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Does your peers affect your expenses?

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    Does your peers affect your expenses?

    Having peers and friends is great because you have someone to talk with and share happy moments with. Most of us love to socialize with our friends because it can give us enjoyment and fun. We have budget list but sometimes sudden events and outing with friends can ruin it. Does it happens to you as well? Sometimes our friends will ask us to lend money to them which is something that we can't take no for answer. How does your peers affect your expenses?

    #2
    I don't let my friends or family interfere or effect my finances. You simply can't let it happen. A lot of people that I know are always trying to keep up with the Joneses, or they owe people money, or people owe them money. None of that is a good situation if you are trying to be financially responsible and build wealth.
    Brian

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      #3
      Originally posted by wenice View Post
      sometimes sudden events and outing with friends can ruin it. Does it happens to you as well?
      Sure that happens. So knowing that, you should plan for it in your budget. Have a monthly allotment for going out with friends. Maybe it is part of your entertainment budget or your dining out budget. If you plan knowing it will happen from time to time, it won't ruin your budget. It might mean you don't do your monthly movie night this month or you skip a meal out another time though.

      Sometimes our friends will ask us to lend money to them which is something that we can't take no for answer.
      This should never happen. JUST SAY NO! If you say yes, you're enabling the problem and inviting them to keep asking. Make it clear that you are not a bank and don't lend money.
      Steve

      * Despite the high cost of living, it remains very popular.
      * Why should I pay for my daughter's education when she already knows everything?
      * There are no shortcuts to anywhere worth going.

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        #4
        Going out is pricey. It's the cost of socializing. Either you invite them over or accept you can't do everything and pick and choose. We can't do everything but we pick and choose and try to prioritize. I usually try to see people at least once a month and sometimes out, sometimes over at our house, sometimes, just coffee. It's all relative.
        LivingAlmostLarge Blog

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          #5
          No, I haven't let them affect my expenses. I do take them out sometimes in case of any occasion but that happens only rarely. I can proudly say that I an not influenced by how my friends spend their money.

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            #6
            Sometimes our friends will ask us to lend money to them which is something that we can't take no for answer.

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              #7
              Friends definitely have a tremendous factor in the way you spend your money. Although you might be controlled and not allow your friends to control your finances, they might put you in positions to have to spend money.

              My honest opinion would be, If you feel that your peers are condoning the excessive use of money in every situation which you guys are together, I would minimize the amount of time you hang out with them and look for ways to balance in your nights out with your budget.


              Best of luck,

              Louis

              LINK REMOVED BY MODERATOR
              Last edited by disneysteve; 11-06-2014, 05:45 AM. Reason: link removed

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                #8
                Originally posted by wenice View Post
                Having peers and friends is great because you have someone to talk with and share happy moments with. Most of us love to socialize with our friends because it can give us enjoyment and fun. We have budget list but sometimes sudden events and outing with friends can ruin it. Does it happens to you as well? Sometimes our friends will ask us to lend money to them which is something that we can't take no for answer. How does your peers affect your expenses?
                It can if you don't know how to control and budget your money. It's okay to have friends and go out with them. But make sure that when you go out with them, you put limit on your expenses. Allot a budget on it but the allotted budget doesn't have to be a huge amount. You can always say no if you can't lend them money. I'm sure they'll understand.

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