Education usually means that we are all in the same situation when it comes to money. However once we leave education, join the working world and start earning salaries, the income gap can become apparent.
There are so many highs and lows in friendships and money is one of them. As each of us grew up with different views about money it can be hard to match them whilst fulfilling mutual interests. One friend may be able to afford something expensive while another may need a little while to come up with the funds. Here are 4 ways to stay great friends on different salaries:
1. Be Truthful About Holiday Goals
If you are willing to fly Ryanair or Easy Jet for a long flight, tell your friends. If you prefer to stay in a 4-star hotel instead of Air B n B, let your friends know. Planning a holiday with friends is so much more than the destination. It’s the costs involved in the hotel, the flight (including stopovers), dining out and any activities you want to do together.
Be honest about what you’re willing to do and where you’re willing to put your money. Saying this before booking will save unnecessary disputes and potentially save you money. No point staying at Dorchester Hotel if it’s going to cost you 3 months of your salary.
2. Don’t Give In To Peer Pressure
Once everyone starts making money, friends want to meet up and do various activities. Then another friend wants to go shopping and they spend £400 on shoes without looking. Young adults tend to face the pressure of looking a certain way or being at certain places. Usually, the reason why it should all be okay is because we don’t have many “responsibilities” at the moment. However getting caught up living a lifestyle we can’t afford is only detrimental to the person pretending.
Pretending to be doing okay financially in times of monetary hardship does no one any favours. Real friends will understand your situation. And in times when friends don’t speak up, listen to what they speak about. “My rent has gone up” or “I just need to pay off my student overdraft” can be a sign that they may appreciate getting a coffee instead of three-course meal. Remember, your income isn’t your identity.
3. Start Talking
Start to talk to your friends about money. Actual figures don’t need to be discussed if it’s uncomfortable but things like spending habits, saving tips and investment plans can really help someone out. Maybe your friend asked for a raise and now you think that you too may deserve one. Maybe you spend too much on food and you need a friend to help you stay on track. If you haven’t started talking money with your friends, start now.
4. Wearing Your Price On Your Sleeve
Regardless of how much money we all make, there is never a need to flash our cash. Boasting about items that cost a lot of money doesn’t always mean that a friend is financially well off. A friend deciding to stay in also doesn’t mean that they are low on money. Whether we have a lot or we have a little our money management shouldn’t be dependent on our salaries. To reiterate, our identity isn’t based on our income.
This post was written by Bola