Here’s How To Stop Succumbing To Financial Peer Pressure

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No one wants to be the friend who always has to miss dinners, concerts, and vacations because of their strict budget. Maybe you’re unexpectedly tight on cash all of a sudden, or maybe your friend group has slowly but surely fallen victim to lifestyle creep. Whatever your reasons, saying “no” to well-intentioned friends and family is one of the most challenging aspects to keeping your spending in check.

If you’ve noticed that you’re spending more than you’d like to be because of the company you keep, here are some tips to resist financial peer pressure without tarnishing your relationships.

 

Be transparent about your budget

There are two main perks to letting those around you know that you’re sticking to a budget. First off, good friends will respect your boundaries and be less likely to pressure you into spending more than you’re comfortable with.

Secondly, you’ll be more likely to hold yourself accountable. Rather than feeling the pressure to spend, you’ll feel pressure to save. The key here is to be casual, but firm. You don’t want others to feel like you’re complaining, asking for help, or passing judgment on their spending habits.

Be prepared to say no

If you struggle to say no to someone’s face, it helps to prepare for situations where you know there’s likely to be financial peer pressure. Write yourself a tentative script, e.g. “I can’t afford that right now, what about [alternative solution]?”

Think up activities or propose locations that you know are within your budget. If possible, it also helps to take initiative with choosing restaurants and making plans, so you can avoid having to reject someone else’s expensive ideas. Here’s a list of ideas for social plans that won’t break the bank.

If your friends insist on something you can’t afford at the moment, be ready to stick to your “no.” And if you’re constantly finding yourself in this uncomfortable position, it might be time to find new friends.

Find new friends

If you’re being priced out of your friend group, it’s time to rethink who you spend your time around. It sounds harsh, but real friends will spend time with you for cheap.

People don’t need to share your exact spending habits in order to respect your budget and your boundaries. If someone in your life doesn’t want to make time to get together without the pressure to spend money, that might be a friendship you’re outgrowing.

By Meredith Dietz

Source: Here’s How to Stop Succumbing to Financial Peer Pressure

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Studies have shown that credit card spenders are willing to pay almost twice more than those who are paying with cash. This means we are willing to spend more when using credit cards.This can be explained by what psychologists call, “the pain of paying”. Whenever we make a purchase, this activates the pain processing regions in our brain. They light up even with the anticipation of making the decision to purchase something.

Paying with credit cards reduce the “pain of paying” because it makes money less tangible than when paying with cash. This is because when you pay with cash, you’re actually handing the money over and watching it disappear. Ouch!But when using a credit card, the card is always returned to the customer or the customer just taps the card to pay, so you don’t see the money disappear.

Switching to a cash-only budget can be a great way to keep your spending on track as you work towards your financial goals.This means you’ll use cash for all of your spending needs. If this is not realistic for your lifestyle, then consider moving to a cash-only budget for spending categories that tend to bust your budget. 

Commons spending categories that many people struggle includes groceries, restaurants, clothing, beauty & makeup, entertainment, and kids’ stuff.For example, if you’re spending too much money on clothes each month or have trouble cutting back on eating out, then withdraw a certain amount of cash each week for these spending categories.

his means you’ll only use cash when spending in this specific budget category, such as $50 per week for clothing. Once the cash is gone from your envelope, it’s gone! Don’t be tempted to move money around from different spending categories to cover clothing costs. Wait until next week when you can refill your envelope with $50 to pay for clothing.

You can use cash envelopes for ANY category to help you tack back control of your spending. It’s a fun and simple way to stick to your budget. Below is an in-depth guide on how to get started with cash envelopes.

How to follow the cash envelope method without cash

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What Is a Personal Inflation Rate And How Can It Help You Budget As a Recession Looms? NasdaqHave you got a budget? If not, it’s probably time to start budgeting and here are some tips, says SIMON LAMBERT This is Money

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