This May 5 celebration is often mistaken for Mexico’s Independence Day (September 16). Cinco de Mayo (Spanish for “Fifth of May”) commemorates the Mexican army’s victory over France at the Battle of Puebla on May 5, 1862. In the U.S., it’s become a popular excuse to party.
There’s nothing wrong with celebrating, but it’s easy to let one night of fun drain your wallet. Before you head out to celebrate, think about slashing expenses on dining, travel, eyeglasses, prescriptions and more with AARP — Just $15/year with auto-renewal. Join now and save hundreds.
From impulse spending to surprise charges, avoid these mistakes on this year’s Cinco de Mayo.
Mistake 1: Letting the bar tab run wild
Drink specials seem like a deal, but they can add up fast. When the rounds keep flowing, your tab may be double what you expected.
Set a budget before you head out and stick to cash if you can. Handing over physical money makes it easier to pace yourself and stop before overspending.
Don’t forget, when you are back in the real world, post-celebrating, that you should earn as much as possible on your emergency savings. For example, SoFi Checking is offering 3.8% interest, plus a potential $300 signup bonus. (May change without notice.)
Mistake 2: Blowing it on late-night eats
After a night out, greasy delivery is tempting, but it’s also expensive. Fees, tips, and impulse add-ons can easily double the cost of your meal.
Be prepared. Keep leftovers or frozen food on hand for post-party cravings. You’ll spend less and feel better in the morning.
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Mistake 3: Ignoring rideshare surge pricing
Cinco de Mayo is a peak night for Uber and Lyft, and that means surge pricing. Your ride home could cost three times what it normally does.
To avoid sticker shock, consider carpooling, using public transit, or heading home before demand spikes. You’ll save money and skip the wait.
When you are back to the daily commute, make sure you use a car insurance shopping site and find cheaper insurance. You might save up to $600/yr.
Mistake 4: Forgetting to cancel subscriptions
You may have signed up for a free trial to score a party playlist or taco delivery discount, but those services often turn into surprise charges.
Set a calendar reminder to cancel the same day you sign up. A quick alert now can save months of wasted money.
On a more serious note, if overspending has led you to having more than $20,000 in unsecured debt, get some professional help. National Debt Relief is a trusted source for free advice and assistance.
Mistake 5: Partying like there’s no tomorrow
A wild night might feel worth it in the moment, but overspending can come back to haunt you fast. Whether it’s missed responsibilities, drained funds, or regret-fueled purchases the next day, the fallout can be real.
Give yourself a soft landing. Think beyond the night and plan for a smoother tomorrow.
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Festivity without fallout
You can have a great Cinco de Mayo and still protect your bank account. A good time doesn’t have to cost you peace of mind.
With a little planning, you can enjoy Cinco de Mayo without the financial aftermath. Skip the overspending, dodge the regrets, and keep your week (and your budget) on track. Celebrate with intention, not regret.
When the celebrations are over, you can think about how to protect your savings. Historically, gold has been a reliable investment. Open a gold IRA to help shield your savings from inflation, market swings, and economic uncertainty.
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