Get-togethers can be a lot of fun. Whether you catch a movie, grab a cup of coffee, or enjoy a weekend getaway, spending time with your friends is a regular occurrence for a lot of millennials.
But, sometimes, the cost of friendship isn’t cheap. Movie tickets, lattes, and gas money all add up. To keep up with friends, you may tend to ignore your finances.
The infographic below explores the financial challenges you might face when friends have more to spend and provides tips to help you find a financial balance.
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MILLENIAL SPENDING STATISTICS
- 39% have spent money they dont have to keep up with friends.
- 73% who've gone into debt to keep up with friends have kept it a secret.
- 27% feel uncomfortable saying "no" to expensive activities.
5 TIPS TO HELP ACHIEVE BALANCE BETWEEN SPENDING AND SAVING
1. SUGGEST CHEAPER IDEAS
Explore afforable options, like camping at a beach instead of an all-inclusive getaway.
2. HOST LOW KEY PARTIES
Instead of going out to dinner and a movie, do the same thing at home. Take turns hosting different at-home get-togethers.
3. GET TECHY
Your parents used a paper ledger to track their finances. You can do the same, but with a moden twist. PNC Virtual Wallet® includes several features and tools to help you track your finances more easily.
4. CREATE A 'GOING OUT' ACCOUNT
Set money aside each month in a separate account for going out. Make it a part of your budget, like rent or utilities.
5. REVIEW MEMBERSHIPS AND SUBSCRIPTIONS
Review recurring monthly costs and consider cutting back, evein if only temporarily to help free up money for busier times of year.