During the frugal week when I spent just $34.01, I discovered just how great walking is for the mind—and the wallet. I told myself that when my wife came back, I’d need to include her in this new activity. Last night, we went out for a nice walk and it was fun, healthy, and a great chance for us to communicate. This got me thinking…
Isn’t the most effective frugal tip to actually influence people around you to be thrifty?
I realized that our circle of friends actually help us save money much more than we assume it does. The way I see it, here’s how cultivating a circle of frugal friends can help improve your finances:
1. They Illuminate Money-Saving Ideas
First of all, like-minded friends get along better and can share ideas with each other. For example, my friend who shared a frugal tip about finding an accountability partner was something that really worked for me.
Having a group of friends that share the same financial goals allows us to discuss innovative and unique ideas. More than that, hearing other people’s point of view before we actually try out new ideas will help save us a ton of time and error.
2. Get Togethers Become Cost-Effective
We all know by now that frugal people don’t like to spend money unnecessarily. Have you ever wished that gatherings with friends are a little less expensive? This won’t happen if many of our friends are frugal-minded.
Even if your friends aren’t initially frugal, sometimes it’s just a matter of initiating the invitation to get them on the thrifty bandwagon.
3. It Eliminates the “Keeping Up with the Joneses” Mindset
Surrounding ourselves with people who are frugal also means there is no need to compare. We won’t want to buy that Mercedes because our friend just got a new BMW as we all know that our current car is still running perfectly.
This can feel especially liberating and actually provide us with the headspace we often need to make good financial decisions.
4. It Keeps Everyone Accountable
We can also keep each other accountable because we know frugality is something we should all strive for. We will start feeling bad buying a large screen TV unless we can absolutely afford the extra expense.
There is strength in numbers because it reminds us that others are struggling with the same things we are and that we can stick together to make the change happen.
It’s time for action!
Of course I’m not suggesting you change all your friends. Instead, try to influence someone you…