The Wonders of Peer Pressure of Saving Money

Written by on December 6, 2012 in Money - No comments | Print this page

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Most of the time peer pressure is associated with negative connotations. Peer pressure often means giving in to an act or decision which you wouldn’t normally succumb to. This can be the case for money saving too; unless you turn it into something positive. Because peer pressure is the same for everyone, if you can manipulate it to work in your favour, you could end up taking control of your finances once and for all, and saving more than you ever thought possible.

Image courtesy of dbqueen from Flickr – http://www.flickr.com/photos/60344637@N00/1353281206/

Get Friends on Board

If you find it hard to save money while others seem to spend, spend, spend, try initiating a friend or family savings group. Get together to discuss your goals and how you’ll reach them; do the weekly shop together and help each other pick out cheaper alternatives to normal buys or organise shared dinner nights, where you’ll take it in turns to cook for each other and simultaneously help save money together.

Put Back Earnings

Get your colleagues in on the act too, lots of people are struggling at the moment and even those who don’t need to be so tight with their cash would probably still be keen to start a savings pot. You can make an agreement together to share the cost of food and drinks in the office, meaning you can save by sharing the burden. You can also literally start a savings pot, by agreeing with co-workers to put a percentage of your earnings to one side every month, saving as a group is always easier to do.

Utilise Social Media

In much the same way that you might chat to people with similar interests to you on forums or share topics of interest via social media, you can use social media platforms to save money and share tips. There are lots of forums out there specialise in money saving tips and many who offer friendly advice and even friendship groups set up specifically to watch the pennies grow together.

Motivate One Another

The most successful way to save money with peer pressure is to spur each other on. Supporting friends whichever way you choose to do it will make the saving process much more fun and less like a task. Instead of encouraging each other to spend money unnecessarily you’ll be helping each other to focus, even if it means being negative when someone slips up. This is the true beauty of peer pressure, everyone feels like they want to give in to it, so by making sure your goal is to save money, you will do just that.

Everyone is more likely to stick to a goal with encouragement, so when a peer has success no matter how small always give them praise. Even if all they’ve managed to achieve was not buying anything in the Topshop sale they’re still making progress, so if you want to be rewarded when you succeed, make sure you support your peers too.

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This is a guest post.  Amie is an investment and savings writer.  Currently she specialises within the Investment Plans & Opportunities market.  Her experiences include working on sites like Fair Investment Company Ltd (http://www.fairinvestment.co.uk/) in the UK – leaders in savings and investment deals. 

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