Overcoming financial peer pressure can help keep you out of debt.
When you feel obligated to attend events, buy new clothes or generally keep up with the Joneses, you may be flirting with debt. All these expectations mean additional expenses, often due to financial peer pressure.
These days, we’re constantly told to buy luxury goods via the celebrity culture that lives on every TV channel and newsstand. It’s easy to get caught up in it all. If you feel it’s time for a change, we’ve got suggestions on how to cut back.
Are your friends part of the problem? Having a social life doesn’t need to mean busting your budget with expensive nights out, mini-vacations or shopping sprees.
While friends often have varying financial situations, you should still be able to talk about money — especially if you feel your hang time is clouded by financial pressures. Be open and tell them that you’re trying to reduce unnecessary expenses.
Plan low-cost time together
Instead of planning expensive entertainment options, initiate low-cost events that fall within your budget. Host a potluck dinner or game night and invite your closest friends. This will allow you to spend time together without breaking the bank.
Set a savings goal and track your progress
Determine a set amount of money that you want to save by a certain time. Goals will help you manage your spending in the short term, while working to accomplish what you want out of the long term. Set up automatic savings and be sure to track your progress. Seeing your savings grow may encourage you to further curb your spending.
Trick yourself into saving
If you have trouble saying no, it might help to eliminate the temptation to spend altogether. Employ a couple of simple tips that will make it more difficult to spend your money.
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