Save Time, Save Money: How to Save Money with Your Friends & Family

15 Feb 2022

How to Save Money with Your Friends & Family

Let’s SAVE together!

If you’re more motivated when others do it together with you, here are some ways you can motivate yourself and your friends to save money.

1. Make plans for after the saving 

A fantastic way to keep someone motivated to save is to make plans with them. For example, if they’re saving to get a dog, talk and discuss everything they can do with the dog, create planning boards, create activities you could do after achieving the goals, and get them excited about it.

2. Be each other's lending depository 

One of the best ways to save money with friends would be to borrow their possessions instead of buying your own. For example:

Things you can share/borrow:

• Clothes
• Books
• Subscriptions 
• Tools 
• Even rent if you plan on staying together 

3. Join a group saving app

The Tandan App: enables small groups of individuals to come together and save money for short term goals.

Function:

Friends or strangers can get together online and decide to contribute a fixed amount of money into a savings pot each month. Every month, one group member gets to take home the entire savings pot. It will continue until everyone in the group has had a chance to take the pool.

Twine: allows couples/ friends to pull money from their individual accounts into a single savings account as they work toward any number of savings goals.

Function:

The app permits you to keep it in cash for shorter-term goals. But if your goal is a little further off, you can invest the money. After saving $50, you can shift it into an investment account for an annual fee of 0.60%. There may also be fees associated with trades and specific investments.

 

4. Create saving goals 

Sometimes, it can be quite a struggle to find or decide the financial goals or stay within your set plans. When this happens is great to have friends or families that you can ask for help/ plan to save. Getting an opinion from a friend or family member could help you start saving or achieve your saving goals.
Furthermore, you can create saving goals for each other and turn it into a competition to encourage each other to keep or stay within the saving plans.

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