As you grow and mature, the choices, tastes, and routines you form are greatly determined by the people around you. The lifestyle you adopt is significantly moulded by your family values and your social circle also impacts your likes and dislikes. However, their influence can have both positive and negative implications. As you progress in life, you might identify certain behaviours you’ve imbibed that are less advantageous.
One particular domain of your life that should be under your control is your financial management. It is acceptable to seek advice from people, but it is fundamental not to let it sway your expenditure. Therefore, your spending should align with your income and lifestyle choices. If you feel family and friends are influencing your spending, here are some tips to help keep that influence at bay.
MAINTAIN YOUR BUDGET
A key to financial orderliness is creating a budget that reflects your income, expenditure and savings needs, not one that mimics another’s lifestyle. If you start to deviate from your budget, it is time for a reassessment. Strive to adhere to your allocated spendings, despite the allure of spending like friends and family. Each time you feel inclined to overspend, remind yourself of your financial objectives. If you struggle with this, consider using cash only, restricting yourself to the amount set for spending. Remember that only you should dictate your spending habits.
OPEN UP ABOUT YOUR CONCERNS
Your circle is there to support you in all spheres of life, including financially. If you find it challenging aligning with their spending behaviour or having to pay more due to their economising, a candid discussion is required. Express your financial aims or saving intentions and solicit their cooperation in discouraging superfluous spending. They might be more understanding and considerate moving forward. If they aren’t, then they might not bring positive influences to begin with.
PROPOSE ALTERNATIVES
Social activities like dinners, drinks and shows can exhaust your wallet rapidly. It’s easily to lose track of your budget while enjoying these moments. If your budget is tight, try suggesting affordable alternatives. Propose a potluck dinner, discover free events in the city or organise a game night. This way, the primary focus is on fun without incurring massive expense.
AVOID FALLING INTO THE SPENDING TRAP
It’s hard not to join the bandwagon when friends or relatives have the liberty to spend lavishly. It becomes even tougher when they coax or make you feel guilty for not spending much. However, if you’re the spender, don’t let anyone shame you if it’s within your limits. Plan to engage in activities that don’t involve big expenses: attend an exercise class, grab a cup of coffee or find a free event. It helps ease any tensions and maintains your spending discipline.
CONSULT A PROFESSIONAL
While friends’ and family’s opinions may often be useful, when it comes to your finances, a professional’s expert advice can be more beneficial. Consult a financial advisor or planner to provide you with an unbiased perspective and resist the temptation to make you expend just because it aligns with their habits.
PAY FOR YOUR OWN EXPENSES
The clear-cut way of dealing with bills after group outings is to pay for what you ordered. Because in most cases, splitting bills could make you spend more than your fair share. Don’t succumb to peer pressure because you don’t want to seem difficult.
TO CONCLUDE
Your spending habits and preferences are unique to you. While others’ actions may bear some sway, don’t let them negatively impact your budget. Be transparent, discover what best suits your needs, and maintain the disciplines that benefit you. Are there experiences you’d like to share about how social talks have influenced your spending? How did the talks go and what strategies have you adopted to avoid unnecessary spending?
