When it comes to your finances, your inner circle can make a big difference. Whether you’re trying to get out of debt or save for the future, having frugal friends that support and encourage you can be key to reaching your goals.
Here are five different ways that your inner circle can influence your finances:
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1. Your friends can help you stay focused on your goals.
When you have a strong support network of people working towards similar financial goals, staying motivated and committed to reaching those goals is much easier.
When tackling challenging financial objectives like establishing an emergency fund or eliminating credit card debt, having good company can mean the difference between success and failure.
Having friends who understand and share your struggles will help you stay on track and provide support when frustration sets in.
2. Your friends can provide resources and information that help you reach your goals.
If one of your friends has already paid off a large amount of debt or managed to save up a healthy emergency fund, they may be able to share their tips and tricks for reaching similar goals.
Surrounding yourself with like-minded individuals who have already achieved the same financial goals you are striving for can be immensely beneficial. Your friends can provide helpful advice and insight, from reading recommended books to understanding how they manage their money well.
You will reach your financial goals more quickly and easily by getting inspired by your peers.
3. Your friends can offer encouragement when you need it most.
When the going gets tough, and you feel like giving up, your friends can be there to help pick up the pieces and keep you moving forward. Whether a simple text message or an in-person meeting, your friends can lift your spirits and help get you back on track.
4. Your friends can act as role models who inspire you to make positive changes in your life.
When you have friends working hard to pay off debt or save for the future, it can be much easier to make positive changes in your life.
When attempting to reduce expenses, cooking meals from home more often, or simply ridding yourself of harmful habits holding you back, having friends on the same journey as you can provide motivation and assistance in staying focused.
Peer pressure goes a long way.
5. Your friends can help you stay accountable and on track.
When you share your goals with your friends, they are often more than happy to hold you accountable and keep tabs on whether or not you’re making progress.
Frugal friends can give you the extra push to reach your goals. Your friends can keep an eye on your financial progress and help you stay on track to meet your goals.
Whether they check in on you from time to time to see how well you’re sticking to your budget or ask for updates on your debt payments, these positive reminders will help you stay on track.
What Does It Mean To Be Frugal
Being frugal means making conscious decisions to spend your money wisely and efficiently. This often involves spending less on things like housing, food, transportation, and other basic necessities to make room for saving and investing.
Being frugal may also involve making choices that are more environmentally friendly or that help you live a healthier lifestyle.
Drawbacks to having frugal friends
Having cheap friends can help you reach your financial goals, but there are also some downsides.
Frugal friends can be annoying. For example, if your friends constantly bug you about every single purchase you make or relentlessly criticize your budgeting decisions, this can be highly annoying and frustrating.
Another drawback is sometimes you want to spend money. Occasionally you will want to grab a bite to eat or have some drinks at a bar. If your friends say no every time, then it just isn’t fun. Ironically the benefit of a frugal friend’s aversion to spending is also a drawback.
How To Find Frugal Friends
If you’re hoping to find new frugal friends who share your values and goals, you can do a few things. First, join an online forum or community focusing on financial success. You’ll be able to meet people with similar interests and exchange ideas and tips with others working toward similar goals.
You may also want to look for local meetup groups or other organizations in your community that focus on financial success. This can be a great way to connect with like-minded individuals and form new friendships based on shared values.
Finally, reaching out to friends and family members who already share your frugal beliefs can be helpful. These people will be the most supportive and encouraging and can help you stay on track with your goals.
No matter what you decide, remember that having friends who are good with money can help you reach your financial goals. Whether supporting each other through difficult times or inspiring others to make positive changes, having friends who share your values and priorities can help you stay focused and motivated on the path to long-term financial success.
Find Frugal Friends
Having frugal friends can help you achieve your financial goals. Whether you’re trying to pay off debt or save for the future, having supportive and encouraging friends who share similar values can help keep you motivated and on track.
You can join online forums or local meetup groups to find new frugal friends. You can also reach out to family and friends working towards similar goals. With the support of your frugal friends, it becomes easier to make positive changes in your life and achieve financial success!
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Greg is a Chartered Financial Analyst (CFA) with 22+ years experience in Financial Services. He has held numerous FINRA Securities licenses (series 7, 63, 65, and 66), and is an expert on Investment Products and Financial Planning. Greg has 22+ years experience as a real estate investor and degrees in Psychology and Philosophy.
Greg has been quoted/interviewed in Yahoo Money, Yahoo Finance, USA Today, Authority Magazine, Realtor.com, Business Insider, and others.
Greg is an avid runner, and the father to identical twin girls and their awesome brother. His love of budgeting and his kids led him to join The Great Resignation in 2021.
Disclaimer: Any Financial Tips on ChaChingQueen are general and informational. Speak with a professional about your specific situation.