Money Savings

Having Good Friends Can Save You Money

November 30, 2015
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I can share this post confidently because speaking from experience, I have some very good friends.  We all save each other money in a variety of ways.  Everyone in the circle shares similar goals of living on less, earning more, creating passive income, and building wealth.

Having good friends can save you money.  Not acquaintances, not your frenemies, but good friends! These friends aren’t the ones who want you to go out to eat every weekend (not that there’s anything wrong with this if you can afford it).  

They also won’t encourage you to spend your money frivolously either.  They are the ones who will steer you towards the right path financially because they themselves are traveling in the same direction.

Who wants friends who will have you broke down, spent, and financially wasted?  I know I don’t and you probably don’t either. If you don’t have any of these good friends, I suggest you grab a few because, in the long run, you all will benefit if you share the same goals in life.

Today I will share some of the ways having good friends has saved me money over the years. If these don’t sound familiar, try to incorporate a few and see how much your good friends begin helping your bottom line.


What’s better than having someone keep your kids for little or no cost?  Someone you can trust.

The few friends I have in my circle are trustworthy and I know this for a fact because these are the same friends who made sure (the college-get-herself-drunk-at-a-club) Latoya was safely returned and locked in her dorm room after a night of partying.  You can’t find these friends just anywhere and they are scarce too.  

These friends looked out for me during some of the lowest points in my life; therefore, I trust them with the lives of my children.  I would gladly offer to pay them to watch my little rugrats, but they offer to do it for free.  

Obviously, I take them up on the offer when it’s time for an overdue date night with Mr. Life and A Budget.  If you have good friends willing to babysit for free, take them up on their offer.

A good opinion.

There aren’t many people who I can get a good financial opinion from, but my friends are as financially savvy as they come.  Coming from a financially illiterate family, this has been a blessing in my life because I don’t want financial advice that will take me further away from my goals.

Two years ago, we formed a mastermind group where we get together occasionally to discuss finances, side hustles, and short-term or long-term goals.

Any time one of us has a question regarding our finances, we trust each other enough to openly discuss and seek each other’s opinions.  If we don’t know the answer, we’ll help each other find it.

This helps us save money on both material items and experiences. It also keeps me in check when I’m out in a store. I ask myself, “Is this purchase going to help me get closer to the goals I shared in our mastermind group?”  

If it will not help me provide a positive progress report during our next meeting, I’m more than likely going to put whatever it is back on the shelf.

Group gifting and events.

My friends hosted a shower for each of my pregnancies and one for my wedding.  When one of those same friends got married and had a baby, I did the same for her.  

When throwing an event, it’s easy to become overwhelmed by all the financial obligations and the gifts involved; however, this should never be a problem.

Our group came together and created something memorable.  If the bride or mom-to-be has a big item on her registry,  chip in and purchase the gift together.  Doing this with your group of friends can save you LOTS of money!

Cheaper Entertainment.

There is nothing wrong with being the friend who always hosts or finances your group gatherings.  If you can afford it, do your thang.  However, if you want to save a few bucks and you have a group of willing friends, pitch in and entertain each other at a fraction of the cost.

I’ve been to some of the best game nights at some of my friends’ homes and I’ve even hosted one myself.  You could bring a side dish, beverage, or your favorite game.  

If game nights aren’t your thing, you can always have a bbq or host a fun holiday party.  Matter of fact, my girlfriend and I just hosted our first Halloween party for the kids this year.  We both went shopping together with the kids in tow and managed to stick to a very realistic budget.

All of the kids had huge bags of the best candy, we served chili dogs for the adults, and pizza for the kids.  We kept the decor to a minimum and managed to host a fun event the little ones will remember for years to come. The ideas are really endless. You can take part in cheap group activities with your friends and have fun too!

Friendship is free, but a social life can be expensive.

Having a social life doesn’t mean you have to spend money you don’t have.  Good friends will encourage you to develop habits that will help you get closer to your dreams.  Those same friends will lend a helping hand because not all help has to be a dollar bill. I’m fortunate to have a group of friends who help me save money and I hope you’re just as fortunate.


Do you have a group of money-saving friends?  What are ways you all help each other save?

*Part of Financially Savvy Saturdays on brokeGIRLrich, A Disease Called Debt and House of Tre;/a>*

Latoya Scott
CFEI/Social Entrepreneur
Latoya Scott is a Certified Financial Education Instructor and personal finance writer with a mission to help millennials learn how to stop living paycheck to paycheck so they can become financially carefree.

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  • Chonce November 30, 2015 at 8:47 pm

    Great post. Before I moved back closer to my family I enjoyed my group of friends who were also moms because we got to let our kids play together and talk about ‘mommy things’ and we always helped each other out whether it was babysitting or carpooling the kids to school and daycare when someone was working. It helped A LOT. I kind of weeded out all the friends who pressured me to waste money and it’s nice to spend time with people who respect my frugal lifestyle.

    • Latoya S December 1, 2015 at 12:09 am

      I can understand that. I do wish I had more mommy friends, but the friends that I do have, we’ve been friends since college and it’s like they adjusted right into parenthood with me:) It definitely helps having a village of people that share the same goals or support your goals.

  • Cat@BudgetBlonde November 30, 2015 at 9:39 pm

    Excellent post! Some friends can cost you money, but good friends are an asset.

    • Latoya S December 1, 2015 at 12:09 am

      Very true, Cat!

  • Emily @ JohnJaneDoe December 1, 2015 at 2:12 pm

    Potlucks and game nights comprise some of my best memories! Great post.

    • Latoya S December 1, 2015 at 7:08 pm

      Thanks, Emily:)

  • Gary @ Super Saving Tips December 5, 2015 at 4:08 pm

    Good friends (and family members!) can definitely help steer you along on the right path and a good opinion is worth a fortune. That’s great that you’ve started a mastermind group to share your goals and get encouragement. Too often people are afraid to talk finances with anyone else but there is so much to be gained by doing so. I don’t have a large group of friends, but I do have some good ones that share my money saving mindset.

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