Friends Don’t Let Friends Make Financial Mistakes

Money matters are traditionally one of the big issues in life we are taught not to discuss. However, when friends confide in friends, they may help you process your financial habits and assist you with making more wisely informed decisions.

Friends can help friends by talking through money topics like:

1) Research the best interest rates when shopping for credit cards and house or car loans.

2) When you need to make large purchases such as an automobile, consider the best purchasing options.

3) Make a monthly budget and learn to live within your means.

4) Saving a small percent of your income is better than no savings.

5) Prevent falling prey to excess charging on your credit card.

6) Pay your bills on time – this will help you establish good solid credit.

7) Review your expenses – cut cost where you can. Ok—so I play tennis and this is my best source for referrals—a painter, plumber, babysitter, dog –all people and places that cost money—so really worth the discussion—even if it is in between sets!

8) If you have maxed out your budget for the week – don’t meet your friends at a restaurant; Invite them to your place for a get together and have everyone bring a drink or appetizer. If they are your real friend—they will want your financial success just as much as you do!

Finally—don’t assume you are the only one worried about money—talking about it with your friends—can help you both and put it in perspective. And give you the courage to take control of your money.

Answers from AZ

About Ann Zuraw

Ann Zuraw, the voice behind "Chicks, Chat and Change", is a Certified Financial Planner (CFP®), Chartered Financial Analyst (CFA®), and Certified Divorce Financial Analyst (CDFA™).If you have comments on this post contact Ann Zuraw

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