Friendship has always called for some maintenance costs.
Whether it is going to a concert of your favorite band or trying out a new wine bar in town, hanging out with friends sometimes means opening your wallet. But in a world where birthday parties for milestones might cost hundreds of dollars and prewedding festivities often come with a price tag, those hoping to stay frugal can have a hard time.
“Back in the day, I’d have friends who had nice cars, who’d buy things, and I somehow got tempted to buy those things,” said Allan Liwanag, a Maryland business analyst and personal-finance blogger.
After climbing out of more than $40,000 of debt, Mr. Liwanag and his wife got more serious about their cash flow. Now, they don’t just avoid keeping up with the Joneses. They include “hanging out” as a line item in their budget and prioritize spending time with friends who adhere to a similar lifestyle.