9 Year Mortgage: How Friends Can Negatively Impact Your Spending
9 Year Mortgage recommends you consider if your friends are helping or hurting you financially. Think about the restaurants your friends choose when you go out together; are they within your budget? Do you find yourself buying more expensive clothes or clothes you don’t need because of their influence? Are your friends consistently recommending activities or trips that you really can’t afford? You’d be surprised to see just how much those you associate with dictate not only what you do, but often what you buy. Be aware of the influence your friends have on your expenditures and set boundaries with those who have a harmful effect on your financial habits. Here are 4 warning signs that your friends are leading you to make foolish decisions with your money and some ideas on how to combat that:
1. Do you have a freeloader for a friend?
You most likely know someone who commonly asks to borrow money without paying it back. To keep this type of friend from hurting you financially, 9 Year Mortgage advises you to set clear rules and communicate your expectations when this friend asks for help. Try setting a specific time for them to pay you back much like a real loan would and don’t be afraid to say no if you feel uncomfortable with the transaction.
In addition to borrowing money, your freeloader friend may expect you to pay for their share of activities you’re doing together. Try to focus on free events with this kind of friend. Plan to just play games or watch a movie at home rather than going out. Also he or she might ask to borrow your things remember that your possessions have value and if it’s too expensive or risky to loan out 9 Year Mortgage advises you to tactfully decline.
In the U.S. the average cost of beer and fast food is nearly seven-hundred-dollars a year per person. Any further meals or alcoholic drinks at bars and more classy restaurants will take an even bigger bit out of your budget. The eat, drink and be merry friends is always pushing for ritzy celebrations that you really can’t afford. He or she will encourage you to pay for the royal treatment even if you’re on a pauper’s budget if you don’t take a stand. Over spending and charging close to your credit limits will hurt your credit score if you don’t pull the rains on this party lifestyle.2. Does your friend have an eat, drink and be merry attitude?
9 Year Mortgage suggests that you let your friends know while you enjoy his or her company, your finances call for less expensive get-togethers. You can let them know about your goal to save money without sounding like you’re monetarily destitute. Start making the plans for the time you spend together in order to keep cost down. It is possible to have a wonderful time and still spending little to nothing.
3. Do you have a friend who acts like a “Financial Guru”?
A friend who makes recommendations for your savings and investments may have good intentions but could have a disasters effect if you blindly follow their advice. 9 Year Mortgage warns to not trust a financial novice with your money. Make sure you do in-depth research of the risk involved in any investment recommended to you and get the opinion of trusted financial professionals before you proceed. Be sure you’re getting financial advice from the most dependable sources.
4. Are you friends with the Joneses?
Do you find you and your friends contending to have the nicest home, c
ars, technology and clothes? This type of competition often results in financial instability. Your friends’ may lead an extravagant lifestyle but this doesn’t mean you should as well.
In our nation the majority of families have been impacted by taking on more debt than they can afford; be sure you don’t get in over your head. 9 Year Mortgage advises you to live within or below your income. Avoid allowing competitive friends’ expenditures dictate your spending habits or financial decisions.
If you feel the need to compete with a friend make it a sustainable duel. You can play sports with this friend or compete to get in better shape or lose weight. Additionally, you could try having a thriftiness competition or a saving race instead consistently one-upping each other through overspending.
As you can see there a several ways your friends can hurt you economically. 9 Year Mortgage hopes you will surround yourself with healthy relationships and seek friends who help you improve in all areas of life including monetarily.
Will The 9 Year Mortgage Plan Work For Me?
To learn more about 9 Year Mortgage, and to find out if you qualify for the 9 Year Mortgage program. Find out how soon you could be completely debt free, including your mortgage, with the 9 Year Mortgage Financial Plan. Find out what thousands of satisfied clients already know about taking control of their finances, and using the power of reverse compounding interest to beat the banks at their own game! 9 Year Mortgage representatives are standing by to answer all of your questions about our program, including how soon you will be debt free, and how much money you will save in interest! For more great money-saving ideas visit 9 Year Mortgage on YouTube or go directly to the 9 Year Mortgage Money Saving Minute. 9 Year Mortgage recently launched their Eliminating Debt with 9 Year Mortgage site , which is also full of valuable, free information.