8 Friends Who Are Bad for Your Finances

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Friends“You should so buy that dress. It looks like it was made for you!”

“Nice purse. How much did that cost?”

“Can you spot me for dinner? I'll get you back next time ... ”

While usually there’s no one more supportive than our girlfriends, we also know there are a lot of funny things we say when it comes to money. (Want a laugh? Check out our Sh*t Girls Say About Money video.)

And the fact is, there are certain types of “friends” who can be downright hazardous to your financial health.

Sometimes their influence is so subtle you might not even realize they’re impacting your spending patterns. But studies have proven that everything from how much we weigh to how much we spend—and the investment decisions we make—are affected by who we’re closest to.

Which is why we decided to take a closer look at the most common types of financial frenemies—in other words, our field guide to pals you might want to steer clear of, at least when you have your wallet in hand, or a budget in place.

If you have a frenemy who fits this description, or know a different type, please share in the comments.

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  • Diane Korn

    I have a friend [ex daughter in law] and her husband, who lives with us. They have asked me repeatedly to borrow my car for different reasons, primarily because their truck is low on gas. Lately, it’s been [her husband]” will you borrow me some money” for this or that.He says he’ll pay me at a designated time, but doesn’t. This is starting to have affect on my relationship with my husband, who say’s I’m too gullable. If they would confront him with these matters he would flately say NO!  I have tried to be a real friend but now am wakening up to their request’s for money. Their next request will be a simple no. They have 2 dogs, live here for free in exchange for some small tasks, pay no bills, have 2 of my grandchildren-one of which lives here also.  I put up with this because of my grandchildren, but, I’m starting to get the picture,

    • friend

      Hi Diane, why don’t you just say “No”? I know it’s easier said than done, but you have to put your foot down. There’s no reason they should borrow your car. Suggest that they get some gas in their car before they go out. You can also tell them that you’re uncomfortable lending them money or that it makes you uncomfortable that they keep asking for favors.

      It’s clear that they’re taking advantage of you. Besides, she’s no longer your daughter in law, she’s an EX. I’m amazed that you’re allowing her to stay in your home with another man. I would be careful since it seems like they’re not being good friends to you, and maybe have them live else where.

  • Liz

    For misers, I’ve noticed that they often like to have a picture of how much things cost before they happen or exactly what is expected. Being really blunt doesn’t phase them–it puts them at ease. In the bachelorette party example, “I’d like you to pay for the bride’s drinks tonight,” or, “between cab fare, dinner, and drinks, we’re expecting about $50 per person.” This also gives them the chance to opt out if they really don’t want to spend the money.

  • Marjoryamy

    To solve the problem of the miser is to ask for separate checks.  The way I handle the moocher is to say “sure when I get____________back”.     You may consider them a friend, but if things don’t get returned, then they are just thieves and they are using you.

  • Meme

    So i realized my husband is an enabler. His compliments on me at the mall are great but when i get home i suddenly realize that we overspent and i get angry. Most of the time i feel like im the One who has to say no all the time to spending to offset his spending habits. When im working and hes off from work, he takes our kid to the mall for fun. Its gotten alittle better but i still feel like i have to have to pull the reigns on him with his spending.

  • This link is broken!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

  • wrath_of_fett

    I don’t understand how anyone could be friends with ANY of these people.