Take this example of 30 year old, Holly Lesmeister - already $64,000 in debt and wanting to take a world holiday in the next couple of years.

Kara McGuire, from the Star Tribune, wrote this article delving into the financial world of a 30-something. The post is certainly revealing as we see a glimpse of the unreal expectations many young people have when it comes to their personal finances.

The killer for people wanting to budget their incomes is other people's expectations. Peer-pressure doesn't end with high school or the teenage years and realising that others are dictating how you spend your time and finances is an incredible paradigm to deal with.

In our own situation, we always struggle with Christmas gift-giving. I don't want to be a scrouge but I don't want to spend my life savings keeping up with family expectations. We feel bullied by others and then settle for a mediocre financial existence, always pandering to the next expectation placed upon us.

Echo Huang, gives Lesmeister some great advice after she shares her financial predicament.

Lesmeister worries about missing out on fun. Friends mentioned checking out the new Jean-Georges restaurant in the Chambers Hotel in downtown Minneapolis. "You just can't go cheaply," she says, predicting she'll stay at home more rather than lower the caliber of places she frequents.

Huang suggests Lesmeister share her financial goals with her friends so they can support her efforts. Who knows -- they might feel relieved if she steers them toward affordable activities like bet-free poker or hiking in the woods.

She didn't like that idea too much.

If your friends control your spending habits, they will certainly control your financial destiny. All I could suggest to Holly was grow some financial balls and stop selling out to the "live for today" mentality.