budgeting with a friend how you can help each other to save

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Budgeting With A Friend: How You Can Help Each Other to Save

If you’re anything like me you won’t have a particular interest in economics, stock markets or currency prices, but I think it’s pretty fair to say you don’t have to know anything about finance to see the country is going through a downturn.

Everyone is trying to save money, businesses are struggling and consumers are losing faith in our banks. The thing is, budgeting is really hard and if you’re used to spending money on certain things, it’s difficult to cut back and start being thrifty.

budgeting with a friend how you can help each other to save

One way to make saving a bit easier is to take a word of advice from The Beatles and get by with a little help from your friends. The chances are, lots of people you know will be in a similar position and could also do with some help reining in their spending. It’s much easier if a few of you are in the same boat, as you won’t be encouraging each other to spend more when you can’t really afford it.

A simple but effective way to save cash is to set savings goals. If you’ve all got a target you need to try and reach, it’ll spur you on because you won’t want to be the last person to reach that amount. It’s a very basic idea, but a bit of friendly competition can make a huge difference. You could even have a challenge to see who can reach the target first.

Similarly, each of you could buy an identical jar and fill it with small change, challenging each other to see who can fill it first. You’d be surprised at how it all adds up, especially if you throw in some silver among all the coppers.

There are also some specific ways to save money. When you go to the supermarket it’s very easy to get tempted by special offers and your favourite foods. Instead, make each other dinner and experiment with recipes that use up some of the food in your cupboards that usually gets neglected. That way you’ll only need to buy a few ingredients and fresh fruit and veg.

To motivate yourselves, why not plan a cheap reward? This’ll encourage you both to save and give your confidence a boost if you’re looking forward to a treat at the end. It really doesn’t have to be expensive and you could treat yourself to a tasty meal using a deal from a discount voucher website.

Saving money can seem like a never-ending struggle, but it’s definitely easier if you’ve got someone to help you out.

Author’s bio: This post was written by finance guru Janice Lincoln, specialist in advising on topics such as payday advance loans online and other UK payday loans.

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