min read
· Posted on
February 21, 2024

How to break it to your mates you’re saving cash rather than seeing Flight Facilities for the 8th time

The 101 on nailing your money goals without sacrificing your social life. Thank us later.

What's the key learning?

  • Financial peer pressure
  • Spending on stuff you care about
  • Being honest with your mates
  • Changing things up a little

You’re all jazzed up, having just updated your budget when suddenly the group chat goes off, PING PING PING - Flight Facilities is performing next month and everyone’s geared up!

Can’t say no when everyone’s going and pumped for it. 

So you buy the tickets, grimacing as you watch your bank balance fall…again.

Sound familiar?

You’re not the only one feeling it. 

A Finder survey of 1000 respondents found that 47% of Aussies have felt pressured to spend because of their social circle.

In fact, more than a third of millennials (36%) and Gen Z (35%) have gone into debt because of financial peer pressure. 

You’re going, ‘listen Flux, it’s just not that easy saying no to friends and family when it comes to spending on certain things.’

We’re with you. It’s not easy at all. 

Spending money, whether it be in the form of gifts, food or experiences can be intertwined with relationships. 

But it’s important to recognise that financial peer pressure can lead someone to feel like they’re not in control of their money and overtime, impact their financial and mental wellbeing. 

1. Spending on stuff you care about:

In order to change the role peer pressure plays in your money decisions, it’s important to understand what you truly care about. Aka what are your values?

You might value adventure, food, creativity, nature, family, goat yoga, pink Starbursts…wait what?

Your values can be anything important to you! 

Figuring out what they are and which ones are most important can help you be critical about your decisions. 

And when your decisions do align with your values, you’re more likely to feel confident in your choices.

2. Be honest with your mates

This ones a toughie. 

Maybe you’ve tried saying no a couple of times but your friends didn’t really pick up on it.

More often than not, your friends might not be aware of how you’re really feeling. Especially since money is a bit of a taboo topic.

Sit down and have a proper conversation about it. Let them know how you’re feeling, and that you’re really focusing on saving up towards another financial goal at the moment. 

Chances are, they’ll be all for supporting you and might even be inspired to focus more on their financial wellbeing too.

Plus our parents were kinda onto something when they’d say, ‘if they’re going to stop hanging out with you because of money, they were never really your friends to begin with.’

It’s super easy to lean into the lifestyle and spending habits of those around us, but that might not always work out best for us.

3. Change things up a little:

Spending money on nice meals, experiences or gifts might be a really special part of some of your relationships. 

It might be you and your significant other getting quality birthday gifts for each other or going out for post Sunday night netball dinners. 

Traditions don’t need to go away, but no harm in mixing them up a little right? 

If it works for you, offer an alternative way of doing special things in those relationships, things that are a touch more pocket friendly.

You might hand-make birthday presents for your SO or swap the post-netty Nandos for an at home taco night.

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