The people in our lives have a tendency to affect and influence us in many ways. From the music and movies we like, to the clothes we wear, to our beliefs, the people you spend your days with have the ability to mold and shape us.
That being said, they also have a way of affecting our finances. It may be unbeknownst to us as it’s happening. But, if you come to the end of each month and find that your budget isn’t quite working, you might want to look at the way your friends and family influence your spending habits. Here are three ways your friends and family are crashing your budget.
1. You Could Feel Pressure to Keep Up
You’re likely to have friends and members of your family that make more money than you do. This shouldn’t impact your relationship, or become a big deal. But, it can ultimately affect the way you spend your money.
If your friend or family member can afford to go on a designer shopping-spree or drop $100 on dinner and drinks, that’s great for them. However, when you’re constantly surrounded by someone who can do that, it’s inevitable that you’ll feel pressure to keep up financially. Whether or not you’re conscious of it, you may begin to spend more than you can afford to continue the façade of being wealthier than you are. Unfortunately, spending more than you bring in is a surefire way to crash your budget.
2. They Affect Where You Spend Your Time
Whether you’re going to dinner, shopping, or planning a weekend getaway, your friends and family are bound to have some say in your destination. Depending on your chosen hang-out spot, you could feel temptation to spend more than you have. It’s difficult to go shopping and not buy a thing or to be the only one who has to miss out on weekend plans. This is why you’ll likely drop some cash to feel included and crash your budget. Try to suggest inexpensive alternatives or plan get-togethers at each other’s homes to resist financially harmful habits.
3. They Ask for Financial Help
Whenever you’re close to someone in life, it’s second-nature to want to help them whenever they need it. Unfortunately, there are friends and family members that seem to need constant financial assistance, or people who always assume you’ll be the one to pay. It’s hard to say no to these things for fear your relationship will be ruined. However, if it’s a continuous process, it’s a habit that will only serve to harm you and your budget. The only way to deal with this situation is to learn to be firm and say no. Your finances will thank you.
Friends and family members have a sneaky way of influencing us in ways we didn’t know were possible. The ways the people you’re close to live their lives, isn’t always the way you should live yours. The best thing you can do is learn what’s right for you financially. Then try not be persuaded to adapt to the habits of the loved ones around you.
Have you found that friends and family crash your budget? What are some ways you’ve learned to avoid this?- Kayla