How Having a Best Friend Keeps You From Going Broke

How Having a Best Friend Keeps You From Going Broke

best friends day

Grab or call your best friend because June 8 is National Best Friends Day. Acknowledge how influential your best friend has been in your life by letting your BFF know how beneficial his or her friendship has been to you. Best friends not only help each other through tough life matters but also can help each other be financially savvy.

“Helpful relationships help lift you up in life, are always happy, optimistic, grateful, enthusiastic, open-minded, lifelong learner-types who help elevate your chances for success,” writes author Tom Corley on RichHabits.net. Because a great friendship can positively impact every area of your life, having this type of relationship with a best friend can even improve your money skills and your overall financial success.

5 Ways Your Best Friend Improves Your Money Skills

1. Share Instead of Buy

Who can deny the benefits of getting stuff for free? “One of the easiest ways to benefit financially from your friendships is to set up a system where a group of friends trade certain items instead of purchasing their own,” according to U.S. News & World Report.

Sharing items, such as clothes, baby equipment and even bulk purchases can save you money. You can gather several of your friends, encourage them to clean out their closets and host a swap.

2. Hold Each Other Accountable

You are shopping with your best friend when you see the most gorgeous dress in a store window. “I’ll just try it on,” you tell your bestie. Of course, the magical dress fits perfectly, makes you look 10 pounds slimmer and even makes your eyes brighter. There is only one problem. The price tag reads $375. A good friend will suggest you wait until it goes on sale or search online for something cheaper. A truly frugal friend will remind you of how costly dry-clean-only garments are in the long run.

Best friends help you remember your financial goals and keep you from straying. They know you better than anyone else and have no problem telling you that you cannot afford a splurge purchase.

3. Exchange Expertise or Services

Everyone is good at different tasks. Your friend might be great at fixing cars, whereas you are better at fixing computers. You can potentially save your friend $100 to $200 for recovering important files after his laptop crashes, and he can save you up to $180 in labor costs when you need to replace your brakes.

4. Inspire Each Other

People naturally align themselves with others who have similar traits and values but they also help each other grow. When a friend announces that he has paid off all of his debt or that she has saved $10,000, you will likely be motivated to set the same financial goals for yourself.

“Our spending depends on those around us,” writes author Ramit Sethi on his blog, “I Will Teach You to Be Rich.” “For example, if you make $50,000/year, you probably hang out with others who make similar amounts and have similar spending patterns.” If you have friends that make good financial decisions, chances are you will too.

5. Share Financial Wisdom

You can read financial advice all day long, but none of that advice can measure up to the wisdom that comes from a trusted friend. A friend can share practical ways to save money on buying a home or what items not to buy when having a new baby if he or she has already been down that path. Your friend’s knowledge through experience can help you avoid costly mistakes and purchases.

3 Cheap Ways to Celebrate National Best Friends Day

Whether you live near or far from your best friend, you can make him or her feel special with these budget-friendly ideas.

1. Send them a memories package: Think of all of the fun memories you have shared and box them up for your bestie. Include things such as old pictures of you together and affordable things that can be tied to a memory. For example, send a Hershey bar with a note saying, “Remember that time you sat on chocolate and you had to wear your gym sweats for the rest of the school day?”

2. Treat them to coffee: Coffee with a friend allows ample time to catch up without having to worry about a huge dinner bill. Not into coffee? Try finding a cupcake shop instead.

3. Have a movie night: Share some popcorn and beer or chocolate and cheap wine and watch one of your favorite films. If you have kids, include them in the fun by allowing them to line up sleeping bags in front of the TV. If it’s not movies but video games you bonded over, challenge your best friend to an epic game night.

This article originally appeared on GOBankingRates.com: How Having a Best Friend Keeps You From Going Broke

This article by Ashley Eneriz first appeared on GoBankingRates.com and was distributed by the Personal Finance Syndication Network.

Life, PERSONAL FINANCE

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