Do Your Family and Friends Impact On Your Budget?

Posted by Shiny Elena on September 10th, 2018

Our family members and close friends we have, definitely influence our life and our finances as well. In a certain way, we are the reflexion of their attitude and behavior. The more spendy friends we have, the more money we will squander. Hence, they affect our budget in the negative. If you do have people around you, who make you waste money, you should ask yourself whether you contribute from such a social intercourse or suffer. Sure enough, if the latest option is your answer, you definitely should try to spend less time with them or even cut it off.

What to do if you urgently need money?

The first answer that will come to your mind is to borrow from your close ones. However, this is not always the best solution. Today, almost everyone has their plan and try to stick to the budget. It is irresponsible to expect that someone is 24/7 ready to support you financially, unlike online payday loan services that were designed to solve the upcoming problems. But you can always change the habits that result in money troubles.

How does a social networking hurt our budget?

Here are some reasons because of which your budget might suffer:

1. You try to keep up with the people around you. Maybe your friends earn more money than you and don’t want to feel uncomfortable when they order expensive meals or go by taxi every day. Remember about the financial aims and don’t commit actions that make you search for extra income later.

2. You don’t want to feel ashamed because earning less money than your friends. You probably want to show the same status knowing that you can’t afford a certain thing and at the end of the month you will face the poor money managing.

3. Feeling of being included. You want to be part of the group you join in. As a group member, you do everything the others do. For example, go shopping even you don’t need it, going out for dinner even you can eat at home, making exclusive presents which are too costly and so on. Maybe it is time to start realizing your current situation and reconsider your priorities?

Anyway, if you have those people with you and don’t want to stop communicating with them, there are some recommendations which may help you:

• Be honest with your family and friends and talk to them about money. If they know about your financial instability, they will be more cautious of the activities you do together.

• Learn to say ‘no.’ If your friends or relatives have habits like going shopping every weekend, eating out and etc, remember to stick to your budget. Try to refuse the idea politely or if you go with them, avoid buying unnecessary things.

• Make budgeting fun. To make a budget doesn’t mean to spend all the money. It appeals to wisely spending money on right purposes that must bring you benefit and /or joy.

• Limit the time with those friends, who enjoy squandering money. It’s better to find the activities that will not make your purse flattened.

To conclude all above, your family and friends surely affect your budget. You need to prioritize things and organize your expenses. There always will be people, who want to let you spend much more than you can. Avoid those group gathering and try to set aside your financial goals.