Financial Peer Pressure

What the heck can you do about it?

If financial peer pressure is always around, what can you do to lessen it? Establish goals. Having a goal, whether it’s taking a trip to somewhere exotic or saving to buy a house, gives your finances purpose and gives you a justification for saying “no” to a request to do something that costs money.

It’s also important to understand that your perception of others’ finances may not be accurate.

Just because a person has a large house and nice car, goes on exotic vacations, or eats out and goes to bars every night, doesn’t mean they can actually afford those things. It could mean that they have accumulated lots of credit card debt or that they are using student loans to pay for all of that excess food (FYI: Don’t do this!).

In other words, don’t worry about what everyone else is doing. Focus on yourself. One great thing you can do is to start learning about yourself, your habits, your needs, and your wants. Knowing yourself will greatly help you stay grounded in your spending and help you avoid the temptation to live somebody else’s lifestyle.

Also know that you’ll probably make some mistakes based on pressure, and that’s ok. The important thing is to reflect on your errors and minimize the likelihood of making more of them in the future.

The sooner you can learn how to live your own life, the sooner you’ll be able to have a much more comfortable lifestyle and avoid the stress of financial peer pressure.