Pressured to spend?
Nov 01, 2023
I’ve been there - shopping with a friend, going out for dinner, needing that “new thing” that everyone has...
And yeah I love it, at times, but other times I avoid my friends just so I don't spend. Friends influencing my spending behaviour has been a recurring theme throughout my life and I wanted to get the microscope out and really take a look...
The Spending Pressure Dilemma đĩđĢ
Significantly, 42% of women admitted to feeling pressure to "keep up" with their friends' spending habits (Fidelity Investments, 2019). It can be as small as the daily coffee run (when you don’t really need that coffee), or as big as a weekend getaway interstate.
External influences can lead us down a path of financial instability and really mess with our savings goals.
The Ripple Effect đ
Uncontrolled spending, influenced by friends, can have a long-lasting impact on your financial well-being. It can lead to credit card debt, stress, and a constant feeling of inadequacy. Add to that the guilt of not achieving your spending goals and you’ve got a great mix of self loathing.
Empower Yourself: Set Boundaries âđģ
I made a decision that my financial decisions were going to align with where I was at in life. Here are some of things I reflected on:
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My goals - defining what was important to me financially and sharing that with my friends.
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Saying 'No' - it look practice but I got really great at saying “na, that doesn’t work for me right now”, and I didn’t give in to peer pressure. (I mean honestly, if your friends are pressuring you after you’ve shared your financial goals, are they really great friends?)
Take Control đšī¸
It’s important to remember that your financial well-being is a personal journey. It’s not always easy to set boundaries but keep practising! It pays off in the long run - literally.