Financial Frenemies – 5 Signs Your Friends Might Be Ruining Your Finances

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Financial frenemies are hard to spot because they rarely cause problems on purpose. Nevertheless, their seemingly well-intentioned actions may be blowing out your budget. From small loans to multilevel marketing schemes, here are five clues that your pals are financial frenemies. 

1. Their Tiny Requests Are Adding Up

If you have a buddy who’s constantly asking for loans, forgets their wallet when you go out for lunch, and always needs a ride somewhere, this could be quietly killing your cash flow. You don’t need to cut them off. Rather, you should draw reasonable boundaries. For example, you may want to avoid giving new loans until all existing ones have been paid back. 

2. Every Meetup Costs Money

For some people, socializing is synonymous with spending. They want to catch up by going out for meals or drinks and hitting up clubs, concerts, and sporting events. Even if you have a night in, they want to splurge on UberEats. 

While there’s nothing inherently wrong with any of these activities, if they’re happening multiple times a week, your bank balance will take a massive hit. Once again, this isn’t grounds for a breakup, but it does mean you need to assess what you can truly afford and only join them on outings when it makes financial sense. 

3. They’ve Joined an MLM Scheme

If your pal has signed up for the latest multilevel marketing scheme – whether it be health supplements, beauty products, lingerie, or cleaning supplies – their whole life will be taken over by their “new business,” at least for a few months. 

From their social media posts to the time you spend hanging out in person, you can expect to be hit with requests to try out their products and support their business. While it’s important to encourage your friends’ dreams, it’s tough when all they want to do is market to you. Stand your ground, only ever buy things you genuinely want, and your friend will soon shift their attention to more promising prospects.  

4. They Shop For Fun

Even if you go along with no intention of buying anything, simply being in the presence of tempting sales and desirable products can make you throw caution to the wind, especially if your friend is spending frivolously. If they blow hundreds of dollars and you only spend $50, by comparison, it can seem like you’ve done well. But if it’s not in your budget, that $50 can still cause you problems. 

If you’re not the kind of person who can hit the mall without buying things you don’t need, consider meeting up with your friend after the fact so they can excitedly show you their new purchases. 

5. They Always Want to Split Things

This one is super tricky to spot as it will be sold to you as a money-saver, not a money-drainer. However, if your friend is always convincing you to split things you didn’t really want in the first place, then the truth is, you’re blowing money for no good reason. 

This could come in the form of a dessert you didn’t feel like, a holiday rental that’s out of your price range, or a birthday gift you never would’ve chosen. To combat this, you’re going to need to be honest (and brave) and only split the cost of things that will be a good deal for both of you.

If you recognized any of your pals here, don’t stress! There’s no need to sacrifice your friendships. It may be just time to start speaking up and standing your ground.

About Author

LaDonna Dennis

LaDonna Dennis is the founder and creator of Mom Blog Society. She wears many hats. She is a Homemaker*Blogger*Crafter*Reader*Pinner*Friend*Animal Lover* Former writer of Frost Illustrated and, Cancer...SURVIVOR! LaDonna is happily married to the love of her life, the mother of 3 grown children and "Grams" to 3 grandchildren. She adores animals and has four furbabies: Makia ( a German Shepherd, whose mission in life is to be her attached to her hip) and Hachie, (an OCD Alaskan Malamute, and Akia (An Alaskan Malamute) who is just sweet as can be. And Sassy, a four-month-old German Shepherd who has quickly stolen her heart and become the most precious fur baby of all times. Aside from the humans in her life, LaDonna's fur babies are her world.

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