Many people want to save more money. The problem is, it isn’t the most enjoyable thing to do in many cases. Fortunately, by taking on the task with friends, it can be a better time. With that in mind, here are some fun ways to save money with your friends.
Take on a Money Challenge Together
Completing a money challenge with friends can be a great option. You can introduce some light competition or focus on keeping each other motivated, both of which may lead to greater success.
There are multiple kinds of money challenges. Some are as simple as setting aside $1 every day. Others involve a bit of chance, asking participants to draw a color (corresponding to various amounts) from a jar at random and put that much in savings.
With a money challenge, you can focus on personal goals or a cooperative one. For example, a money challenge could be a great way to fund a group trip, allowing major costs like accommodations or airline tickets to be handled collectively.
Another great option for friends is a no-spend month. With this, everyone commits to not spending any money on anything that isn’t unavoidable. Paying recurring bills and debts is allowed, as well as handling required transportation expenses, such as gas for a commute to work.
Beyond that, the rules can be debated. For example, some groups don’t allow food shopping, essentially encouraging everyone to plan for the month in advance and rely on their pantries. Others may allow fresh foods only – such as veggies and fruits – focusing on what’s on hand otherwise. However, non-essentials are typically always barred.
Arrange for Swaps Instead of Shopping
Swaps can be a great way to trade items you don’t need for something you could use, allowing you to avoid having to buy something new. Clothing swaps are an incredibly popular option. Each friend brings a set number of items from their wardrobe that they want to part with, ensuring each piece is in good repair. Then, they can peruse what others bring and choose items to take home.
However, you can also arrange other kinds of swaps. For example, you may be able to focus on household goods like kitchen items or refresh seasonal décor with holiday decoration swaps.
Take Advantage of Group Discounts
There are plenty of situations where it’s possible to pay less per person if the group is large enough. Some entertainment venues use the approach, and deals like buy-one, get-one aren’t uncommon with service providers. Plus, there are sites like Groupon that have a lot of discounts available that may be designed specifically for groups.
If you and your friends enjoy the same kinds of activities, see if you can save by going together. Often, you can find out about large group discounts online or by contacting venues or businesses directly.
If you’re comfortable with it, you could also explore getting onto a cell phone plan with your friends. Many providers offer bigger discounts per line when more lines are added. As a result, single or couples may benefit from buddying up with others and getting plans together to secure the best deals.
Just keep in mind that getting a plan together could be risky for all parties, as the bill may be in one person’s name. Along with having control of the account, failing to pay could harm them specifically, so only move forward with this if there is a significant amount of trust.
Trade Subscriptions
If you’re looking for a simple way to pair down spending, trading subscriptions can be a great option. For example, if there are two friends involved, each one pays for one streaming service. Then, they provide the other with the login and set up an individual profile. Then, both friends get access to two services for the price of one.
While streaming services are a prime example, they aren’t the only kind of subscription that may work. For instance, if one friend has a gym membership that comes with guest privileges, that could be something they could trade for another service.
Essentially, anything recurring that could be used by more than one party could qualify. As long as the trade feels equitable to all involved, it’s worth considering.
Can you think of any other fun ways to save money with your friends? Have you tried any of the options above and want to tell others about your experience? Share your thoughts in the comments below.
Read More:
- 26 Week Money Challenge: Build Your Savings Faster
- Low-Cost Living: Here’s How You Can Save Money in the Home
- 8 Tips to Eat Healthy and Save Money
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Tamila McDonald is a U.S. Army veteran with 20 years of service, including five years as a military financial advisor. After retiring from the Army, she spent eight years as an AFCPE-certified personal financial advisor for wounded warriors and their families. Now she writes about personal finance and benefits programs for numerous financial websites.
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