6 Types of Friends That Are Bad for Your Finances

It’s human nature to compare ourselves to those around us. In theory, it seems reasonable enough, but in reality, it can be a slippery slope, especially when we’re surrounded by friends who unknowingly (or knowingly) harm our finances.

Maybe your friends are getting married and applying for their BTOs, while you’re still single, navigating the transition into a new career. You might start wondering what the “normal” timeline for life is. But here’s the catch: comparisons only work if you’re using yourself as the benchmark.

You see, even if you were raised to mind your own financial business, that doesn’t mean all your friends or acquaintances follow the same rules. This is why self-awareness is crucial. By identifying which friends might be messing with your financial stability, you can better neutralize their impact on your wallet.

#1: THE ENABLER

The Enabler is that friend who points out how hard you’ve been working and tells you, “You deserve nice things!” and even if those nice things are way beyond your means. Their intentions are sweet and they just want you to feel special because they care about you. In many cases, the Enabler is someone close to you. Sometimes, though, it could even be you enabling others.

How to handle it? Carry only the amount of money you’re willing to spend when you’re with this friend. Once the cash is gone, you won’t be tempted to go beyond your budget. Furthermore, avoid activities like window shopping together as it’s a trap for overspending.

#2: THE BORROWER

We’ve all had that friend who shows up only when they need financial help. They’ll hype up your latest travel pics or drop comments on your IG stories, only to later DM you with a request for money, promising to pay you back at the end of the month. Spoiler alert! It’s rarely easy to get your money back from a Borrower.

To protect yourself, be clear about the purpose of the loan and have a structure in place, especially for larger amounts. A written agreement with terms like interest, repayment deadlines, and late fees can go a long way toward ensuring you get repaid.

#3: THE CONMAN

This friend is always up to date with the latest “get-rich-quick” schemes or “once-in-a-lifetime” investment opportunities, which are complete with vague business plans and shady multi-level marketing structures. This friend will try to convince you that this scheme is the golden ticket.

Your best move? Be direct! Tell them upfront that you’re not interested and explain that your funds are tied up in more important matters such as childcare, student loans, or HDB improvements. The key is setting firm boundaries and not getting sucked into their scheme.

#4: THE DRAMATIC

Drama seems to follow this friend wherever they go. Their life is always full of chaos, including financial disasters they refuse to address. While your instinct may be to help, friends like these often can’t be helped until they decide to help themselves. Pouring time, effort, and money into them may only result in disappointment.

Sometimes, the best way to help is by stepping back and allowing them to face their financial problems on their own terms.

#5: THE BULLY

A financial bully is that friend who makes you feel small for your financial choices. I had a friend once who would say things like, “Girl, you pick the place, since you’re the poorest among us.” It took me years, but eventually, I cut her out of my life.

Financial bullies thrive on feeling superior, but their teasing often stems from their own insecurities. They might mock your budgeting habits, yet they could be the ones struggling to pay their bills. If you find yourself in this situation, speak up! Remind your friends that sticking to a budget is part of your plan for financial stability.

#6: THE OPTIMIST

Much like the Enabler, the Optimist has a skewed view of reality when it comes to finances. They live by the motto, “You only live once! C’mon, YOLO!” which can lead to risky behaviors like spending your rent money or draining your emergency fund on a lavish vacation.

How do you manage this? Keep the conversation focused on your financial goals. By sharing concrete, achievable targets, you not only keep yourself grounded but might also inspire your optimistic friend to take a look at their own financial habits.

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By being mindful of these types of friends and their influence, you can make better choices for your financial well-being, without sacrificing your relationships.

Sources: 1 & 2

 

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How to Profit with Friends in Singapore: Connections to Cash

In Singapore, opportunities to earn money are abundant. One often overlooked avenue is leveraging your network of friends. Turning friendships into financial opportunities can be both rewarding and fun, as long as you approach it with integrity and creativity. Here’s how you can start earning money through your friends in Singapore.

IDENTIFY YOUR STRENGTHS AND INTERESTS

The first step is to identify your strengths and interests. What are you good at? What do you enjoy doing? Whether it’s baking, tutoring, photography, or digital marketing, knowing your skills will help you determine the services or products you can offer. For instance, if you’re a whiz at math, you could offer tutoring services to your friends’ children.

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SHARE YOUR SKILLS

Once you’ve identified your strengths, let your friends know about them. Use social media platforms like Facebook, Instagram, and LinkedIn to share your services. Word of mouth is powerful, especially in a tight-knit community like Singapore. Don’t hesitate to ask your friends to spread the word. A simple post highlighting your skills and how they can benefit others can go a long way.

COLLABORATE ON PROJECTS

Another way to earn money through your friends is by collaborating on projects. If you have a friend who’s great at design and you’re good at writing, why not team up to offer a comprehensive digital marketing service? By combining your skills, you can create a more attractive package for potential clients. This collaborative approach not only enhances your offerings but also strengthens your relationships.

UTILIZE REFERRAL PROGRAMS

Many businesses offer referral programs that reward you for bringing in new customers. Check with companies in Singapore that provide services or products your friends might need. For example, banks, insurance companies, and telecommunications firms often have referral schemes. Share these opportunities with your friends and earn a commission for each successful referral.

HOST WORKSHOPS

If you have a skill that others want to learn, consider hosting workshops or classes. This can be done online or in person. For instance, if you’re a fitness enthusiast, you could conduct workout sessions in a local park or via Zoom. Charge a reasonable fee for attendance and encourage your friends to invite their friends. This not only helps you earn money but also expands your network.

OFFER GROUP DISCOUNTS

People love discounts, especially when they come with the added benefit of spending time with friends. If you’re offering a service, provide group discounts to encourage friends to sign up together. For example, if you’re running a language class, offer a discounted rate for groups of three or more. This strategy not only attracts more clients but also ensures that your friends feel they are getting a good deal.

JOIN DIRECT SELLING PROGRAMS

Direct selling programs, also known as multi-level marketing (MLM), can be a way to earn extra income through your friends. Companies like Avon and Tupperware operate in Singapore and offer opportunities to sell products to your network. However, it’s essential to approach this carefully to avoid straining your friendships. Be transparent about your intentions and ensure that the products are genuinely beneficial to your friends.

PROVIDE PERSONAL SERVICES

Personal services such as pet sitting, house cleaning, or grocery shopping can also be monetized. If you have friends who are too busy to handle these tasks, offer your help for a fee. This can be particularly useful in a fast-paced city like Singapore, where many people have demanding schedules. Personal services are often in high demand and can provide a steady stream of income.

BE GENUINE AND RESPECTFUL

The key to successfully earning money through your friends is to be genuine and respectful. Always prioritize your friendships over financial gain. Ensure that your offers are valuable and that you’re not being overly pushy. Transparency and honesty will help maintain trust and ensure that your friends feel comfortable supporting your endeavors.

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IN A NUTSHELL

Earning money through your friends in Singapore can be a win-win situation if done correctly. By leveraging your skills, collaborating on projects, utilizing referral programs, and offering genuine value, you can create financial opportunities while strengthening your relationships. Remember, the goal is to enhance your network and provide mutual benefits, not to exploit your friendships. With the right approach, you can turn your social connections into a source of income and personal growth.

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Inexpensive Ways to Reconnect with Old Friends

 

We all treasure the memories of old friends—the laughter, deep conversations, and shared experiences. However, as life progresses, it’s not uncommon for these connections to fade.

Busy schedules, diverging life paths, and geographical distances can all contribute to this gradual drift apart. But fear not, for reconnecting with old friends need not strain your budget.

USE TECHNOLOGY

The digital age offers myriad opportunities to rekindle old friendships. A simple online message or call can kick-start the process. Reach out to your old friends, expressing genuine interest in their lives. Inquire about their recent endeavors, families, or work. Demonstrating authentic interest lays the groundwork for rebuilding a meaningful connection.

SCHEDULE MEET-UPS

Once communication lines are reopened, take proactive steps to arrange face-to-face meetings. Whether it’s a casual coffee outing or hosting a dinner at your place, commit to spending quality time together. Mark it on your calendar and prioritize it accordingly.

INITIATE CONVERSATIONS

Initiate conversations by reminiscing about shared memories or amusing anecdotes. “Do you remember when…” These nostalgic recollections transport you both back to a time when your bond was strong, easing any initial awkwardness and facilitating more organic conversations.

TRY GROUP ACTIVITIES

Participating in group activities or events offers an excellent opportunity to reconnect with old friends while also meeting new people. Explore local hobby clubs or check out offerings on platforms like Klook, where activities are available at affordable prices (starting from S$6). Whether it’s treasure hunting, perfume making, or any other shared interest, these activities foster connections and create new memories.

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LET GO OF RESENTMENTS

Release any lingering grudges or unresolved conflicts from the past. While addressing these issues may be necessary in due course, focus initially on highlighting common ground and the positive aspects of your friendship.

STAY CONNECTED

Consistency is key to maintaining rekindled friendships. Keep communication lines open with regular texts or calls. Remember important dates like birthdays and holidays, using them as opportunities to strengthen your bond. End conversations or meetings by making plans for future get-togethers based on shared interests.

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By implementing these budget-friendly strategies, you can successfully reignite old friendships and nurture them into lasting connections without breaking the bank.

Sources: 1 & 2

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How to Be a Good Money Influence on Your Friends

Friendships can benefit you in encouraging you to live healthier, elevating your quality of life, and lifting your self-esteem. Your friends should help you to be the best person you can be. You should do the same. Here are a few tips on becoming a good financial influence on your friends.

#1: SHARE YOUR EXPERIENCES WITH OTHERS

In 2013, researchers found that solitary experiences brought just as little happiness as the material things. Social experiences, on the other hand, were more valuable to the participants. Compared to possessions, we worry less about what others will think of our experiences, and they do not generate the same kind of regret. Consider sharing your experiences with your close friends and family members.

#2: SPEND MONEY ON THE RIGHT PEOPLE

A 2011 study showed that participants who recalled spending $20 on someone close to them reported feeling more positive emotion than those who recalled spending $20 on an acquaintance. Spending money on the right people is important for your financial health.

Allocate your dollars so your friends or family members can benefit without you feeling detached or drained.

#3: PAY YOUR BILLS ON TIME

Serve as a good example by paying your bills on time every month. Paying your bills on time helps you avoid late fees and prioritizes essential spending. On-time payment history can also lift your credit score and improve your interest rates.

#4: SAVE MONEY TO AFFORD BIG PURCHASES

Can you imagine constantly asking your friends for money? Certain kinds of loans and debts can drown you. Big purchases such as purchasing appliances and furniture can best be completed by cash.

When you buy in cash, you avoid generating interest and creating a debt that requires years to pay back. In the meantime, you can save money in your bank account and watch the power of compound interest.

#5: SET SMART GOALS

A person with financial goals can provide a good direction for himself and those around him. Setting goals helps you lay out your “why”. It also gives you something to work towards for.

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As you set your financial goals, keep in mind that you want them to be SMART. Break down your big goals into small, easily digestible chunks.

Sources: 1 & 2

 

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12 Cheap Thrills to Enjoy this Weekend

Living a frugal life does not have to be dull and boring! Keep yourself entertained while maintaining your budget by checking out these free or cheap things to do this weekend.

#1: READ A BOOK OR TWO

Dive into the mysteries and magical adventures of your favorite book. If nothing on your bookshelf strikes your fancy, you can take a trip to the local library to borrow one. You can also download free eBooks online.

#2: WATCH A MOVIE

Movies like Black Panther: Wakanda Forever and Black Adam are now streaming in cinemas. You can either watch a movie there or go to the public library to check out a film that you can rent. Netflix has a selection of newly released films too! Take advantage of your subscription with this streaming service.

#3: PLAY INDOOR GAMES

Invite your loved ones for a friendly game of cards or puzzles. If video games are more your speed, check out the free or cheap games available at the app store or other free gaming websites.

#4: PLAY OUTDOOR GAMES

Searching for an athletic endeavor? Grab your basketball or volleyball and head to the park. Join the recreational sports groups in your community. Some are free and others can cost you a registration fee.

#5: GO TO THE THRIFT SHOP

Hunt for bargains at the local thrift or flea shops. Remember, you do not have to buy anything. Browse around and watch out for great deals. It is more fun to try things on!

#6: TAKE A HEALING WALK

Smartphones, podcasts, and earbuds have transformed a walk around the neighborhood from mundane to entertaining. Even if you do not have access to good audio, stepping out for a stroll can help boost your mood. Check out this list of the best nature trails in Singapore.

#7: TAKE A LONG HIKE

Immerse yourselves with the sights and sounds of the natural world. Check out Singapore’s list of trails and parks and choose a beautiful long trail. Then, pack lunch and a water bottle to complete your hike.

#8: CYCLE AROUND

If you have a bike, ride around the neighborhood, and explore your surroundings. Do not have a ride? You can rent a bike at the East Coast Park Bike Shop.

#9: LISTEN TO PODCASTS

Your smartphone is the perfect podcast player! Use it to browse the various categories of free podcasts. Whether you are listening through Spotify or Apple Podcasts, you can keep it playing during a solo walk.

#10: TEACH YOURSELF TO KNIT

A lot of homes have yarns and a couple of knitting needles stored somewhere. If you do not have these, you can find a friend who will lend you a knitting set. Or you can head to the nearest Daiso to grab some supplies. The basics of knitting are easy. Here’s a great “getting started” tutorial that you can watch.

#11: TEACH YOURSELF ORIGAMI

Make origami decorations to beautify the Yuletide season. For example, you can create paper snowflakes or butterflies. You can aim to learn this skill and make decorations for future events.

#12: TEACH YOURSELF TO DANCE

Use your radio, speaker, or TV to dance to your favorite tune. You can invite your partner for a romantic dance. Who knows? It might become one of your top fun things to do on a Saturday.

Sources: 1 & 2

 

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