Paying off debt, saving enough money to put a down payment on a house and investing for retirement may be important goals for you. It’s necessary to be focused and disciplined to make those things happen. That can be particularly challenging if relatives or friends would prefer that you spend money to have fun or if they give you bad advice.
How Others Can Keep You From Reaching Your Goals
You may have family members or friends who like to go out to eat on a regular basis or take regular shopping trips or vacations together. Those activities can eat into your budget. Money that you spend now is money that you can’t put toward achieving your long-term goals.
Perhaps you have a person in your life who always seems to be struggling financially. You may want to help out and may even feel that you have a duty to give that individual money if you can, but doing so can leave you without funds for your own priorities.
People With Good Intentions May Give You Bad Advice
You may know people who want to help you achieve your goals but give you advice that won’t help you do that. Those individuals may be misinformed or sharing advice that worked for them, but won’t work for you.
For example, someone may recommend buying a house as soon as possible. Maybe that person did so and has built a significant amount of equity, but that may not be the right path for you if you’re struggling to keep up with student loan and credit card payments.
It’s OK to Say ‘No’ and Ignore Advice That Isn’t Right for You
People who care about you will want to include you in their lives, but that doesn’t mean that you have to say “yes” all the time. Their priorities don’t have to be your priorities, too. You have the right to decline an invitation or suggest an alternative if someone wants you to spend more money than you’re comfortable spending. You can provide a reason if you want to, but you don’t have to.
You also have the right to not take advice if it doesn’t fit your goals or circumstances. Everyone’s situation is unique. You may have different dreams and priorities than another person, as well as a different income and amount of debt. What works for someone else might not work for you.
Focus on Your Goals
Your family members and friends have the right to make their own decisions on how to spend their money, and so do you. You’re responsible for paying your bills and preparing for your future. If someone wants you to do something that would keep you from reaching your goals, you don’t have to do it and you don’t have to apologize for saying “no.”
