06 June 2014

Are Your Friends Making You Poor?

You love your friends. They make you laugh. They support you when you need someone to lean on.

The problem is they may be making you poor.

If you're on a budget but your friends aren't, it can be a real challenge. This is especially true when your friends are big spenders and use shopping as an emotional crutch.

They like to go to the best restaurants, order the most expensive items on the menu and visit the most expensive clubs. They may dress in designer labels, drive a great car, live in a nice home and have all the latest and greatest gadgets as soon as they're released.

If you have friends like this it can not only cause you to spend more money than you’d like, you may compare your lifestyle to theirs and feel you come up short. You may feel motivated to emulate their lifestyle even though you can't afford it.

Take a look at how you spend your money. Are your friends influencing your decisions and spending habits?

If so, it’s time for some deep reflection.

It’s time to take a look at how your friends influence you and how you can regain control over your spending habits. Presumably your friends will be true friends and will like you regardless of how much money you have to spend or what you spend it on.

Have an honest discussion with yourself and then with your friends. Together you can come up with a plan to keep everyone happy.

Remember the Cheapskates way and ditch the stuff that's unimportant to you so you have the cash to enjoy the things that are.

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  1. Very true, Cath. I find it particularly difficult when I get invited to friends' party plan events ..... And they come in so many forms these days from jewellery to cleaning products to home scents! I feel like I'm not being generous to my hosting friends but I stick to my guns and if I don't want to buy anything I won't. But afterwards I feel a little guilty and miserly. Great blog, cheers Natalie

  2. I agree, Cath. I particularly find it difficult when I am invited to friends' party-plan events - on the one hand I want to support my friends, on the other hand I don't want to spend money on the items, and they are many and varied .... from makeup to jewellery to home fragrances to cleaning products. I feel guilty if I don't buy anything, but really don't want to spend money where there's no value, or the item is terribly overpriced. Great blog, thanks for sharing your opinion. Cheers, Natalie

  3. Well said Cath. This should be the “Tip of the year” rather than the day. Many people fall into the trap of keeping up with their friends to their detriment. I am almost 80, and have seen this happen all along the way. Yes – it is a conundrum, as the people we call friends may have been friends for many many years, but have earned bigger breaks than others and it is hard to discard them for that reason. Your advice was very sound and very timely. Thank you and bless you for the wisdom you so often impart.

    Sincerely – Heather M


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