firstly there's need to draw a scale of preference and fix a budget.

It all boils down to having a budget and drawing a scale of preference, because when you do this, peer pressure can hardly push you into doing things you don't want to do. This is because you've already planned how you're going to spend your money. Most times, people that get influenced by peers haven't really settled down to plan their income and expenses very well. So if the money doesn't have a plan, anything and anyone can push you into spending it recklessly. I think that this is a very rich article. Nice post!