Most of us are pretty tight lipped about our finances and that is completely understandable, to a point.
You’ll feel a lot less awkward saying “No” to activities.
When you and your friends are used to going out to dinner or the movies to socialize, it may be hard for you to say no when asked. Being on a budget doesn’t mean you have to be stuck at home all the time, but it does mean you’ll have to say no sometimes and if your friends know your plan, they will be more understanding when you can’t go to that pricey concert this weekend.
They might be in the same boat.
By bringing up the budget conversation, you might find out that you have friends in the same situation and don’t know it. Everything is easier as a team effort!
They can help!
If your friends already know you are working within a budget, they will probably be more accommodating, like cooking dinner in or renting a movie instead of going out. If they are really supportive, they may even help curb your spending on that Target visit by reminding you of your long-term goals.
It’s a good idea to have a friend to keep you accountable. You don’t have to disclose your bank statements, but it’s important to have someone check in with you on a weekly basis, especially if you are single.
Now, I’m not suggesting you tell all of your friends all of your financial details! It’s sufficient enough to just tell them you are making some changes and are living on a budget, so you’ll have a less spending money. Or explain you are trying to pay off debt or save an emergency fund, so you won’t be able to go out to dinner quite as often. Just keep in mind that you can do some things, just not all! And it is completely possible to window shop, you just need some self control. And maybe a good friend to remind you about your goals. : )
Your friends can be a great asset to your budgeting aspirations… Use them!