Friends that will push you to go out and spend your money (even after you have told them your goals) are not truly your real friends. Many are spendthrift, big-living friends that will make saving money impossible for you, if that is your life’s goal. Like the alcoholic who needs a drinking partner, many people might even decide you do not share much common ground due to your focus on saving money.
It can be really hard to maintain friends when you are trying to cut down on living expenses and build up your finances, while they are spending money on entertainment, taking expensive vacations (and wanting you to go with them), buying a new car every five years, and living somewhere that you cannot afford to remotely live. That is, friendships are not rated, and if someone feels that your financial goals are not important enough for them to accept, then they are probably not the person you need in your life. While admitting that you want to save as much as you can to your friends may feel scary, there is a near-guarantee they will be more understanding than you thought. If your friends do not feel they need to hide their problems by pretending they have more money than they actually have, this can be encouraging for them to get started on their savings journey.
Kristin Hanes understands frustration, and how hard it is to ask for a change in plans, especially if your friend is always looking to spend. She suggests instead of spending all of your energy trying to figure out how to stay ahead of friends who are on a tight money tight, you can start having honest conversations with them about your budget. Kristin Hanes is still feeling the pressure to spend money by friends who are always looking to blow it, and often book reservations at fancy restaurants, not realizing the expensive meals out are not really within her budget anymore. Machado suggests finding a money mentor in your friends–someone you can talk to openly about your finances, including how much you are spending, saving, and earning.
Spending smarter as a group is particularly important, since if your friends or family members are struggling financially, they might be too embarrassed — and maybe ashamed — to recommend anything cheaper. If they are inclined to make impulse purchases, this could help them break the habit without having to confront them about it.
You could be meticulous with spending till you are blue in the face, but still let it all come to crashing down when a friend coaxes you to go on an expensive night out. Have Fun Without Overspending Just because your friends are always looking to blow the cash does not mean that you cannot go on an evening of revelry.
While hanging out with friends and getting together is enjoyable, it also causes you to spend more than you originally intended. I particularly enjoy it when the cost means getting quality time with my family and friends over a few fun activities. When all of your friends are going out and there are lots of events planned, it can really be difficult to resist the temptation — even when that means spending money you really do not have, or spending cash you intended on saving.
This does not mean that you do not want to get invited out more, or be left out of a game of Reindeer – just let your friends know you have a budget and you would rather not be going out and spending money the whole time. If you stay within your budget, talk with your friends, and figure out ways to enjoy yourself without breaking the bank, you should be able to keep the money coming in without having to sit alone in the house.