The importance of having a budget and being committed to it is evident when reading this article. If you're aware of what you have available to spend and committed to sticking to your allocated budget then you won't be as easily swayed by the pressure from friends to spend above or outside your means.
I'm reminded of a lunch invite last week that I had to turn down because it would have taken me out of my $20 budget for lunch. I have really trained myself to stick to that budget because it is so easy to overspend by going to lunch 3-4 times a week with various co-workers for celebrations or just to de-stress. I really wanted to that lunch but I had to balance it with the other plans I had that week and what I would have to sacrifice in my other budgets to have it. It wasn't, so I trekked home for leftovers and a quick 15 minute nap in a house that was completely quiet. Honestly, I probably enjoyed that nap more than I would have enjoyed the lunch!
If you have a friend that doesn't respect your need for having a budget, then it may be time evaluate if they are going to be a hindrance to your financial goals and how you want to handle that. I've had friends I've had to limit my time around because they are content with constantly being overdrawn, overextended and creditless. I had one associate who stated they aren't concerned with leaving anything for their children but bills to be paid off with the life insurance money. Talk about a "wow" moment!
Do you or have you had toxic friendships? Have you been a toxic friend in the past?
