What’s the plan this weekend? 🥳 Backyard BBQ or boozy diva’s brunch at the hottest place in town? Well, when you’re bougie like us, you do both. 🎉🤸 And by bougie, we mean maxing out daddy’s credit card. And by daddy, we mean…it’s our card. 🫠
Don’t worry, we’re just joking. However, it’s no joke that who you surround yourself with can make or break your money mindset! 💡
Here’s Five Fast Facts on friends and your finances:
- 👥 Social Networks - Who's in your MySpace Top Friends might have a big impact on what you do with your money. One study found that people with more connections to high-income earners were more likely to save and invest themselves, suggesting that financial habits can rub off through social circles.
- 🤑 Under the Influence - You don't need a million followers to be an influencer. Researchers say behaviors spread most effectively through well-connected people, meaning one person who starts budgeting, saving, or investing can end up influencing friends, friends-of-friends, and even people they've never met.
- 🤳 Fake News - Spend enough time on Instagram and you'll start to believe everyone you know is either in Greece, at brunch, or attending a destination wedding. Experts say social media makes expensive lifestyles seem far more common than they really are, creating pressure to spend money just to keep up.
- 📢 Truth Serum - You don't have to disappear from the group chat to improve your finances. In most cases, it’s better to tell friends you're focused on a goal (like paying off credit cards) and suggest a cheaper alternative instead of automatically saying no.
- 👯 Buddy System - Think of financial habits like gym habits. If everyone around you is training for a marathon, you're more likely to go for a run. If everyone is opening a new credit card every month, that influence can spread too. Finding a community with healthier habits can make them easier to maintain.
🔥Bottom line: You don’t have to ditch your bougie friends, but if their spending’s impacting you, it’s time to brush up on healthy boundaries. Is quitting your job for greener pastures still the best way to make more money? The answer’s not so cut and dry anymore. Head over to this article to find out if you should stay or go.
Do your friends splurge or save?
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