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| Frugal Living Tip # 11 - Save as a Group |
| Thursday, March 6, 2008 |
Friends are a blessing. Everyone knows just what their friendships mean to them, and what an important role these people play in helping us enjoy a happy, fulfilling life. But for anyone struggling with debt, or simply trying to save extra money, those friendships can also be a burden, and may be your greatest obstacle in trying to get ahead financially.
What do I mean by this? Consider your spending habits, and how much discretionary money you spend to nurture and maintain these friendships. Maybe the gang is going out to dinner at a fancy restaurant and you don't want to miss out. Maybe it's Ron's birthday and you've got to buy him a present. Maybe everyone is heading off to Vegas for the long weekend to blow off a little steam, and you're definitely not staying behind for that trip! Not to mention all the morning coffees, movies, golf games etc. that are a normal part of maintaining our relationships.
So what am I suggesting? Cut these people out of our lives? Live at home like a hermit while everyone around us is out enjoying life? Of course not. But you also need to look at how much you are really enjoying these activities when the twin anchors of debt and guilt are dragging you down. Is a trip to Vegas really a relaxing way to blow off steam when you are going into hock to finance it?
So what is the solution to this conundrum? That's easy: Let your friends be your friends, rather than your enemies. Well, maybe not so easy. There is one big hiccup.
For many of us, the subject of money is taboo. Our parents were always vague when discussing money (aside from repeatedly drilling into us that it doesn't grow on trees), and we've inherited this reticence to talk about our finances. However, if you want to get out of debt without damaging your friendships you are going to have to learn to be more open with the people closest to you about your financial well-being. This will be a very difficult step, not only for you, but for your friends as well. Hearing you speak about your financial burdens might be just as difficult for them as disclosing their own. However, if they truly care about you, you will find that bringing them into this circle of trust will actually strengthen your relationship with them.
Once you've got the gotten the gory details into the open you might find your friends reciprocating, and you might be shocked to learn that they are not as financially stable as you assume, and that new mustang they bought six months ago is straining their budget to the breaking point. They will not only be sympathetic to your plight, they will know exactly how you feel.
Opening up and airing out your financial secrets will unlock a powerful savings tool for not only yourself, but for those around you as well. Saving money by yourself can be a daunting task, but if you have a support group that understands both you and your difficulties it can lighten the burden considerably.
Start by establishing a money saving group. Not only those friends who share your debt load, but any of them that want to save more money, and accelerate their journey to financial freedom will benefit from this. Establish ground rules for this "Club". Limit the number of monthly lunches out, and put a cap on the dollar value of gift exchanges. Make a rule that anyone planning to make a purchase greater than $100 discuss it first with the members of the group. This is another great impulse check, and will help you separate wants from needs. Take turns hosting dinner parties, rather than meeting at expensive restaurants. They are more fun, more flexible, and much cheaper. As I referenced in a previous article: Both a Borrower and a Lender Be, share your possessions among friends. Tired of your wardrobe? How about a clothing exchange? Share your personal money saving tips with each other. You'll discover new ways to save that you've never even considered.
The possibilities are truly endless when you get several people working together trying to meet a common goal. These are just a few simple ideas that could save you hundreds of dollars a month, but these suggestions are just the tip of the iceberg.
Remember, your true friends will stand by you, no matter what. Lean on them and let lean on you. Working together you can eliminate that debt monster that is such an implacable enemy to face alone.Labels: frugal
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posted by Cheap Canuck @ 8:03 AM  |
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