How Are Your Friends Making You Poor?



If you find your hand in your wallet and you budget busting each time you are with your friends it may be time to reconsider who you hang with.


One of the major disappointments of cleaning up your financial situation and sticking to a budget is the impact it can have on your social life. Money management is a hard task on it’s own, but it’s even harder when you have friends that aren’t as dedicated to being frugal as you are. Cutting back on entertainment and fun is difficult when you are trying to enjoy life with friends. Here are some of the most common ways that your group of friends is making you poor.

- They don’t have to worry as much- Those friends who make more money than you and have more disposable income can be a major factor in your money management. While you are worrying about financial blunders like going shopping when you shouldn’t, or hosting a friends birthday party, your buddies may have no problem throwing out money for these things. It’s hard not to want to keep up with them and enjoy the things that they get to enjoy; but if you should really be saving money and sticking to a reasonable budget, keep your long term goals in mind.

- They’re even cheaper than you- Sometimes you may find yourself having to overcompensate for a friend who is even more worried about money than you are. If you have a friend that is so frugal that they make arguments to justify you paying more (you ate slightly more of the split appetizer) you could end up spending money that you shouldn’t have to. Don’t let another persons’s cheapness cause you to spend extra money to cover their cost. If you’re all pitching in for a birthday gift or splitting the tab, hold them just as accountable as you are.

- They tend to “forget”- Wether they never gave back that $100 dress they borrowed, or forgot to pay you back for the concert tickets you offered to put on your own credit card, friends that just don’t remember certain things can be a problem for your financial situation. Don’t be afraid to speak up and remind your friend that you spotted them for the extra beer the other night, or ask for that borrowed dress back. Don’t lose out on money that you deserve simply because you want to be a good friend and not a stickler.

- They hassle you for having a budget- If your friends don’t share your need to cut back on spending money, you may find yourself falling to the wayside of the group for making excuses each time they ask you to come out. If your friends are not being supportive in your money troubles and your effort to stick to a budget, you may want to broaden your horizons and find some frugal friends who will enjoy things that don’t cause you to spend money every time.

- They brag about their own spending- Even if they don’t realize it, friends who show off that new pair of expensive shoes or talk endlessly about their amazing vacation can make you feel as though you need to keep up in some way. You may find yourself being a bit competitive, or feeling pressured to spend more money when you’re with them. Stay true to saving money and sticking to the budgeting techniques that work for your financial situation.


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