Here’s How to Stop Giving in to Financial Peer Pressure
No one wants to be the friend who constantly has to skip dinners, concerts, and vacations due to a limited budget. Maybe your money is suddenly tight, or maybe your group of friends have slowly but surely fallen victim to lifestyle . Whatever your reasons, saying no to well-intentioned friends and family is one of the most difficult aspects of controlling your spending.
If you find yourself spending more than you like because of the company you support, here are some tips on how to resist peer pressure without tarnishing your relationship.
Be transparent about your budget
There are two main benefits to letting people know that you’re on a budget. First, good friends will respect your boundaries and be less likely to force you to spend more than is comfortable for you.
Second, you are more likely to take responsibility for yourself. Instead of feeling the need to spend, you will feel the need to save. The important thing here is to be casual but firm. You don’t want others to feel like you’re complaining, asking for help, or judging their spending habits.
Get ready to say no
If you’re struggling to say no to someone’s face, it will help prepare you for situations where you know there’s likely to be financial peer pressure. Write yourself a rough scenario, such as “I can’t afford this right now, how about [an alternative solution]?”
Come up with activities or suggest places that you know fit within your budget. If possible, it also helps to be proactive in restaurant selection and planning so you don’t have to reject other people’s expensive ideas. Here is a list of ideas for social plans that won’t break the bank.
If your friends insist that you can’t afford it right now, be prepared to stick with your no. And if you constantly find yourself in this uncomfortable position, it might be time to make new friends.
Find new friends
If you’re being kicked out of your friend group, it’s time to rethink who you spend time with. Sounds harsh, but real friends will spend time with you inexpensively.
People don’t need to share your spending habits to respect your budget and your boundaries. If someone in your life doesn’t want to spend time together without having to spend money, it could be a friendship that you’re outgrowing.