Managing your finances can be challenging on its own. If you add pressures from family, colleagues, and friends into the mix, it becomes all the more stressful. It feels worse if you want to keep up with everyone’s seemingly perfect lifestyles on social media. This may even lead you to take out loans from a money lender Singapore that you did not plan on at first. How can you tune out these social pressures? Here are five effective methods.
Commit to your financial goals
Start by identifying your financial priorities. Is it saving for a home, building an emergency fund, or paying off debt? Then, do whatever it takes to fulfill these goals. It helps to write these priorities down and post them in a place you will always see. You can stick them to your refrigerator, on your work desk, or turn them into your phone’s wallpaper. This way, you constantly remind yourself of the things most important to you. Resisting financial pressure from the people around you then becomes less of a challenge.
Understand why you get pressured
The root of social pressure is often the fear of missing out (FOMO). You see your friends take their dream holidays on Instagram, then you instantly feel jealous. You want what they’ve experienced, and the pressure pulls you in. Next thing you know, you’re already borrowing money to have what your friends have. You haven’t even thought about whether you can afford to repay those loans or not. Here’s another thing. Everything your friends post on social media has a hidden side. That friend who just holidayed in Europe might now be drowning in debt – because she borrowed too much money to make her dream vacation a reality right away. Be aware of these things as well. With that, resisting social pressure becomes easier.
Say “no” with confidence
Saying “no” can be your greatest asset. Those fancy dinners, gifts, and destinations can wait. In fact, you can live without them. If friends and family keep pressuring you with invitations that you know will cost you a lot of money, it’s okay to politely decline.Saying “no” does not make you a bad friend or family member. It only means you know your financial priorities. It’s more important to use your money for the things that matter the most to you. No need to feel guilty about declining events that may ruin your budget.
Be with people who have similar financial goals
Your social circle impacts your spending habits. With that, choose friends who encourage you to save, invest, and spend money wisely. If you see everyone in your circle being wise with their money, you too will want to do the same. They will “pressure” you to save, invest, and be frugal. The social pressure in this case becomes positive, helping you achieve your financial goals.
Stick to your budget
A budget is essential in maintaining healthy finances. When you allocate your money to specific categories, like essential expenses, savings, and investments, you can effectively live within your means. Your budget is also your weapon against unnecessary spending. When you know where to put your money, it’s easier to resist spending on anything that isn’t on your budget.
Conclusion
Tuning out social pressure is not about staying away from friends and family. Instead, it’s about priorotizing your financial goals. Keep these tips in mind, and you can keep social pressure away from your finances confidently.