We are all familiar with the concept of peer pressure.  Maybe you have only used that term to describe the feeling you felt when all your friends started drinking, smoking, or when they tried to convince you to stay out later than your curfew.  In college a lot of that social peer pressure dissipates, but a new one is born….. Financial Peer Pressure.

Financial peer pressure is common during the college years because the playing field is not level between groups of friends.  Some people come to college with their parents financial support, and other come to college with only the money in their pockets.  That is why some kids are forced to work night jobs, while others can go out and party till dawn.

If you are one of the students who needs to work nights in order to pay your bills, you are probably well aware of the concept financial peer pressure.  There will always be some friend who wants you to come out and spend your hard earned money on food, drinks, or concerts.

How do you deal with this concept? You don’t want to be left sitting in your dorm while your other friends are out partying and enjoying themselves.  You also don’t want to face the embarrasement of being “the poor friend”.

From my college experience, most peers at that age are understanding of peoples financial differences.  You need to be honest with your friends about your financial hardships, but you also need to express how proud you are of yourself to be in college and being financially independent.  While there is some embarrasment involved in not being able to keep up with your wealthy friends, there is always some shame behalf of the wealthy kids as well.

The common misconception is that all wealthy kids are proud to be rich, and live guilt free.  The truth is, deep down most kids know they have had it easy, and wonder if they could have made it if they were not given such fortunate financial circumstances.  Remember that when you feel embarrassed about your own financial situation.  The financial struggles you face while young will benefit you in the long run.

At some point most of those wealthy kids will get cut off from their parents and be forced to learn these lessons long after you have already learned them.  If you are forced to sit out a few nights at the bar, don’t feel sorry for yourself.  It is a very small price to pay for a solid education.

After all, hard earned money is so much more gratifying to spend anyway.