7 Ways to Involve Friends in Saving Money

December 2, 2020 by Jenny Smedra

7 Ways to Involve Friends in Saving Money

There is no doubt that there is strength in numbers. Whether you are trying to change a behavior or develop new habits, a strong support network is the best way to succeed. You can use these same social strategies to improve your finances.  Your peer support group doesn’t have to be a structured plan, either. It can be an informal agreement among friends where everyone benefits. Here are 7 ideas to involve your friends when saving money and help you all reach your savings goals.

How to Involve Friends When Saving Money

7 Ways to Involve Friends in Saving Money

1. Make a Game of It.

For years, studies have shown that a supportive culture and common rewards are effective means of motivation. Collaboration in a cooperative task is a great way to achieve goals, like saving for a getaway. You could also use it as a fundraising tool for a good cause in the local community. Get together with your friends and choose a savings goal you can all work towards.

On the other side, you could set a limit and see who can reach their goal the fastest. A little friendly competition is a fun way to involve friends in saving money. Whichever approach you choose, everyone wins!

2. Share Memberships with Friends to Save Money.

If you examine your statements and add up the tally, those monthly memberships are costing you more money than you realize. Every streaming service, membership, or club you join eats away at your monthly budget. When saving money, offer to share the burden of the fees with your friends.

Most streaming services like Netflix allow multiple users on the same account. If your group is into gaming, pitch in, and buy one together so you can all play online as well. Canceling your gym membership is another huge monthly expense you can get rid of. Getting active will keep your body and your finances in shape. Not only are you eliminating debt, but you are also involving your friends when saving money.

3. Pick Up a New Hobby Involving Friends.

Reading is a highly beneficial hobby that also allows you to save a ton of money. Ask your friends for reading suggestions and dive into a new book. It could be something that brings you closer to your friends too. Create a book club and choose a title you can all read and discuss together. You can even host online group chats to include people who live farther away.

Also, consider getting outdoors and enjoying the beautiful places around you. There are usually biking and hiking trails within a short drive. On a nice day, go outside to walk around or start a pickup game at one of your local parks. Even in large cities, you can find free community and botanical gardens. If you decide to make it part of a weekly regimen, it is an excellent way to support each other’s fitness goals as well.

4. Make a Weekly Meal Plan When Saving Money.

Food is one of the most costly portions of the monthly budget. This is especially true if you buy quality ingredients to ensure your family eats healthily. To include your friends when saving money, shop together, and buy in bulk. Sharing a membership to the local discount clubs like Costco will greatly reduce your grocery bill.

Another idea to save money is to have potluck dinners or take turns cooking meals for each other to try new recipes. It also cuts down the time and cost of preparing lavish holiday meals. Not only do the ingredients cost less, but you only have to make one dish. This holiday season spread a little cheer by sharing your favorite family recipes with your friends.

5. Check-Out Free Attractions with Friends.

Although many of your local attractions do require an admission fee, most cities have free sites that are accessible to the public. Mobile travel apps like TripAdvisor can show you parks, monuments, historical buildings, and city museums nearby. You can also lookup free walking tours in your city to learn more about the area and neighborhood where you live. If you prefer nightlife, there are also drinking tours for those who are of legal age. Check out some of the local travel blogs to help you and your friends find things to do around you.

6. Swap Clothes to Save Money.

Every year, my household does deep cleaning, then donates things that no longer fit or have a purpose. All of your unworn clothes could be put to better use. Next time you go through your closet, offer to do a wardrobe swap with your group to help you save your hard-earned cash. It’s a great way to expand your closet without blowing your budget. Perhaps one of those items hanging at the back might look better on one of your friends. Who knows, you just might find your new favorite outfit.

7. Pick a Project and Ask Your Friends for Help.

If you sat down for 10 minutes to think about it, there is a good chance have some projects that you have put off for far too long. Asking for help to complete them is a great way to involve friends in saving money. Of course, you want to extend the same offer to them so they don’t feel they are being used. Take turns tackling those long-forgotten projects and home repairs as a group. Not only will it save you money in labor costs, but it’s an efficient way to get things done.

8. Sign-up on a Cash Back App

One of the best ways to save with your friends is to try an app like Ibotta that would give you cashback on your expenses like your favorite Cheerios or Nature’s own bread when you get together, for example. This way, you enjoy your favorite snack and at the same time enjoy the cashback from them.

Peer Support Groups

No matter what financial goal you are working toward, having a peer support group improves your chances of achieving it. These are just a few ideas to involve your friends when saving money. Pose the idea to your group of friends and tailor your savings goals to your shared interests. Whatever the goal, doing it together will get you there faster. As Joe Cocker said, we all get by with a little help from our friends.

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