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5 Ways to Save Money With Friends

Sep 30, 2020 | 1 comment

“Buy more, save more” is one of those phrases that comes up over and over again in the shopping world. Whether it’s bulk purchases, upsells, bundles, special offers, or coupons, the message is clear: spend more money and you can get a better deal.

Of course, the caveat is it’s only a better deal if you actually need more. Retailers run these promotions because they are highly effective at getting more money out of your wallet. The excitement of getting a bargain (or fear of missing out) is a siren song that has wrecked many budgets. Who among us hasn’t talked ourselves into spending more and wound up with a bunch of stuff we didn’t use?

On the other hand, even when you have the discipline to say no and just buy what you need, are you leaving money on the table?

This post shares five ways you can have your cake and eat it too. The trick is to buy more…with help.

1. Split sets up with friends

Many products are sold both individually and as part of a set. Some examples of sets are pots and pans, power tool bundles, and multi-packs of household goods. A set is often substantially cheaper than the total cost of buying each part separately. Even a case of wine could be considered a set, and they usually cost less than the twelve individual bottles.

If you buy a set when you don’t really need it, you’ve wasted money. But what if someone else needs it?

The clever trick: Reach out to your friend circle or community groups to see if anyone wants to split the deal. Everyone gets a better price.

A classic example and actual missed opportunity for me is a set of pots and pans. I recently needed to replace a medium-sized non-stick pan. The pan I wanted to buy was sold individually for $110. It was also available as part of a set that cost $400. Buying each item in the set by itself would have cost $580, so the set was a deal (30% savings) and honestly a little tempting. But at the end of the day, I only needed that one specific pan, and that’s what I bought. A week later, two friends saw my new pan and commented that they too had cookware they needed to replace. *facepalm*

If I had simply posted a message to my friend circle, we could have all gotten a better deal. Crunching the numbers, I would have personally saved about $35 and also gotten a free lid out of it!

Splitting with your friends is a great way to save money and be social

Bonus tip: Find a great deal on a gently used set and your group will save even more!

2. Team up for bulk warehouse purchases

I do a lot of shopping at Costco. It’s nice to save money by buying in bulk, and in pandemic times, it’s also nice to make fewer trips to the store. But there’s a limit to how much food a household can go through before it spoils. If you’re also a warehouse shopper, I’m sure you’ve had the experience of passing on something because it’s just too much. (In fact, I’m sure you’ve had the experience of wondering if there’s anyone who would use that much of some of their offers…)

The clever trick: Get together with another household to start splitting up bulk groceries that you both want but can’t handle on your own.

I’ve done this, and not only are we saving money while buying high-quality groceries, but it also creates a great excuse to meet up and share the bounty. Produce has been the biggest category for splits, but with almost everything sold in at least a two-pack, it’s opened up a ton of bulk buying opportunities that weren’t sensible before.

3. Buy one, get one free

Buy One, Get One free deals (“BOGO”) are a common retail tactic. Usually, the item in question is sold at full price, but it feels like a deal because you get a second one free. The only problem is, most of the time, you don’t need the second one. Retailers count on consumers talking themselves into it, justifying the purchase because they don’t want to miss out on a “big deal”.

The clever trick: Find somebody else who wants the second one, and you both wind up paying half!

4. Use a coupon together

Many big-box and clothing stores take the simple approach: Spend $X, save $Y. It might be “Save $20 when you spend $100” or “Save 30% when you spend $250”, for example.

Have you ever noticed that the amount you have to spend to use the coupon always seems to be a stretch? That’s by design, and many of us talk ourselves into buying a few extra things we don’t need, all but wiping out the “savings” along the way.

The clever trick:You probably already know which friends might also shop at the store in question. Share the savings by making a shopping date or simply asking them to send you a few things to add to your online order.

5. Re-sell what you don’t need

No friends? No problem. If you don’t have a friend who wants to go in on a set with you, you can still unlock the set’s savings by re-selling the parts you don’t need.

For example, years ago, we needed to replace our suitcases. Costco had a three-pack of Samsonite luggage that included a small, medium, and large bag. It was high-quality and already a deal compared to other retailers or buying the bags individually. But we really only wanted the medium and large bags. So we bought the set, and I listed the extra one on Craigslist for a third of the price (even though it was the smallest bag!) It quickly sold, putting a solid amount of money back in my pocket.

The clever trick: List parts of a set you don’t need on services like Facebook Marketplace, OfferUp, or Craigslist. You can price these items attractively by passing on some of the savings you got from buying the set. Find out what the individual retail price is, ask for a lower amount, and your brand-new product will quickly catch buyers’ attention.

Build your community

Whether you think these strategies are worth it depends on how you view your time and money. Most of the examples above take only a few minutes to arrange, and the savings involved can be quite significant. Even better, reaching out to your friends or community groups will create opportunities to connect and be social. And who knows, it might just encourage others to think of you when they’re in a similar situation!

If you have other examples of ways to “Buy More and Save” with your friends, I’d love to hear about it in the comments!