Stop social spending

How To Stop Social Spending

August 7, 2020 10:29 am Published by

How To Stop Social Spending

Are your friends and family saying yes but your purse is saying no? Millions of people around the world have the same problem. In today’s society, we are so influenced by what other people are doing, we forget to ensure it is the right decision for ourselves and our finances. Typically, if all of your friends are going out to celebrate a birthday, or just have a general meet up, you probably will not want to miss it. But, in reality, if your bank is saying no, you definitely should. So, how do you stop social spending?

Set Yourself A Budget

By setting yourself a budget you will have a specific amount of money which you will have to make last for a specific period of time. The easiest rule to follow is to find an online budget which works for you and stick to it every month. You should have a section within your budget which gives you a specific amount you can spend each month. This way you will not overspend or become too cautious with social spending as you know exactly how much you have left.

Don’t Be Peer Pressured

As easy as it sounds, we understand that peer pressure and lack of finances go hand in hand. It is very easy to agree to spend money with your friends, sometimes more often than we want. But, there are plenty of alternatives which you can take. If your friends want to meet up for a meal, you need to include every single expense of the trip. This could be transport, food and even general activities. These prices can add up to a great sum, so if you feel like you do not have enough money for that at the specific moment in time, you could suggest something else. For example, why not invite your friends around to your home and have a fun time in the comfort of your own home. This way, you will not be spending any money at all (unless you are buying drinks or snacks).

You do not have to be peer pressured to spend your money as there are plenty of alternatives which you can take to avoid these situations.

Cut Costs Elsewhere

Some people absolutely love spending time and money with their friends to enjoy and live their life to the maximum potential. Therefore, even if you are overspending, you may not necessarily see it as a bad thing at that moment in time. But, as time passes you will definitely see dramatic changes in your finances. Therefore, instead of cutting down on social spending, you could cut down on other expenses which are not essential. This may include, a daily coffee from Starbucks, an unused gym membership, wasted subscriptions etc. Overall, this will leave you with some money you could spend with your friends and family or even money which could be saved/put away.

There Will Be Other Opportunities…

Opportunities come and go, if you cannot afford it at the moment, there will always be more chances where you may be more financially stable. Therefore, it is best to not worry about not being able to afford one or two specific meetups with friends or family as there will be plenty more opportunities in the future. Your financial difficulties and debts will not last forever if you put your mind to paying them off and act sensibility, so, it should be your priority to take care of yourself and your finances before socially spending.


Don’t forget there is #NoShameInDebt

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This post was written by Charlotte K

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