In Toronto's Yorkville neighbourhood, Amber's back patio in full swing
Welcome to our Gen Y money blog, where a recent grad chronicles her real-life journey to becoming a financially independent adult.
I can tell you exactly where I was on the first sunny mild Saturday of the year.
I was sitting on an outdoor patio at a local bar, celebrating the warm weather with a few cold pints.
There's no better way to take a break from my hectic work schedule than by enjoying the sun with a drink in hand. It's a great place to switch my brain off of "work mode" for a few hours and catch up with friends or meet new people. And, let's be honest – one of the best weapons against the Toronto humidity is a frosty adult beverage.
Of course, patio days come at a price. As much as my friends and I will try to search out patios with a single dollar sign next to their Yelp rating, drinks usually cost between $6 and $8 each. If we've committed to a whole day or evening drinking affair, I can rack up a $30 to $40 tab on drinks alone. Throw in food, tax and tip, and we're looking at the $50 to $70 range. Add a couple of cab rides, and it's easy to spend up to $100 on a patio day.
I could lie and say that I would never spend my money so carelessly. But I have. And I've enjoyed it.
As someone whose budget is geared toward paying down my student debt, I don't spend a whole lot on indulgences. So I'm aware that patio days aren't the healthiest or most productive way to spend my money. At the same time, I don't let myself get financially stressed about splurging a little bit on a few cold drinks.
The way I see it, patio days are alright in moderation. Having survived another long cold Toronto winter, I like to take advantage of the summer weather while it lasts. I'll probably only get to indulge in four to five epic patio days over the course of the year. If that collectively takes a $400-$500 chunk out of my annual fun budget, I'm okay with that.
Even when indulging, I try to spend responsibly and stretch my patio dollars as far as they can go. My friends and I will often share pitchers or split food plates to keep costs low (just make sure that everyone's on board with splitting the bill before the drinks start pouring). I'll also try to stick to using cash wherever possible. The way I see it, leaving the credit and debit card at home is a good way to keep my expenses in check.
And, of course, I work hard to stay within my budget in other areas of life so I can afford to go out drinking in the first place. (See this post on why I jog year-round instead of paying for a gym membership.)
Although some twentysomethings blow a big chunk of their paycheque on drinking and eating out - an expensive activity in a city like Toronto, I recognize that my patio drinking days can't become a weekly or nightly habit. My main rule is that I can indulge every once in a while, as long as it doesn't set me back too much.
Over the past year, I've gotten into a solid financial groove that's allowing me slowly but surely chip away at my student debt. A few life changes – namely, a new job and a shorter commute – have helped me make good progress on my financial goals for this year, and I continue to move ahead at a steady pace (that in itself is worth a toast, if you ask me).
Making a pit stop at a patio as I make my way down the road to financial freedom won't set me back, just temporarily allow me to slow down and smell the roses.
And smelling the roses is so much more enjoyable with a cold beer in hand.