Friends and money: a dilemma many people find themselves in at one point in their lives. Should Ilend my friend money? Should I pay for their meal? Should I buy them this or that without expecting to get my money back? Some experts say never to mix money and relationships, but sometimes, people still do it out of guilt.
Traveling with friends is fun: you have company, you can feel safer, and you can even save on things like accommodation
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That’s if the friend isn’t asking for you to pay for their plane ticket and hotel
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People should tell friends beforehand if they can’t afford a trip or some element of it
Money and friendships don’t always mix. That’s because every person has a different stance on what’s appropriate or not when it comes to friends and money. Recently,Bustleasked their readers about the rules of money and friendship. Interestingly, it revealed that friends don’t shy away from talking openly about money matters.
Nearly 67% of the respondents said that their friend group is upfront aboutgroup tripcosts. People believe it’s a must to discuss these things beforehand, before the Airbnb or a hotel is booked and before a dinner reservation is made. “If you can’t be a little bit vulnerable, are they even your friends?” one respondent posited.
One problem in this story seems to be the friends not agreeing to travel expenses ahead of time. According toNerd Wallet, being upfront about what you won’t or can’t spend money on is crucial for surviving a group trip. The reality of a group vacation is that each person will likely want different things. Whether it’s about where to stay, what to eat, or what sights to see, you should always let your friends know if you can’t pay for something.
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Some tips on how to save up for a vacation on a budget
Avacationis like any other big expense. You might need to set some money aside each month to afford it. But that’s easier said than done, so here are some tips on how to save up for that vacation.
First of all, it’s important tostart budgeting. Tracking your expenses on a spreadsheet or with the help of a budgeting app might help you see areas where you spend the most. Commit to spending only on basic expenses. You might need to sacrifice a night out or takeout every other evening, but remember all that money will go toward your trip.
Experts also advise avoiding making any flashy purchases. “I recommend postponing any other ‘big-ticket’ items. The vacation usually is its own big-ticket item, so you might want to push other big-ticket purchases (like a new car) into another calendar year,” Andy Smith, CFP,said. Going to concerts would probably fit this category as well.
Don’t expect to save up a lot of money over a month or two. Ted Rossman, industry analyst at Bankrate, explains how saving in small chunks can be more effective. If you want to save $2,000 over a year, you only have to put away $38 a month. If you don’t have that much time, you can opt for putting aside $167 a week. That way, you’ll have the $2k in three months.
Then there are the small things, of course: cutting out all unnecessary expenses. Some people take on a side hustle to save up more, but not everyone can spare the extra time and mental energy. Other ways to get some extra cash might be to sell the stuff you don’t need (like clothes) in a garage sale or online. Also, consider if you really need all those subscriptions and pick one.
The woman told people how she was reconsidering the group trip because of her friends’ reactions
The consensus among people was that she shouldn’t feel guilty for saying ‘no’
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