Friends and Expenses: The Relationship

Marcus Writes By Marcus Writes, 18th Nov 2015 | Follow this author | RSS Feed | Short URL http://nut.bz/bnryl2_4/
Posted in Wikinut>Business>Accounting & Finance

As much as self-control and discipline is important in controlling one’s expenses; it is an undeniable fact that environment is also a huge factor in keeping those outlays within the budgets.

Of Friends and Expenses

Growing up with friends who spend money like there’s no tomorrow was one of the toughest challenges I have encountered on my journey to financial freedom. Keeping your circles intact is relevant for the social aspect of one’s life but could also cause financial turmoil when carried the wrong way. For instance, my circle’s activities include frequent restaurant dining, movies, shopping and leisure activities which are costly. With this condition, no matter how I control cost, I would spend money when the group wants to take another trip to the mall or restaurant.

With friends who unknowingly spend on luxurious activities, it entails tons of self-discipline and redirections to control one’s expenses. Budget should be strictly followed and reviewed consistently. An open communication between friends should also be made in order to understand the underlying monetary structure for each individual.

Connections and networks are vital for one’s growth and development. Friends should help us become better and not drag us down to debts. When groups become more pressing in terms of spending, one should reconsider redirecting the group or if not viable stay out of the group until a clear financial direction is stable and established.

Whoever your connections are, at the end of the day it will always be your internal control and self discipline who will dictate your economic success or failure.

Helping Friends

When friends spend out of proportion it does not mean we should leave them or just throw our friendship away. We should treat our group like a team where one should exert effort to help one another. This can be done by open discussion and healthy sharing of ideas on how to progress as a team in terms of financial status.

One of many ways to cut down cost is through scheduling leisure trips. Instead of unplanned shopping or trip to the restaurants, the group can preferably schedule the hang-out with a corresponding budget. Through this, unnecessary expenses can be minimized or eradicated.

The Aftermath

For years, I and my circle of friends continuously pursue the best interest of the group. Unlike in college, we are now more mature in our spending habits. We have shifted from the conventional spender to smart investors. We save money for us to invest and buy profit-generating assets. Today, we help our other friends come up with a financial plan to aid them to their journey to financial freedom

Tags

Cost, Debt, Expenses, Finance, Investing, Money, Money Talk, Personal Finance, Savings

Meet the author

author avatar Marcus Writes
I write to express and not to impress. Writing is my ultimate passion;the blood which runs through my veins. Visit me at www.brewingabetteryou.com

More of me @ www.brewingabetteryou.com

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