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As a young person, you probably find it difficult enough to save money and have it handy when you need it. But money gets a lot more complicated when friendship and peer pressure come into play.

Here are some tips to help you avoid some of the trickiest situations.

1. Don’t lend money

Lending money can ruin a friendship. If your friend doesn’t pay you back, you’ll probably start to resent that friend. And believe it or not, your friend might even get mad at you.

Every time he sees you, your friend will remember that he hasn’t kept the promise that goes with borrowing money. Your friend will feel guilty—and that guilt can turn into anger at you. Have a policy of no lending.

2. Have your “I don’t lend” phrase ready

Sometimes we get talked into lending money because we can’t think of a way to say no. If a friend asks for a loan and you say, “I don’t have cash,” that might end it. But what if your friend asks, “Can you bring it tomorrow?”

This is where having a standard phrase can help. Anytime someone asks to borrow money from you, simply say, “Sorry. Promised my parents I wouldn’t lend money. Can’t go back on my word.”

3. Don’t borrow money

There are two scenarios for borrowing money: one where you can repay it right away but just don’t have the cash on you, and one where you don’t know when you’ll be able to repay the money. Never borrow under the second scenario.

Out with friends at dinner but left your wallet at home? As long as you have the cash, go ahead and borrow $20 from a friend. But write yourself a note on a napkin to repay your friend right away, or email yourself a reminder from your cell phone. Don’t borrow money unless you can repay it immediately. It’s not worth the risk to your friendship.

4. Don’t be competitive about buying things

This is a trap that advertisers set for you. They want you feeling the need to have the latest, the coolest, the most expensive… everything! They want you feeling the need to impress and stay ahead of your friends. Don’t.

You can’t win this game. There will always be some newer, cooler thing—and you’ll have to get that too. Eventually you’ll run out of money. And what will you have to show for it? Just a bunch of stuff that isn’t so cool anymore.

Buy things because you’ll enjoy them, not because you want to keep up.

5. Don’t be jealous of other people’s money

How do you know that someone who has more stuff than you is happier than you are? You’ve seen the ri...

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There are good reasons why young married women should aim for financial independence. Not only are women expected to live an average of seven to 10 years longer than men, their retirement income is less than half that of the opposite sex. Not to be too much of a downer, the reality is that 45-50 percent of marriages end in divorce and women comprise 84 percent of single parents. Combine these factors with historically lower salaries for women, establishing financial security early in life is an absolute necessity. 

Financial independence, however, isn’t just about money. Statistics show that independent young women also become stronger individuals and are better able to take care of themselves. On the other hand, women dependent upon men are more likely to fall prey to “predators” or fall into abusive relationships. As the bumper sticker says, “A man is not a financial plan.”

Rather than reiterate the standard tips like “create a budget” and “pay off your credit cards monthly,” Coupon Sherpa offers 10 tips specific to women’s financial security.

1. Know Your Finances

Until women’s liberation came along, men usually handled family finances and wives knew next to nothing about their financial status. Divorce or the husband’s death could leave women with a mountain of paper and not a clue as to where they should start. Modern women tend to be more involved, often maintaining responsibility for paying monthly bills. But it’s also vital to understand all other aspects of your monetary health. Schedule a financial date with your husband at least once a month to review bills, investments, retirement accounts and your budget. The highly respected Mint.com is an easy way to manage your money with a constantly updated record of your family finances. PNC.com isn’t as easy to use but it provides both private and business online money-management systems.

2. Educate Yourself

The more you know about finances and the investment process, the more confidant you’ll feel dealing with personal finance issues. You can learn more via online research, the multitude of books on the topic or community courses. Cooperative Extension offers an excellent program in many counties specific to women. The Women’s Institute for Financial Education (WIFE.com) also is an excellent resource with easy to understand information. You also might consider joining a women’s investment group. The more you know, the better decisions you can make.

3. Be Selfish

It may sound like an oxymoron, but being selfish about your personal finances can actually help you enhance the lives of others. Financial security reduces your stress and allows you to be more patient with your family, more financially charitable and more productive at work.

4. Establish a Personal Cash Cushion

Bank three-months worth of expenses as a cushion should your family face an emergency such as a health emergency...

Click here to read the rest of the article at YoungMoney.com.

Click here to read the rest of the article at YoungMoney.com.