Last week we talked about coping when you're the rich one in your social group who gets leaned on to pay - now the Simple Dollar blog has tackled the problem at the other end of the spectrum - how do you keep control of your 'social spending' when your friends have more cash than you? Here's a few of their tips:
1. Explain your goals to your friends
2. Suggest low cost or no-cost social alternatives
3. Budget for social spending such as the weekly trip to the pub
4. Be prepared to opt out of some of the regular activities if they're beyond your budget.
And if the shoe is on the other foot?
"If, on the other hand, you’re financially well-off, be aware that your friends may not be in a similar position. Don’t suggest expensive activities. Don’t brag about money. Don’t flaunt it. Respect other people’s limits."
It's important to strike a balance between continuing to spend time with your friends, and being able to stick to your budget. How do you strike this balance? Tips in comments please.
Six Ways to Break Free of the Purge and Splurge Cycle [The Simple Dollar]