How To Balance Friendships On A Budget
How To Balance Friendships On A Budget
It may not be easy to balance friendships on a budget when there are mixed income friendships but it is possible. Here are a few key points to keep in mind when it comes to maintaining your friendships without sacrificing your financial goals.
Know what your goals are
The first step to having a entertainment budget is to know what your financial goals in life are. It will be different for everyone but you have to start somewhere. Some people might be saving for a down payment on a home. Some might be saving for college or retirement. Others might be saving for a vacation. What are you trying to save for? Why is this important to you?
Acknowledging this does not have to mean all work and no play. As with everything, there should be a perfect balance. You deserve to enjoy balance that involves fun. Set a budget and determine how much you want to spend on entertainment.
It is OK to consider your future and invest in experiences that matter to you and skip others that don’t.
Be Honest
You might not know your friend’s circumstances and they might not know yours. It is important to be honest with your friends. Those who mind don’t matter and those who matter don’t mind. There should be no judgement or shame in saying “I don’t want to spend money on that” or “that does not fit my budget”. This way your friends have a general idea of the types of activities you want to spend money on or not spend money on and you can base future activities on this information. You’re therefore rebalancing, in a sense, what you need to take into consideration for future activities. If they are really your friends, they will understand and not want to put any financial strain on you. True friends also want to support your goals in life. Your financial goals should be prioritized and you should not feel pressured to spend what you don’t want to.
Suggest Alternatives
There is always a cheaper or free alternative to propose budget friendly plans. There are various group activities to find on Groupon that won’t break the bank.
Your local library may also offer free or discounted museum passes.
You can also practically do lots of outdoor activities if the weather permits that are practically free. Some of these activities can include going for a walk, running, tennis, and hiking at a national park. If you have a gym membership with guest privileges that is also a great way to spend time with friends while staying active. There are also local festivals that offer great entertainment with free admission.
Even for paid activities determing how much are you willing to spend and sticking to that matters. As an example, if you want to grab a drink after work try going during happy hour when drinks are half price. In America bars tend to aim for an 80% profit margin on alcohol sales so there is a markup and you’re paying for it. Rather than going to a bar spending a lot of money on alcohol maybe pregame (if you’re not going to be driving) or stay in and buy some drinks and have a game night with friends.
You could also go to a matinee movie when the cinema offers discounted ticket prices depending on the showtime.
When you provide alternatives you are showing your friends flexibility, consideration, and dignity. You are also showing them that you still want to spend time with them.
Consider Circumstances and offer convenience
Taking into consideration your friend’s circumstances regarding transportation is also important. Not everyone has a vehicle, especially if living in the city, and that should be considered when making plans. How will you get there? How much will it cost to get there?
Be considerate and make plans close to where the person lives or offer to pickup your friend. Paying for a taxi or Uber can get very expensive and could also be dangerous. Show your friend group that you are willing to take turns on a transportation level to include other friends without vehicles.
Set Boundaries
You can be a better friend by breaking the concept that you or others need to spend money to gain access to spend time with each other. Ultimately, setting boundaries and learning how to balance friendships on a budget is figureoutable and worth adapting to.