Can You Afford to Have Friends? — Dave’s Diary

I have a friend…we’ll call him “Wally” who is consistently short on cash.  I’ve loaned him a modest amount over the years and I guess I don’t expect to get paid back.  If I had a number of friends like that I might have to ask the question -- Can afford to have friends? 

A recent survey shows that 1 in 5 of us feels money pressure from pals. Money can wreck friendships says a new survey from CouponCabin.com, which indicates that among U.S. adults:

• 19% pay an average of $500 or more per year on gifts for friends.
• 20% cited money as the reason for "friend breakups."
• 21% have been pressured to spend as much as their pals.

Conversation is the key…be willing to tell it like it is, speak up when you reach your limit, tell your buddy if you can’t afford something and make sure you know your boundary or your budget.