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You are a nice friend, but ultimately it won't be your responsibility or even within your power to make your friend spend responsibly, that can only be decided by himself
I would send them to reddit (personalfinance and other subreddits) and point toward the opportunity cost of not saving/investing. Hundreds of dollars a month spent on Chipotle vs going into an index fund is gonna look more foolish 10 years from now.
Compound interest also applies to debt, so he can dig himself into a big hole if he loses his job
Thanks for the insight!
4x a week at $40/meal is only $160/week $640/mo. On $100k/yr that should still be manageable. The problem is they probably don't have the rest of their budget right sized. Housing and transportation are where people waste most of their money with big houses they don't need and brand new cars with expensive insurance. Saving on the $2k/mo from that will be more meaningful than the few hundred bucks on food.
Ok. Double it. $80 is what $1,200/mo. If the rest of the expenses are reasonable they should still be OK. $100k/yr is like $6k/mo take home. Their problem likely isn't food.
Many people treat 100k as if they now make 100m
Create long financial milestones and savings goals.
You want to buy a house. Looking to raise a family. Major house repairs and so on. That bucket cannot be touched until the goal is met by a certain timeline. And then you must have a savings target per year, per month. That includes your 401 K, investments , HYSA etc etc. Finally the emergency fund, if you get fired, market collapse or major health issue
Your lifestyle spending should be based on how those 3 things are tracking. I would not spend at the expense of any of above items. I would see a financial advisor if don’t know how to plan for those. I have found that as long as those bases are covered, you can enjoy spending increases even more
A LOT of it comes down to self discipline along with financial maturity
Do you make 100k? Are you jealous?