Ways you can save money with your friends

Ways you can save money with your friends

We’re not talking about turning you into the penny-pincher who drags your friends down. Instead, we’re talking about maximising the power of strength in numbers. With a little know-how, you and your friends can make worthwhile savings. So how do you save money with your friends?

Take advantage of group rates

Look closely, and you’ll find that lots of places offer group discounts, typically days out and holidays. Venues love a group booking as it gives them some certainty. Many people think that to take advantage of these group rates you have to be a member of a formal ‘group’. In reality, it’s usually merely about numbers.

So join forces, book together and save together.

Carpool

If you’re driving nearly the same route as friends, colleagues or other school parents, then it’s time to make things more efficient. Yes the traffic-jams will thank you, but so will your wallet. Carpooling helps to split the fuel costs and the wear and tear on your vehicle. What’s more, your commute is most interesting!

Shop together

Shopping in bulk is the only way to make significant savings on a typical grocery bill. However, this is nearly impossible for the average householder who doesn’t have the storage room for 500 toilet rolls or freezer space for 100 sausages. Shop for basics together and split them between a group of you.

Play the lottery together

Drop your weekly two pounds on the lottery, and your chances of winning are miniscule. Club together with others, with an agreement to share any winnings, and you’re suddenly upping your chances.

Stay in, don’t go out

When you head out for a meal or an evening of entertainment, the costs can quickly spiral out of control. Take it in turns to host, and you’ll have fun and save the pennies.
Refer a friend

Take a look around before you sign-up for something, as often there are Refer-a-Friend schemes which mean you and/or your friend will be rewarded for the referral.

Quit the gym but motivate each other

If working out is your thing, then get your friends in on the act. Not only can this motivate you to achieve your goals, but you’ll also save money on a gym membership by running, walking or cycling together.

Trade talents

When you need bits and bobs done, you can quickly find yourself facing high labour costs. However, you may discover that in your friendship group you have different skills you can trade. Perhaps one can decorate a cake in exchange for babysitting, or another may fix a leaky pipe in exchange for veg from the garden. Think laterally and always be prepared to offer before you receive and you’ll find a system that works for you all.

Be each other’s lending depository

We’re not talking about lending money to friends. However, rather than each buying your own items, take turns to share. Books, DVDs, hats, clothes, tools and more can all be borrowed rather than buying new. Similarly, if you take out magazine subscriptions, share them between you!

Online collectives

Bear in mind that your energy bills are often the main contender for eating your paycheque. Take a look at online collectives such as incahoot.com which bulk buy great deals. You may have to shop around a bit but discounts are there to be found.

Create savings goals

Like diet plans, having a savings buddy can do wonders for your success. Be upfront and honest and have your friend help provide a conscience when your spending is getting too much. Together you can also come up with ways to save money while also having fun.

Be lunch buddies

If you work with friends or friendly colleagues, then team up to plan your lunches together which don’t involve you heading to the expensive cafeteria. Take it in turns to bring the lunch and make the most of cost savings this way. This is particularly great in the summer months if you can turn it into a lunch break picnic in the park.

Club together for gifts

It can take a fair chunk of cash to buy a gift that you’re happy to give. Instead, all contribute a little less but club together to buy something the recipient wants. This works particularly well for wedding gifts, new baby gifts and significant birthdays.

Enjoy holidays together

Book a villa with a pool, and you’ll see your pound goes much further the more people you share with. Together you can have a luxurious holiday which you may not have been able to afford otherwise. Just be clear on expectations before your take-off, if you want friendships to remain intact once you’re back!

Everyone wants to be sure their money is well spent and that they are making savings where they can. This applies as much to your friends as it does to you. Break the taboo of not talking about money and chat together to see what solutions you can come up with.

By working in conjunction with others, and with some brainstorming between you, you’ll be able to come up with a bunch of ways to save each other some money. What’s more, you’re likely to have a great deal of fun in the process. Share the experience together and your friendships will get a boost along with your savings.

Please note: All information within Your Resource Centre is correct at the time of publication, and we make every effort to keep content accurate. However sometimes information may be out of date. You should not rely on this information when making financial decisions as no financial advice has been given. The information reflects the view of the author and not that of Shepherds Friendly Society.

If you’re not sure what to do when making financial decisions then you should consult a financial adviser, who will likely charge for any advice that is given.

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