Why Saving Money With a Friend May Help You Save More
We've all made promises to ourselves about saving money. Maybe we'll stop ordering so much take out or finally start putting something aside for that vacation we've been dreaming about. But, somewhere between payday and the end of the month, those good intentions have a habit of disappearing.
What if we invited a friend to help us stay on track? A friendly savings challenge could make putting money aside a little more enjoyable. And there's some interesting research suggesting that having someone follow our progress may help us save more.
Why Saving With a Friend Might Work
Saving money is usually something we do on our own. We set a goal, promise ourselves we'll spend less, and hope we have something left over at the end of the month. But, sticking to those plans isn't always easy.
According to a NerdWallet survey, 75% of employed Americans with a savings goal said they regularly saved part of their income, compared with 62% of those without a goal. That's a pretty good reason to give ourselves something specific to work toward. And having a friend join the fun could provide a little extra encouragement.
Try This Four-Week Savings Challenge
Here's a simple challenge you can start whenever you’re ready. Each person keeps their own money, and there's no need to earn the same amount or save at the same rate. The idea is to encourage each other while building a little savings habit.
Tackle one of these simple challenges each week:
Save $5: Start with an amount that won't put pressure on your budget. Tell your friend what you're saving toward.
Save $10: Look for one small expense you could skip per week. Maybe it's an unused subscription, a vanilla latte, or an impulse purchase.
Save $15: Try planning a free activity, instead of spending money on entertainment. Share your favorite money-saving discovery with your friend.
Save $20: Finish the month by putting aside your final contribution. Then celebrate how far you've come!
If you both complete the challenge, you'll each have saved $50. That's $100 between you, without either person needing to hand over much money. And, if $50 is too much right now, lower the stakes. The goal is to save what you comfortably can.
Keep It Fun, Not Competitive
Nobody wants their friendships to turn into a performance review. So, keep your check-ins lighthearted. You could send each other a quick message every Friday or meet for a walk to chat about how things are going.
There are plenty of ways to make the challenge fun:
Share Your Little Victories: Found a cheaper grocery option? Tell your friend.
Swap Free Activity Ideas: Look for ways to enjoy weekends without spending much.
Celebrate Without Spending: Finish the challenge with a homemade dinner or a movie night.
And, remember, nobody needs to explain every purchase. The point is encouragement, not judgment.
Give Your Savings a Purpose
Saving is far more motivating when we know what we're working toward. Perhaps you're putting money aside for a weekend getaway. Maybe your friend might be building an emergency fund. The goals don't have to match.
You could even give your savings account a fun name or keep a little chart showing your progress. Watching those small amounts add up can be surprisingly satisfying. And, if one of you has an expensive week? That's life. There's always another opportunity to contribute when the budget allows.
A Little Encouragement Can Go a Long Way
At the end of four weeks, you could have $50 tucked away that would otherwise have disappeared into everyday spending. Or perhaps you'll have saved less, but discovered a few habits you'd like to keep.
Either way, you'll have someone to share the experience with. And who knows? Your first month together might turn into a regular tradition.
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