How To Keep Your Friends If You’re Frugal | Mad Money Monster (2024)

If you’re anything like us, you have embraced (or are on the verge of embracing) frugality. We absolutely love our selectively frugal lifestyle because it forces us to make smart money moves while allowing us the freedom to spend money on things and experiences that we value…like road trips across the country. Unfortunately, though, frugality can be a roadblock when it comes to keeping friends.

5 Tips To Keep Your Friends If You’re Frugal

So just how does someone keep their friends while embracing frugality? We tested the waters on this one and came out on the other side with the same friends we had before jumping the frugal fence. If you’re looking for some pointers to ensure you keep your friends after frugality, read on for 5 quick tips.

1. Don’t Turn Down All Invitations

The first thing you need to do to make sure your friends don’t scatter to the wind after you announce your commitment to frugality is to NOT turn down all invitations. Your friends are going to be supportive and want to hear all about your new lifestyle and they’ll likely be genuinely fascinated and want you to succeed.

They’ll also turn right around and ask if you want to go check out the new Vietnamese restaurant that opened up downtown. Trust me when I tell you this, they’re not doing this on purpose to sabotage your success. They just don’t expect their life or their relationship with you to change just because you decided you’re going to adopt frugality.

It’s important, though, to not turn down all invitations when offered. Do that and you’ll get to stand by and watch your friends drop off your radar one by one. Before you know it, you won’t have any idea what’s going on in the inner circle anymore.

Fortunately, you have options. Frugality doesn’t mean you have to sit at home without heat or A/C reading library books by candlelight – even though that sounds pretty awesome.

How To Keep Your Friends If You’re Frugal | Mad Money Monster (1)

2. Suggest Frugal Alternatives To Spending Money

One of the easiest ways to maintain your friendships and not spend as much money as you used to is to suggest frugal alternatives when an invitation to attend a concert or football game rolls in.

You’ll probably be surprised at how quickly your friends agree to something a little less pricey. You might not realize it, but they probably aren’t happy with the amount of money they spend on fluff either. They might not be ready for full-blown frugality, but they’re probably going to be just fine with a less expensive entertainment option.

Never underestimate the power of a backyard BBQ or game night at your place.

I’ve had great success with suggesting cheaper options to my friends. For instance, my one girlfriend and I used to always meet out for dinner and drinks. Two hours later we both had a good time and we were both $50 lighter. Ugh. After adopting frugality, I often suggest we just hang out at her place or mine and maybe grab some fast food.

Yes, we still go for dinner and drinks – occasionally. Going out every few months instead of every few weeks makes a huge difference in our bottom line and we’re both happy to save the money. It’s been a win-win. Woot!

3. Brunch And Coffee Never Go Out Of Style

Remember, going out doesn’t have to mean you’re dropping a ton of money. Brunch and/or coffee are trendy and probably always will be. Why not suggest hitting up a new coffee shop or meeting for brunch instead of trying the new sushi restaurant?

Again, unless your friends are secretly wealthy, they’re likely going to be happy with a less expensive alternative.

4. Remain Active And Involved

Forget frugal, go for the gold! Go for FREE. What do I mean? I mean, when your friends text and want to go shopping, tell them you’d rather go check out the rail trail on your bike but need a buddy. If you can successfully substitute shopping with exercise and fun, you should probably start a frugality blog of your own. 🙂

But let’s just say your friends aren’t having it and they’re still hitting the outlets, no problem, you can either go along and spend minimal money, or you can skip it and get together next time when they’re doing something a little less spendy.

As long as you remain active and involved in the lives of your friends, they’ll remain active and involved in your life, too. Remember, texting and calls will keep your friendships fresh and they don’t cost a thing.

Other articles you might like:

  • Frugal Hacks For A Fabulously Fun Weekend
  • How We’re Achieving FIRE/FIOR Through Selective Frugality
  • What To Do When You Realize Frugality Won’t Make You Rich
  • Shifting To A Frugal Mindset Has Given Us Options. Tons Of Options.
  • Frugal Eats For Our Workweek
  • Proof You Can Royally Mess Up With Money And Still Retire Early
  • 9 Money Hacks That Took Us From The Poorhouse To The Penthouse
  • How To Dig Your Way Out Of Debt When You Feel Hopeless
How To Keep Your Friends If You’re Frugal | Mad Money Monster (2)

5. Spend Money If It’s Warranted

Now, if you’re just starting to embrace frugal living you might want to go full force and not spend a dime on anything that isn’t going to ensure your immediate survival. And while that can be commendable and really propel you in the direction of saving tons of money and reaching your financial goals at lightning speed, it might not be the smartest thing to do for your happiness.

I know, I know, you’re likely sitting there shaking your head wondering how that couldn’t be smart if you’re reaching your goals and leaving everyone else in the financial dust – well, that’s kind of the point. You’re leaving everyone else in the dust, including your friends.

Although I love frugality and you love frugality, not everyone is going to jump on the frugal bandwagon. I’m certainly not suggesting you give up your more spendy friends unless they subscribe to your school of financial thought. Instead, try to find a happy medium. You might not be able to say YES to every invite out to dinner or the movies, but saying yes here and there means you’ll keep your relationships and most of your money.

Well, there you have it. Hopefully, this quick and dirty list will ease your mind. If you do it right, your friends won’t scatter when you embrace frugality. And if they see you benefitting, they might even embrace it with you!

How To Keep Your Friends If You’re Frugal | Mad Money Monster (3)

How To Keep Your Friends If You’re Frugal | Mad Money Monster (2024)

FAQs

Why money ruins friendships? ›

Money can make friendships become complicated. Equations may change from intimate to awkward when one of you is the debtor and the other, the creditor. The feeling of owing and being owed money can become the proverbial elephant in the room. When that occurs, it can sour your equation.

How can I be super frugal with money? ›

15 Frugal Living Tips
  1. Tip 1: Differentiate between Luxury Spending vs Necessary Expenses. ‍ ...
  2. Tip 2: Make Cuts in Your Spending. ...
  3. Tip 3: Cap Your Spending. ...
  4. Tip 4: Keep Receipts and Track Spending. ...
  5. Tip 5: Think Twice Before You Buy. ...
  6. Tip 6: Learn How to Bargain. ...
  7. Tip 7: Reuse and Recycle. ...
  8. Tip 8: Find Thrifted Furniture.
May 28, 2024

How to get out of a frugal mindset? ›

The easiest way to reduce your frugal habits is by making more money and achieving certain stretch goals. It's when you buy things with money you don't deserve (trust fund, inheritance, lottery, using a credit card, your spouse's income, etc) that your conscience may start making you feel terrible about your spending.

Why am I extremely frugal? ›

Generally speaking, people don't like to lose money, which makes it difficult for some people to spend it. This follows a psychological concept called Loss Aversion, which means that people would rather avoid loss than gain an equivalent amount. Simply put, people would rather not lose $5 than find $5.

Does money break up friendships? ›

Her situation isn't uncommon. Over 20% of Americans say they've ended a friendship over money disputes, according to a recent survey from fintech firm Bread Financial. It's not always over bachelorette trips or Venmo mishaps, though.

What causes poor choice of friends? ›

Making wrong friends is often a result of poor judgment or bad decision-making. It can also be a sign of low self-esteem, insecurity, and a need for approval. Consider taking some time to reflect on why you may be drawn to the wrong type of people, and work on developing healthier relationships.

What is toxic frugality? ›

Frugality is the practice of being wise with money and avoiding wastefulness. It's a virtue that many people admire. It fosters responsible financial habits and can lead to a more sustainable life. But there's a darker side to frugality that can be detrimental to our quality of life. This is known as “toxic frugality.”

How can you tell if someone is frugal? ›

They budget carefully, allocate a predetermined portion of their income to savings and investments, and do not exceed it. They save up for big purchases, prefer to buy with cash (as opposed to credit), and keep an emergency fund for times of need.

How to stop being so cheap? ›

How can I be frugal without being cheap?
  1. Focus on the big picture. Don't worry about the little things. ...
  2. Don't be afraid to splurge on things you love. It's okay to spend money on something you really want if it's something you really want. ...
  3. Find ways to save money that are fun.
Aug 22, 2023

Is being frugal attractive? ›

In fact, 92 percent of Americans find frugality to be an attractive quality in a partner.

What is a frugal personality? ›

Frugal people prioritize spending money on things that add value to their life, and they avoid using money for what they don't consider important. Those who are frugal recognize the value of their time, health and happiness over material possessions.

How to live really cheaply? ›

12 Tips for Frugal Living
  1. Choose quality over quantity. ...
  2. Prioritize value over price. ...
  3. Use credit wisely. ...
  4. Declutter regularly. ...
  5. Use a budget to guide your spending. ...
  6. Know the difference between wants and needs. ...
  7. Be a savvy consumer. ...
  8. Prioritize your values.
Oct 17, 2023

Is extreme cheapskate a mental illness? ›

The American Psychiatric Association defines frugality as a symptom of obsessive-compulsive personality disorder (OCPD) when someone “adopts a miserly spending style toward both self and others.” Extreme frugality is an amplified version of that, and it often involves viewing spending as a bad thing no matter how much ...

Who is the most frugal person in the world? ›

Despite owning nine properties and having a substantial bank account, 80-year-old German man Heinz B. chooses to live off food found in trash cans.

What is the mental disorder of frugality? ›

Fear of spending money or excessive frugality is sometimes known as Chrometophobia, a Specific Phobia related to money. Fears about spending money may also be involved in obsessive-compulsive disorder (OCD).

How money spoils friendship? ›

Findings show lending money to friends can come at a high cost. More than half (57%) of respondents reported borrowing money from friends at some point, with bills being the most common reason at 63%. Nearly a third (30%) of these borrowers also admitted they have never repaid their friends.

Why money can ruin relationships? ›

In most relationships, one partner will earn more than another, which can cause tension when splitting up bills. If a high-earning partner is accustomed to a higher standard of living, the partner who earns less could have trouble keeping up with the lifestyle, causing them financial stress.

Is the wealth gap ruining friendships? ›

With sensitivity and awareness from both parties, wealth gap friendships can work, but sometimes people's outlooks change as they get wealthier. Some start to see money as a source of power and status, and it can feel like they are judging you.

Does money change friendship? ›

Money discrepancies among friends can dredge up some uncomfortable emotions, including guilt and shame around suggesting lower-cost alternatives, or frustration if you feel like you're constantly needing to make cheaper but less exciting plans.

Top Articles
Latest Posts
Article information

Author: Duncan Muller

Last Updated:

Views: 6093

Rating: 4.9 / 5 (59 voted)

Reviews: 90% of readers found this page helpful

Author information

Name: Duncan Muller

Birthday: 1997-01-13

Address: Apt. 505 914 Phillip Crossroad, O'Konborough, NV 62411

Phone: +8555305800947

Job: Construction Agent

Hobby: Shopping, Table tennis, Snowboarding, Rafting, Motor sports, Homebrewing, Taxidermy

Introduction: My name is Duncan Muller, I am a enchanting, good, gentle, modern, tasty, nice, elegant person who loves writing and wants to share my knowledge and understanding with you.