Whether it's having to decline dinners out, take cheaper or fewer vacations, or simply shop less, trying to save money to achieve a financial goal can often be difficult socially. It’s not easy having to choose between spending time with friends and family and paying off a debt or hitting a savings goal — not to mention struggling to handle the judgment from those who don’t understand what you’re doing or why you’re doing it.
These common social obstacles can often prevent well-intentioned people from making much progress in terms of their goals, and some others may even give up trying to improve their finances at all.
Thankfully, being successful with money doesn’t have to be an all-or-nothing game. You can still achieve what you’ve set out to do while enjoying life at the same time. According to the financial experts of Kiplinger Advisor Collective, it’s all about balance and intentionality. Consider their top tips below for maintaining a healthy social life while working hard toward achieving your financial goals.
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Set long-term goals and give them deadlines
“Set your priorities: Do you want short-term gratification or long-term success? Write your goals on paper in order of importance and assign deadlines. This simple act engages your mind and helps you manage spending. After 30 days, review your written goals against the unwritten ones. You'll likely find that the goals you wrote down led to greater achievement and better financial choices.” — Dennis Futch, The Tax Shop
Set a limit on how often you go out and how much you spend
“Being socially active is important. I would suggest establishing a set number of times you can go out each month and, to avoid spending more than you can afford, using a debit card to pay for your outings.” — Trae Bodge, Trae Bodge Media, LLC
Focus on meaningful connections and budget-friendly activities
“Focus on meaningful connections over expensive outings by suggesting budget-friendly options like potlucks, free outdoor events or game nights. Be open with friends about your financial goals — true friends will understand and support you. Set a monthly social budget to stay in control while still enjoying life. Balancing financial goals with your social life is about creativity and prioritization.” — Amrita Choudhary, Wasabi Technologies
Place helpful reminders where you can see them
“Be clear about your priorities — write them down and place reminders where you’ll see them. This can help you stay mindful and balanced when socializing. If it doesn’t work, reevaluate your priorities or adjust further. Striking the right balance between saving and enjoying life keeps you motivated and on track.” — Bob Chitrathorn, Wealth Planning By Bob Chitrathorn of Simplified Wealth Management
Surround yourself with others who share similar financial goals
“Rather than hanging out with people who might constantly tempt you to spend, seek friends who are also trying to save. You can all try cheap restaurants, potluck parties, group picnics and other low-cost activities. If your friends are also trying to save money, it makes the entire experience more enjoyable because you aren't the only one making the effort.” — Zain Jaffer, Zain Ventures
Categorize your social spending and establish your priorities
“The first step would be to categorize your social spending, establish your priorities and see where budget-friendly options exist for less important activities. For example, you could maintain your spending for family vacations but suggest to your social circle that you might switch from lavish restaurants to in-home dinner parties. That way, you can find savings while being fulfilled socially.” — Justin Donald, Lifestyle Investor
Keep the big picture in mind
“Keep the big picture in mind: You're delaying discretionary spending today so that you'll reach your financial goals in the future. Choosing to spend less and save more doesn't mean the end of socializing. Creatively substitute free or cheaper social activities and remember that being together is what's important. Your thoughtful choices today will get you to your goal.” — Laura Ostrem, Success Mortgage Partners, Inc.
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The information provided here is not investment, tax or financial advice. You should consult with a licensed professional for advice concerning your specific situation.
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