of food at home is holding fairly steady, the already exorbitant cost of sit-down dining has become something that even financially stable people struggle to work into their budgets.
If you’re broke, drinks, apps and entrees are unfortunately off the table until things start looking up. This is especially true when you’re invited as part of a gaggle, when restraint tends to go out the window.
“Steering clear of expensive group dinners, especially at upscale restaurants, is advised for those with limited financial resources,” said Quigley. “Opting for budget-friendly alternatives or suggesting cost-effective dining options ensures control over spending and protects overall financial well-being.”
Everybody Who’s Somebody Will Be at This Fundraiser
Charity auctions and other fundraising events offer a chance to give back to a community or a cause. Many of them also double as social events that provide a golden opportunity to network, schmooze and put in face time with society people who are good to have in your contact list.
But these are pay-to-play events that are beyond your budget if you’re down and out.
“Participating in expensive fundraisers and charity events may strain individuals facing financial constraints due to ticket purchases and donations,” said Quigley. “Expressing commitment to the cause while articulating financial limitations allows for more budget-aligned support, such as volunteering or spreading awareness.”
We’re Getting Married — in Belize!
In 2022, The Knot conducted a survey that found the average guest spends $270 to attend a wedding in their hometown without travel or lodging. Those who drove out of town spent $660 and guests who flew to a wedding spent an average of $1,270 to see a friend or loved one get married.
But destination weddings — often held in exotic locations at pricey resorts or even overseas — can make that look like peanuts. Getting invited to one might make you feel good because the guest lists are typically smaller and more exclusive, but don’t let those feelings arm-twist you into agreeing to something you absolutely can’t afford.
“You don’t have to feel bad for turning down an invitation,” said Melanie Musson, a personal finance expert with Clearsurance. “Destination weddings are one of the most expensive events you can attend. Not only are you responsible for booking tickets to exotic and often expensive locations, but you also have to take time off work, book a hotel and purchase a wedding gift.”
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So-called “funflation” has put venue events out of reach for anyone not sitting on an overstuffed emergency fund.
According to the Bureau of Labor Statistics, tickets to sporting events soared by more than 25% between last October and this October — and they were hardly cheap last fall. According to TicketSmarter, the average 2023 NFL ticket is $377, up from $235 last year — and that doesn’t include parking, food, drinks and the rest.
If music is more your thing than sports, don’t expect any relief there, either. The Wall Street Journal reports that the average concert ticket doubled in price from $125 in 2019 to $252 today.
“Tickets for concerts and sporting events can be expensive, especially if they are in high demand,” said financial expert Nathan Richardson, founder of the banking comparison and information site ComplexSearch. “Consider watching or supporting your favorite artists or teams in alternative ways, such as by streaming the event at home.”
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