There’s plenty of research out there that shows how your friends can be a negative influence when it comes to drinking and eating habits. But their bad money habits can also rub off on you. Just as friends may want you to drink more to justify their own drinking behavior, they may feel more justified in their spending habits if they have a friend who’s willing to splurge as well.
The fix: There’s no question we’re influenced by the behavior and habits of our close friends. But just as your friends can influence you to spend more, they can also offer crucial support to keep you on track financially. Find a few friends who want to improve their finances and work on doing it together. Or just tell your friends that you’re trying to spend less and save money for something (whether it’s your next vacation or your retirement), and ask them to support you. You might find you inspire them to do the same.