People need friendship and socialization. Various studies in the past two decades have found links between social isolation and heart disease, stroke and Type 2 diabetes. Hanging out with friends is good for not only our mental health but our physical health. Unfortunately, if your friend group decides their idea of a good time is concerts, pricey immersive events, or even upscale dinners and drinks, that socialization may not be good for your wallet.
Millennials and Gen Z, in particular, struggle with finding a balance between socializing and saving money. A recent Ally Bank survey revealed that 59% of people in these generations have seen their financial goals blindsided by activities with friends. It doesn’t have to be that way. “I absolutely believe you can have both — meaningful friendships and healthy finances — it just takes a little planning,” Lindsay Sacknoff, head of consumer banking at Ally, said in a press release.
