Welcome to Money Matters: GLAMOUR’s weekly dive into the world of finance. We’re chatting all things personal finance, from contracting rights in the workplace to expert mortgage advice and saving for your first home, to ISAs and dealing with debt, to help empower you to make better choices. Now more than ever, it's important to understand our money, but so many of us feel as if we don't have a handle on it – or worse, feel anxious and scared about money.

So each week, a woman in a unique situation will give us an honest breakdown of her finances, and our expert will give her easy tips on how to tackle it.

To submit your own anonymous money diary and get top expert tips tailored to you, simply submit your entry here. And don’t forget to join GLAMOUR’s Facebook group, Money Matters, for more exclusive finance content.

Meeka* is a 27-year-old living in London, interning at a PR company. Originally from Shropshire in the West Midlands, she left her job as a nanny to pursue PR in the capital, but this move has hit her finances hard.She lives with six other people in a flatshare, meaning her rent is £688, but her standard of living is not high – sharing a tiny fridge between seven.She is struggling to keep up with her friends and their expectation for her to pay for “extravagant social events – especially baby showers, weddings, and hen parties – when I don't have the funds for it.”

MY ACCOUNTS

Current account: £332
Savings account: £1,200

MY INCOMINGS

Annual salary pre-tax: £21,000
Annual salary post-tax: £17,840
Monthly wage pre-tax: £1,750
Monthly wage post-tax: £1,500
Other incoming payments: £0

MY OUTGOINGS

Rent/mortgage: £668
Bills: £120
Splurges: £200
Other: £0
Any student loan/credit cards/overdrafts etc: I have an overdraft of £750, which I regularly dip into

MY MONEY THOUGHTS

My worst money habit: I honestly think I'm good with money!

My biggest money worry: Spending it all on social occasions to impress other people.

My financial hopes for the future: To be earning more and have a permanent job.

Current money mood: 👰😡 🤨

WHAT MONEY EXPERT MAKALA GREEN SAYS:

Makala Green is a multi-award-winning Chartered Financial Adviser at Schroders Personal Wealth and has over 18 years of experience in the financial industry. She understands managing money can be complicated and confusing, which is why she is passionate about making financial planning more accessible for all. She is also the Author of The Money Edit; a no shame no blame guide to taking control of your money.

Be upfront about your finances.

Money expectations among friends can be easily managed with a few transparent conversations and flexibility. You don't have to discuss details, such as your salary, but do lay out your expectations to help your inner circle know where they stand. If you earn less than your peers, you should express your priorities and limits. For friends that regularly organise overpriced occasions, opt to take the lead with cheaper alternative ways you can all enjoy. Avoid feeling pressured to spend beyond your means for friends, as this could strain your finances. Instead, get your friends to contribute a set amount each month into a savings pot that can be used as a kitty to cover the costs of events and nights out. If none of that pans out, understand it's ok to politely decline an invite or makeup later.

Set budget boundaries

Don't wait until your next social event to share your budget with friends. Be transparent about how much you can spend on socialising each month (without dipping into your overdraft). Start by being honest with yourself about what you are prepared to splash on socialising and stick to it. Your budget should reflect your values and list dos and don'ts to help you set boundaries. To help reduce your spending, suggest low-cost alternative activities, get creative with gifting, and search for discounted gifts online. Open a separate money box or account for your social spending to help keep your spending under control. If they are true friends, they will understand and respect your values.

Stop trying to impress others.

It can be easy to talk yourself into spending more when out with friends. You may be tempted to throw down your credit card and match the spending of other friends to feel like you're a part of the group. However, this can be destructive to you and your finances. How about suggesting an activity that works well for everyone's budget or offering to help plan an event, such as a hen party, instead of buying an expensive gift? You don't want to waste time trying to impress other people. Do what makes you happy and what works for you and your finances.

Friendship and Finances

There is a fine line between friendship and finance. Whether we know it or not, the people we surround ourselves with play a huge role in our financial well-being. Loved ones can influence how we feel about money and how we spend and save. So, striking the right balance is key to avoiding uncomfortable emotions such as guilt and shame. Ask yourself, are your friends helping or hindering your financial progress? Spending money you don't have socialising can lead to poor money management and resentment towards friends. You may feel frustrated about being unable to keep up with your friends financially. However, your values, financial goals, and security are equally important, so focus on the positives!

Focus on your future.

We all love spending time with our friends, and friendships are an important part of life, but if you're draining your bank account to spend time with your friends, you should reconsider the people around you. Just like friendships, your relationship with money takes time and building a financial future will come with dedication and sacrifices. It may be hard skipping the odd baby shower or dinner with friends. However, if that helps you focus on your future, spend within your means and keep on track financially, then it's worthwhile. Try getting your friends involved in financial planning. They don't need to have the same savings and investing goals as you, but if you're all committed to investing in your future, it can help improve everyone's money habits.

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