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Saving Money with Family and Friends

  • 2 MIN READ|
  • 0 Comment |
  • 2431 |
  • by Joseph Priebe|
  • May 18, 2015 |
  • Personal Finance

How to pool money with your friends and achieve your goals

Here are a few cost-cutting measures you can use when interacting with your friends or family:

Consider Your Gift

A survey taken a few years back asked people if they would prefer to receive an expensive gift or a thoughtful gift. Unanimously (a rare thing in surveys), the people polled said they would prefer a gift that took some thought over a gift that was expensive. Of course, some thoughtful gifts can’t help but be expensive, but you’re not buying a diamond bracelet for your cousin for his birthday, right? OK, maybe we should word the question a little differently: let’s say your cousin is a fan of his local sports team.

Would he rather get a banner or T-shirt that displays his favorite team, or a pricey espresso maker? See what we’re getting at? In addition, consider purchasing your gifts well in advance when they might be on sale instead of at the last minute. Potentially you could save quite a bit. Consider also the idea of mutually agreed upon spending limits if you have a larger family. This would probably be a relief to those with less disposable income.

Potluck

Many people, especially those with large extended families, don’t even consider the idea that they could get together at one family member’s house instead of eating at a local restaurant. Have everyone bring an item to share and their favorite drink. Sure, the cleanup is potentially a hassle, but this eliminates the possibility of who pays for what, who’s going to cover the tip, and whether or not everyone else in the restaurant is annoyed about the kids running around and making noise.

A get-together at someone’s home isn’t just more affordable, it’s potentially more enjoyable with the possibility of playing games or watching a sporting event while the kids play outside or in their rooms. Best of all, no one has to dress up if they don’t want to (just an idea, we’ll let you set the rules of your family get-togethers).

Does Your Phone Have Limited Talking Minutes?

Consider the idea of writing an e-mail. Cheaper than sending an actual letter and potentially much cheaper than using up minutes on your phone plan. CASH 1 wants to help you save money any way you can. If you are in need of funds, come see us about personal installment loans in Nevada or Arizona.

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