Why Choosing Good Friends Is Crucial For the Financial Stability in Life

Finance is, indeed, a personal matter that varies from person to person. The way you handle them not only depend on your action alone but also with whom you spend your time with. There is no denying that somewhere down the line, we are the replica of our surrounding. Thus, all the closed ones like your family members, friends and colleagues can have a significant influence on your financial life too.

Well, this might sound a bit harsh, but this is the reality. Your friend circle can have a high impact on your life, especially when you are young who has just started his/her professional career. We often try to follow the same lifestyle as our friends in many ways that could anything like:

•       Clothing
•       Going out for movies
•       Eating outside food at restaurants
•       Buying gadgets
•       Travelling

How your friend circle can impact your finance in life?

Well, having a good friend can help you a lot in moving towards your life. They are the ones who celebrate your success as their own, support you during the rough patch of your life. But, not all friendships are right for you or better speaking for your finance.

We all have different kinds of friends who have their uniqueness, their way of living life. Thus, every one of them has an unusual bond with you. There will always be friends in your life that will somehow influence your finance either directly or indirectly.

Types of friends who are not suitable for your financial health

Here, in this blog, we have categorised such kind of friends and how they can affect your finance. Now, let us get started.

x  “Let’s go shopping” type of friend

Shopping with friends has its enjoyment. Some people like to take their friends as well when they have to purchase anything. If you also go with your one of your buddies to assist him/her in shopping, then that’s a healthy thing that any friend would do.

While purchasing, your friend may also insist you buy something. And, you somehow end up buying a thing or two that was not so necessary, then this is the great sign that you might not able to save much money. Having such friends can have a significant impact on your financial health, so it is better to avoid going with them, or you must learn to control your temptation.

x  “The critic” friend

We all have a friend who thinks we are coward or too scared to try something new. In the same way, there could be the person who keeps criticising or taunting for the things that you are not doing. For example, he might say “can’t you afford just one movie night or bar or something? 

Now, a situation like this triggers you and will persuade you to make the decision that you have been avoiding.  Well, people of such nature like to target others who are a bit cautious or avoid doing things randomly. It is the same people who might be struggling to pay their bills and debts.  The best approach to deal with such friends is to ignore their criticism and taunts. Be who you are and don’t panic or get self-conscious. 

x  The all-time borrower

 The last type of friend that you can impact your financial health is the one who keeps on borrowing all the time. From purchasing to paying the credit card bills, he/she will ask to provide monetary help. Unfortunately, being a friend, you will happen to help your buddy, as that is something that friends are for you.

However, when that friend asks for cash now and then, this can take a financial toll in your life. There could be many reasons why he is financially in bad shape. And, instead of providing cash, why not offer the friend a piece of advice that can help him get back on track. 

If he is struggling financially due to the burden of bills or any significant expenses, then you could suggest him where to get bad credit loans from a reputed direct lender. 

Wrapping up, there is a good chance that you must be having such type of friends in your life. It is not necessary to separate from them if there is a possibility that you can make him/her change. Or else, you could always find a way to stay financially rigid on your terms.

Description: It might surprise you, but our friend circle does impact the financial stability in our life. Please read this blog to understand how it does.