Family and Friends Savings Tips

Searching for ways to save money that involve your family and friends? Check out these creative options.

1. Create a family spending limit on gifts. Discuss placing spending limits on gifts within your family and/or a system where you only purchase one gift for one person over the holidays. Not only will it relieve financial stress for your family, but it allows you to focus on what really matters during special occasions and holidays.
2. Plan gift-giving well in advance. To go alongside spending limits, give yourself time! You’ll ensure that you’re giving the most thoughtful gifts, which usually end up being not as expensive. Besides, it will also give you the opportunity to look for sales.
3. It’s never too soon to start saving for college. The last thing kids need is more “stuff.” Consider asking for donations to the college fund if you have enough clothes, toys, and other needs for your little ones.
4. Don't buy inexpensive clothes just because they are cheap. There are times where it makes sense to prioritize quality over price when purchasing clothes for the family. An inexpensive shirt or coat is a poor bargain for older family members if it wears out in less than a year but, it could make sense for quickly growing children.
5. Organize a neighborhood swap meet. Here’s how it works: gather your friends and neighbors with kids around the same age and everyone brings gently used clothing, books, and school supplies, toys, etc., and receives a ticket for each item they bring. Each ticket entitles you to one item from the swap meet. If you contribute six books, you can leave with up to six new-to-you books. If you contribute seven items of clothing, you can leave with up to seven new-to-you items of clothing. All leftover items are donated.
6. Designate one day a week a "no spend day." Reserve one night a week for free family and friends fun. Cook at home, and plan out free activities such as game night, watching a movie, or going to the park.
7. Ask a friend or family member to volunteer with you at a festival. Cultural festivals and events often offer free admission to event volunteers. Contact the organizers of your favorite event to ask about volunteer opportunities and benefits.
8. Take advantage of your local library. Libraries are gold mines of free entertainment. They might offer you and your friends a variety of creative class options to learn something new at low to no cost.

View all of our 2023 - A Year of Financial Wellbeing Blog Posts.