Did you ever see the movie Friends With Money? Jennifer Aniston plays a house cleaner in LA with three well-off friends who don’t get it that not everyone can swing pricey restaurants on a daily basis.
Its likely most of us have been there at some point. I remember a time when money was tight and a friend of mine had her birthday dinner at one of the most expensive restaurants in town. Not only did the group order a lot and the bill get split evenly, but everyone had to pitch in for the birthday girl. On a tight budget, it was a social/economical nightmare.
Whether you’re trying to take the frugal route or you just don’t make as much as some of your friends, here are a few tips for navigating that fine line between living within your means and living it up together.
1. Be honest about your limits. Talking about money (or lack of it) can be uncomfortable. But being honest is better than getting in over your head. Try saying, “Things are a little tight for me right now, but I will definitely join you next time,” or “That restaurant is a little outside of my budget. Could we go somewhere less expensive instead?”
2. Take the creative route. Creativity goes a long way. If you need to buy a gift for a friend’s birthday, wedding or other event, just figure out how much you can afford to spend and put a little thought into it. You could make a piece of art, frame a photo, make something, or plan to take your friend somewhere she has never been.
3. Fun can be free. There are a million fun things to do that cost little or no money. Next time a friend invites you to do something cha-ching, throw out a less expensive option: stargazing, an art opening, a hike, cooking in, a free open mic night or show, or a local event or fair.
4. Save for the big stuff. If there is a group trip you just can’t miss, start putting away money now so you can afford it later. Our saving for a goal calculator can help.
5. Everybody deserves a treat sometimes. You might disagree with me on this one, but if a friend has more money than you and insists on treating you to something specific sometime, if you feel comfortable with it, then maybe its just fine. Sometimes after getting a bonus at work or a little extra holiday cash, it feels good to share your wealth with a friend.
And maybe those ritzy friends of yours could afford to learn from your budgeting savvy. They can check out great tips on saving at practicalmoneyskills.com.
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