How to balance social expectations and your budget amid inflation: ‘It’s OK to say no’

Experts say being honest, setting clear boundaries with people, and coming up with budget goals can help generate the confidence needed to turn down invites.

Over the next six weeks, as part of the ‘Out of Pocket’ series, Global News will examine how inflation is impacting Canadians from coast to coast.

Amid still-high inflation, many Canadians have been struggling with the surging costs of everything, pushing them to rethink their spending plans.

With many strapped for cash, that could mean having to turn down invites to dinners or big events like weddings. But how can it be done confidently?

Experts say being honest, setting clear boundaries with people, and coming up with budget goals can help generate confidence.

“It’s OK to say no to people who don’t have your best interests at heart,” said Alyssa Davies, author of The 100-Day Financial Goal Journal and Financial First Aid.

“And one of the ways to do that is just by opening up a dialogue to talk about money in the first place because so many of us actually don’t typically have those conversations with our loved ones.”

Davies explains that many people have been taught that it is rude or taboo to speak about money.

“It can actually make it difficult to do anything with your social circle if you’re completely unaware of what the threshold is for what you can spend on an event or a birthday party, so I feel like the stigma has always been there,” she said.