Hanging out with rich friends can be frustrating at times. If they have a lot of disposable income, they might be able to go to the movies, eat out or take vacations whenever they like. As their friend, you might want to join in the fun but if you earn significantly less, hanging out with rich friends can cause financial problems, if you let it. Here are seven way to hang out with your friends without going broke.
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1. Set Limits
If you’re hanging out with rich friends, it's important that you set weekly or monthly limits. Therefore, you need to decide how much you’re able to spend on each shopping trip or night out. Even if your friends buy a lot of items, you can still join in the fun by shopping at stores within your budget, or only buying items that you need at the time. Also, if you go to an expensive restaurant, you might order a cheap appetizer and skip the alcohol.
Setting boundaries with your finances is crucial when socializing in wealthier circles. Determine exactly what you can afford before joining outings and stick to it. Opt for a cute but cost-effective dish rather than the steak, and if there's a group gift or trip planned, be honest about what you can contribute. Remember, it's okay to say no when something is outside your budget. Your true friends will understand and appreciate your transparency. Enjoy the experience, not just the spending.
2. Be Honest, without Saying Too Much
If one of your friends has a lot of money, they will likely understand that you don't have the resources to indulge on a whim. Be honest with your friends. If they suggest a restaurant or an event that's outside your budget, you can say, ‘that's not in the budget right now.’ Don’t feel bad or ashamed about your situation. Actually, acknowledging your financial limitations is responsible.
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3. Suggest Free or Low-cost Activities
Don’t let your friends always suggests activities for the night. Occasionally, make suggestions based on your budget. For example, if cash is tight and you can only afford free events, go online and check local events for the area. Maybe there's a free jazz or orchestra concert in the park, or suggest the museum or hang out on the beach for less. You can also invite everyone to your house for a cheap game night or movie night.
4. Don’t Go into Debt
The worst thing you can do when hanging with friends who have money is go into debt. Remember, you don't have to keep up with their spending habits. And if you put expensive vacations on your credit cards and buy clothes that you cannot afford, you’ll end up hurting yourself in the long haul. As a rule of thumb, only charge items that you can afford to pay off within the month.
5. Don’t Be Prideful
If a friend earns more than you, she may offer to pay your meal at a restaurant or pay for another event. At first, you might decline the offer. However, your friend might realize that those in her circle earn less, and they might be unable to afford the activities she enjoys. Let go of your pride. This doesn't suggest taking advantage of your friend, but if she offers on occasion, there's nothing wrong with accepting her generosity.
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6. Get a Side Hustle That’s Strictly for Hanging out
If all your money goes to bills, look into a part-time job or a side hustle. If you work an extra 10 hours a week, that might put an extra $100 in your pocket each week for recreation, paying off debt and other purchases.
7. Determine Your True Friends
If you tell someone that you don't have extra cash to hang out, and this person ditches you, consider yourself fortunate. This person was not a true friend to begin with, and by ditching you for those on the same income level, they’ve revealed their true self. There is no reason to feel ashamed.
The truth is, it is possible to hang out with people who earn more than you. If they're understanding of your situation, and willing to do activities that are within your budget, a beautiful friendship can thrive. What are other tips for hanging out with rich friends?
