How Much Social Debt Do You Have?

It Doesn't Make Cents

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How Much Social Debt Do You Have?

Exploring the financial and non-financial impacts of all those pesky little social debts that crop up

Sarah Li-Cain

Feb 20, 2024

Transcript

We all have social debts that we’re supposed to pay. Whether it’s spending money to go to your BFF’s bachelorette or buying Girl Scout cookies from your co-worker's daughter, we’re all expected to conform to small social niceties to get along in society. Sign that sympathy card for the PTA president and chip in for flowers.

Sometimes, social debt is less about money and more about time. We’re supposed to reciprocate favors and make time for people in our lives. If you committed to it, you could attend a family event every single week of the year. That might not cost a lot of money, but you might get burned out fast.

Our information on social debt

This 30-year-old Washington Post article on social debt explores the costs that come with discharging these debts.
Another view of social debt and its emotional and mental impact comes from a LinkedIn newsletter.
The Charlotte Observer offers information on the cost of being a bridesmaid.
WKYC has a story on Girl Scout cookies and costs.
Ever Loved offers some information on funeral flowers.
There are a couple of articles on workplace happy hours from Slate, Business Insider, and SHRM.
Learn more about mutual aid from the University of Georgia and Nonprofit Quarterly. Our friend Vee Weir does regular mutual aid drives.
How we sometimes use social debts as a way to keep score in relationships. The National Library of Medicine has some research on how this works and its impacts.
Check out the Instagram account Sarah referenced, Overheard New York.

Check out our financial resources and guest insights

Wandering Aimfully has a great post on figuring out your non-negotiables.
Clever Girl Finance offers amazing advice on setting healthy financial boundaries.
Lingjie, who shared information about social debt, is part of Worst Asian Podcast.
Check out Rob Phelan at The Simple Startup.

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Discussion about this episode

It Doesn't Make Cents

Are you REALLY doing money wrong? Good news: you aren’t doomed to a lifetime of financial failure because you aren’t saving to buy a house, buy a TV with a credit card, or have student loan debt. Get away from all the “supposed-tos” and stop beating yourself up over perceived mistakes. Sarah Li-Cain, AFC® and Miranda Marquit, MBA, are ready to debunk prescriptive money rules and inject a little nuance into your financial life.

This season, we’re talking about the common misconception that debt is ALWAYS bad. We’ll dive into ALL THE THINGS. You don’t have to pay that mortgage off early. Go ahead and finance that car. We’ll also tackle the controversial aspects of debt. How much social debt are you carrying around? Are you really immoral if you have your student loan debt forgiven? We promise corny jokes alongside a whole lotta facts. We might even rant a little. Plus, we’ll show you how to use what you’ve learned to get your money to work best for YOU—no matter what some finance bro says.

Let’s talk about how money might not be what you think—and how you can use it to create the life you want.

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