Kansas State University

search

Powercat Financial

Tag: communication

Peer Pressure and MONEY

We have all been put into a situation financially where we did not have the money to spend but spent anyways! Being a college student does not help with this situation either. We live in a world where most feel the need to keep up with their peers and by doing that we sometimes end up spending money that we do not have. Unfortunately, there is not a magic formula to being able to say, “no” when the time comes to financial obligations.

We sometimes go out of our way to avoid tricky situations, especially when it involves money. However, there are some steps that you can take to assist in being able to stick to your budget and not spending money that you do not have. Having honest communication about your finances with your friends and loved ones, budgeting for events, limiting yourself, and not keeping score.

Communicating your goals to your friends and family.

You should be honest with your friends and family when it comes to your goals financially. If they understand what you are trying to accomplish they will have a better understanding of why you turn outings down and why saving or getting out of debt is so important to you.

Budgeting for events.

Almost every goal that you set for yourself in life may have money involved. It is important to set your goals early and decide how you are going to achieve those goals. Budgeting does not have to be only for big lifelong goals, it can be for mini trips or having a fun night out with your friends.

Limit yourself to the amount of activities you do.

In today’s society we often feel pressured to be involved and to not say, “no.” Saying no to going out to dinner, drinks or buying new items all the time can be difficult but it is important to learn how to limit yourself.

Keeping score.

Keeping score with your loved ones, friends and family can be dangerous. When it comes to money you should never compare yourself to what others have or make. Each individual is going to be in a different place at a different time. It is important to not try to keep up with the Joneses.

I leave you with this remember that peer pressure can be difficult but if you make your goals and priorities your number one focus it will affect you less. Last but not least if you ask to not be peer pressured financially or you ask for their help with sticking to your budget from your friends remember, to do the same for them.

By: Camila Haselwood

References:

Friends with Money: How to Handle Peer Pressure

Marriage & Money

There are a lot of things to look forward to and be excited about when planning a wedding and ultimately a marriage. The financial aspect of a marriage can be complicated and the most stressful. Last week, February 28th and March 1st, we held two seminars that hopefully helped soon-to-be marrieds feel a little more at ease with their upcoming unions; at least the financial part of it.  🙂

As a reminder to those who attended and for those who were not able to attend, I would like to present some of the key points from the event:

1)     Effective communication is KEY:  I know some people will read this and think I am being a bit touchy-feely about this, but I promise you that if you want your conversations about money (or really anything for that matter) to be effective, you want to make sure you understand where the other person is coming from. You want to remember that what one person thinks is erratic behavior, the other may think it is perfectly normal. One person may love to eat out and enjoy spending their money that way while the other might think that is an enormous waste.  In financial matters it is so important to be united. Did you know money disagreements are the top cause of divorce in our country? Once you feel you understand each other, not necessarily agreeing with one another, then progress can be made and compromise can happen.

2)     Having the same goals:  There are a lot of things to plan for: buying a home, funding your children’s educations, vacationing, retirement, etc.  How do you decide which ones are the most important? Communication.  Once you have established common goals, you need to plan, prepare, carryout the plan, and then occasionally evaluate your progress and potentially re-prioritize.

3)     Budgeting: This is so critical.  I don’t know many people who reached any goal in life on accident or without any preparation.  Budgeting helps you bring your behavior in line with the goals for which you are striving.  Remember to regularly review your budget and make corrections as necessary.  Check out our website for some budgeting tools: http://www.k-state.edu/pfc/budgeting/

Marriage is great, but it can be a challenge. If you follow these principles you will have managed the financial challenges that can arise in a marriage. Congratulations to all who are planning to get married and join their finances with their partner!

 

Sam Honey
Peer Counselor I
Powercat Financial Counseling
www.k-state.edu/pfc