Keep Social Spending From Derailing Your Financial Goals
Friends have a way of bringing out the best in us. But sometimes, especially when money is involved, they can also bring out our worst habits. When we’re spending time with friends, many of us want to be seen as successful and carefree. We agree to meet at the expensive restaurant, say yes to the weekend getaway, or splurge on a group vacation. We want it to look like money isn’t a concern, so we generously pick up the tab or swipe a card without hesitation.
The regret often comes later—when the credit card statement arrives, high‑interest balances pile up, or long‑term savings goals get put on hold just to recover. This pattern is known as social spending. While it affects people of all ages, it’s especially common among younger generations. A recent survey by Ally Bank found that nearly 60% of Gen Z and millennials say social spending has interfered with their financial goals, and many report regularly overspending on activities with friends.¹
CNBC highlighted this issue through the story of “Emmy,” a 31‑year‑old living in Los Angeles. She found herself stuck in a cycle of maxing out her credit cards, paying them down, and then running up balances again. The root cause wasn’t impulse shopping—it was overspending during nights out and social gatherings.
These friendships mattered deeply to Emmy, and over time she realized she didn’t need to abandon them to regain control of her finances. What she did need was a different approach. The hardest part was working up the courage to say something. She worried her friends might judge her or think less of her for letting money influence her social life.
Instead, the opposite happened. When Emmy was honest about her goals and suggested more affordable ways to spend time together, her friends were supportive—and even appreciative of her openness. Because real friends support your priorities. As Emmy discovered, when you frame boundaries around spending as part of a positive goal—like paying off debt or building savings—true friends are usually more than willing to help you succeed.
Our relationships are some of the most meaningful parts of life, and they’re absolutely worth spending money on. Time with friends deserves a place on both your calendar and your budget.
Pursuing long‑term financial goals doesn’t mean denying yourself joy or connection along the way. It simply means intentionally deciding in advance how those experiences fit into your overall plan.
We’re here to help you build lasting financial health. Together, we’ll continue refining a plan that supports both your goals and the life you want to live—while helping you stay accountable every step of the way.
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