Shopping centres, supermarkets, gas stations, websites – it seems not a minute goes by these days where we’re not being given advice about our finances from some so-called expert. But in my experience, if there’s one place you’re most likely to find an amateur ‘financial adviser’ spouting all sorts of handy hints and tips, it’s the pub.
With a little courage from beer, everyone is an expert on how to earn an easy buck.
How many financial deals, dodgy or otherwise, have been done over a pint and a packet of peanuts? However, while it’s safe to say that 90% of what you’re told about money in a pub is going to be nonsense, occasionally these drunk bar guys can come up with some pretty compelling arguments. Here are three of the best money saving tips I’ve picked up during my quest to slowly kill my liver.
1. Get rewarded for your spending
After getting a round in with my credit card, I was quickly asked by my pub companion about how much the card was costing me each month. After being met with a shrug of the shoulders, my mate proceeded to berate for not having a reward credit card which gave me a little bonus each time I spent, whether that was cashback, air miles or discounts.
He was right. I switched to a cashback card and my friends have been getting a round of extra drinks at the bar ever since.
2. Take good care of your debts
After drowning my sorrows with a mate over my mounting debts, he suggested I look into 0% balance transfer credit cards. To be honest, at this stage I wasn’t even sure what they were, until he explained it was a good way of clearing debts on all of my other outstanding loans and cards and reducing my monthly payments. I found a lengthy 0% deal and now my finances are firmly back on track.
3. Never be the first one to buy drinks for your friends
Whether you’re hitting the pub after work or meeting your mates, there’s a fine art to the optimum time to buy your friends a round of drinks. If you’re out with a gang of four and have on average 6 rounds of drinks during the evening then the best time to buy a round for your friends is after the 3rd round. The reason is simple – since you usually have more rounds than there are people there will inevitably be someone who ends up paying for more rounds than the others. Don’t be that sucker who pays more than your friends!
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