Believe it or not, but there are ways in which friends can save you money. When planning a night with friends, you might decide to see a movie, get drinks or go out to eat. By the end of the night, you might spend a ton on fun. But getting together with friends doesn't have to be a costly event. Here are seven amazing ways for your friends to save you money.
1. Buy in Bulk Together
Buying in bulk is one of the ways that friends can save you money. If you do the math, it’s often cheaper to buy food and non-perishable items in bulk. The per unit price is typically cheaper, which saves money in the long term. But if you're shopping for just yourself, buying in bulk doesn’t always make sense. This shopping method can work if you purchase bulk items with a friend/friends and divide the items among you.
2. Enjoy Group Rates
Do you need a vacation, but can’t afford the costs? No problem. Get with a group of your best friends and plan a trip together. Sometimes, group travel results in cheaper rates and other discounts. You might be able to take a cruise for less; and if the group blocks a certain number of hotel rooms, the establishment may discount the nightly rate.
3. Workout Together
You don’t need a gym membership to get into shape. If you’re paying $40 or $50 a month for a gym membership, you can save money working out with one or two friends. The buddy system not only motivates you to get active, you can enjoy non-gym activities together and save. Go for a bike ride, rollerblade on the boardwalk, take a nature hike or play volleyball.
4. Exchange Clothes
If you need to update your wardrobe, but you don't have the cash flow, your friends might come in handy. They may have items in their closets that they no longer wear. Get together and exchange items to keep your gear fresh and new. It’s the most frugal way to get what you need without spending money.
5. At-home Entertainment
Just about everyone is interested in saving money. And if your friends are in the same financial boat, planning at-home fun nights can help everyone's budget. For example, plan a potluck and ask each person to bring their favorite dish. Plan a game night, or enjoy movie nights and watch the latest blockbusters on Netflix.
6. Barter and save Money
Do you have a special skill? Get with friends and discover their talents, and then barter services to save money. If you have interior decorating skills, offer your services in exchange for another service. Perhaps your friend is an accountant and willing to offer his tax preparation services, or maybe you know someone with plumbing or construction experience.
7. Share Coupons with Each Other
Make coupon clipping a habit. This includes stockpiling coupons for groceries, restaurants, clothes and more. Get your friends on board, and then trade coupons that you don't need.
Saving money is likely a priority; but between higher costs-of-living and modest wages, building a cash reserve is challenging. With the help of your friends and smart money habits, you can succeed and reach financial goals.
What are some other ways to save money with friends?