What to Do If Your Friends Always Want to Spend Money
Trying to stick to a budget, but find yourself spending more than you should when going out with friends? You’re not alone. It’s estimated that nearly 40% of adults overspend to keep up with friends1. Here are some ideas on how to curb your spending, while still maintaining a social life:
Set your Budget
Be specific on the amount of money you set aside for dining, experiences and travel per month. Then, stick to it!
Honesty is the Best Policy
You may be surprised, some of your friends may feel the same way you do. And by breaking the trend in your friendship group by being the one to initiate the conversation, there may be a huge sigh of relief among the group.
Suggest Less Expensive Alternatives
Look for free or budget-friendly alternatives. Have you and your friends deemed a particular restaurant your “hang-out spot?” Suggest going for happy hour. Don’t be afraid to take the lead when it comes to steering your friends from costly activities. True friends will respect your thriftiness and some will even appreciate doing less expensive activities.
Don’t Over-Extend Yourself – Set Boundaries
Asked to partake in wedding festivities or to join in on a weekend trip? Set boundaries and make it clear what you are able to afford.
Keep your Eye on the Prize
Keep your goals in mind when creating your budget (and sticking to it). Your budget should be a roadmap for the life you desire: free from debt, and financially-focused on your values and most cherished pursuits.
While your spending can be heavily influenced by the company you keep, it’s possible to keep an eye on your social budget by communicating to your friends and setting clear boundaries. Who knows, you may even be a positive influence among your group of friends, too.
SOURCE: Credit Karma