While breaking a commitment is often uncomfortable, it’s a feeling that almost everyone can relate to. More importantly, it’s okay to admit it’s in your best financial interest to forego your original plans. However, determining the steps you should take to address that change in plans and break the news to your friends or family members can be challenging.
If you’re looking for the best approach to break commitments you can no longer afford in a tactful and respectful way, read the tips below to help you determine your next steps.
You and a group of friends purchased tickets for an upcoming concert that you couldn’t wait to go to. But after spending the last few dollars of your paycheck on a front-row seat, you now realize you won’t be able to afford your car payment for the month.
To alleviate the consequences of your impulse buy, consider reselling your ticket. Use social media to ask your friends if they’d want to purchase your ticket. If you can’t find an interested buyer, many online ticket vendors allow you to list and sell your ticket for free on their site.
Can you no longer afford to split the cost of a weekend stay at a luxury resort or an expensive class with a special group rate that you’d originally committed to contributing to? In these types of situations, breaking your commitment impacts more than your financial situation — it also takes a toll on the rest of your group.
Finding someone to take your place can serve as a practical solution in this instance. Discuss your situation with your friend group, and ask if they have anyone else in mind they’d feel comfortable doing the activity with instead.
It may seem easier to come up with a last-minute excuse to get out of a commitment than to be honest in advance, but dropping out in the eleventh-hour can cause you and others to lose money — the opposite effect of what you’re trying to accomplish by breaking your plans. Without sufficient notice, you might have to pay hefty cancellation fees, and others might lose money on group rates or shared expenses if they can’t find someone else to take your spot.
If you recognize you can’t afford a commitment you’ve made, address it — sooner rather than later.
Rescheduling after breaking commitments tells your friends, family, or colleagues that you value them and still want to spend time with them. Instead of simply informing someone that you’re canceling your plans, ask if you could spend time together doing something free or low-cost instead.
You’ll find plenty of inexpensive “friend dates” and more formal social gatherings that are both fun and budget-friendly. Here are some of the many ideas you might enjoy.
Your dedication to a budget-friendly lifestyle is something to celebrate. It’s important to commit to managing your finances responsibly in order to make your future more secure. Foregoing expensive social commitments is nothing to be ashamed of, and it’s certainly something nearly anyone can understand.
Be honest with your friends and family about this commitment. Apologize for breaking your plans. Explain that you’d love to go on that vacation or to that sporting event, but you’ve realized you can’t make the activity work within your budget. While you don’t have to go into details you don’t feel comfortable sharing, being honest about your commitment to your budget can help keep your loved ones’ trust and respect.
Remember that you can save for your next big outing or activity by opening a Regular Savings share at PSECU. With ATM rebates, savings dividends, and no monthly fees, we make it easy for you to put more money toward your next social event. Become a member today and open your Regular Savings share to start planning for a fantastic outing that you can enjoy worry-free. Already a member? Download the PSECU Savings App to make saving for your next outing easy and fun.