Student Investment Expert’s Tip of the Month – June

Are your friends costing you money?

When I was in college, it was tempting to go out with friends to restaurants and bars. But, as important as it is to maintain a budget to figure out what you can afford, it is important to surround yourself with friends who don’t pressure you to spend more than you can afford. Surrounding yourself with like-minded individuals can be important to staying within your budget. It’s tough enough already to fit in and have a good time without also worrying about whether or not you can afford it.

I remember when friends would invite me to go to expensive restaurants and fancy bars where dinner could cost $20-30 and drinks would cost $10/each – a sum that can easily add up over a few nights. Instead, I would hang out with friends who would rent a movie at home, have potlucks and parties with food from the grocery store, and other methods of having fun in cost-efficient manners.

When considering your financial situation, ask yourself whether you are hanging out with the right group of people who are supportive of hanging out in low-cost manners. If not, surround yourself with friends who don’t pressure you into spending more than you can afford. Beyond having fun, ask yourself if you are around people who are ok with the way you dress and the things you own. Beyond finances where you buy designer clothes and high priced things to fit in, surrounding yourself with friends who are supportive of you is extremely important. If not, ask yourself if you need to find yourself a different set of friends to associate with.

~ Monte Malhotra, Student Investment Expert, Campus Calm

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