Assess the worth of your friendships to maintain them despite financial constraints.

A survey of over 1,200 people by credit fintech company Self Financial found that more than half, or 56%, of Americans decline social invitations in order to save money. By opting out of common social activities like dinner, movies, or happy hour, respondents said they save almost $1,000 per year.

The rise in restaurant food and cocktail prices is particularly noticeable during the pandemic, with prices increasing by 4.1% and 2.1%, respectively, from the previous year, as per recent data from the Bureau of Labor Statistics.

Saving money can ease some anxiety, but missing out on gatherings can trigger negative emotions. In fact, 60% of Americans admit to feeling jealous of other people's good times when scrolling on social media, according to a survey.

Research indicates that quality relationships are vital for both happiness and longevity, and saying "no" to plans may not be the only downside.

Renewed Wealth Therapy founder Nashira Lynton, an accredited financial counselor, suggests that becoming a homeowner or paying off student loans would be even more satisfying if you could share the accomplishment with someone else.

"You achieved your objective and settled your debt — who are you celebrating with?" she asks. "Determine which relationships are significant to you and which you wish to preserve."

1. Decide which relationships you want to invest in

To reduce unnecessary expenses, examine your budget and pinpoint areas that do not bring you pleasure.

Amanda Clayman, a mental health clinician who specializes in money issues, advises considering the amount of money spent with each friend and comparing it to the value placed on their friendship.

"Take pleasure in the things that made you feel good while reviewing your social spending," she advises. "Consider who you truly enjoy spending time with and whether certain individuals are detrimental to your well-being or cause you to overspend. The review process can help you identify these differences."

Maybe it's worth reducing the time and money spent on expensive dinners with a friend who makes you anxious.

2. Tell people you're trying to save money

If you decline an invitation without giving a reason, people tend to speculate. It's better to inform your friends about your financial goals or spending reduction efforts, which provides a clear and understandable explanation, according to Lynton.

Rewritten sentence: It's important to establish your boundaries before saying "no" to avoid any misunderstandings or conflicts.

"Lynton advises being open about your willingness to attend social events with friends and family, even if you don't want to go to dinner beforehand."

It's easier to overspend if you don't know your spending limits.

3. Plan ahead

""To avoid leaving yourself in a social deficit, consider scheduling low-cost social events such as going for a walk-and-talk or hosting a dinner at your home," Clayman advises."

By hosting game nights, Bernadette Joy, a self-made millionaire, reduced her social spending and paid off $300,000 of debt.

"She suggests inviting friends over and playing board games, card games, or video games as a low-cost way to spend time together."

Although Joy is content with her new money coaching business, she admits that many of her fondest memories were created due to financial constraints.

She recalls their happiest moments were during their journey to paying off their debt and they had to get creative with how they spent time with people.

4. Set aside a 'spontaneous yes fund'

Eliminating demanding friends can be effortless, but sometimes you'll miss out on desired events due to financial constraints.

According to Clayman, the most painful thing is when someone asks us to do something and we don't have the money to say yes.

To avoid unraveling your budget when accepting invitations to plans that weren't on your calendar, she suggests setting aside a "spontaneous yes fund." This can be any amount and frequency that feels right to you.

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