Are some of your relationships with single friends having an impact on your finances? DINKs often have different financial goals than their single friends. A new Bread Financial study reveals that 26% of consumers feel financially incompatible with friends. Sometimes, this can put a damper on your relationship. Here are some reasons why these single friends may be sabotaging your finances.
No Accountability
Your single friends are used to not having the same financial responsibilities. They may not have expenses like a mortgage or a car payment. They may be accustomed to being able to afford expensive meals and vacations. You may feel pressure to take part in these budget-busting activities to maintain the relationship. The same Bread Financial survey found that seventy-four percent of Millennials and 67% of Gen Z admitted to breaking their budgets to socialize with friends.
Expectations
Some single friends may expect you to pick up the tab if you make more money. Without direct conversations about expectations, you may be feeling slighted by your friends. Before you go out, be clear on what you're willing to pay for or how you would like to handle things like the bill at a restaurant. If you aren't clear, your single friends may sabotage your finances.
Borrowing Money
If you are more financially stable than your single friends, they may look to you when they need money. Just because you have two incomes doesn't mean that you should always support your friends. The survey found that 30% of people who have borrowed money from friends never repaid them. As a result, 21% of survey respondents have lost a friendship over money.
Comparison
If you talk about money with your single friends, you may feel like you are falling behind. You shouldn't take financial advice from anyone who isn't in your situation. Single friends may have more savings or investments because they are in a different stage of life or have more disposable income.
Communication is Key
Try to have an honest conversation with your single friends. They may not realize that you have different financial obligations and needs. Just because your financial situations don't align doesn't mean that you aren't compatible as friends. After having a conversation, if things don't improve, you may need to reevaluate how much time you spend with these friends.
You may need to realize that your finances and your partner are more important than certain friendships. Some adjustments may need to be made, like you might need to steer clear of discussing your finances with these friends. Maybe you need to put your foot down when single friends ask for money. Additionally, you may start spending more time with other married couples who have similar financial goals. These friends probably won't pressure you to drop a lot of money when you spend time together. All of these measures can help you strengthen your friendships and take money out of the equation.
Have some of your relationships with single friends sent you down the wrong financial path? Let us know your thoughts in the comments.
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