How to Stop Overspending | dailywebnews
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Nearly 40% of millennials overspend to keep up with friends. And two-thirds of them feel buyer’s remorse after spending more than they had planned to on a social situation.Of course, this temptation to overspend when hanging out with friends is not unique to any one generation.Speaking of overspending to keep up with friends, Stephanie M. Tully and Eesha Sharma, researchers and co-authors of Context-Dependent Drivers of Discretionary Debt Decisions: Explaining Willingness to Borrow for Experiential Purchases, said, “We actually don’t see any differences across age in our data. It seems to be just as pronounced among older generations as younger generations.”Interestingly enough, and vitally important to point out, this is also not a socioeconomic phenomenon. You cannot outearn this temptation.According to Robert Frank in his 2007 book, Richistan, “20 percent of households with between $1 million and $10 million in assets in 2004 spent all their income—or more—in a frantic race to keep up with their newfound friends: those with more money than them.”

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