Not many people would disagree that friends are good for the soul. After all, good friends can increase your sense of belonging, self-confidence and self-worth. Friends can also serve as a shoulder to cry on when you’re down or as cheerleaders to encourage you when things are going well. For most people, having friends is simply part of the human experience, and they serve as a reminder that we are not alone.
A study published last month in the Personality and Social Psychology Review takes that idea a step further by reporting that positive relationships play a larger role than once thought in our overall health and well-being. According to the authors of the study, friends can not only help people cope with stress and adversity, but can also serve as deterrents to unhealthy behaviors such as smoking or drinking.
When Friendship Becomes Profitable
All those perks sound great, but there are plenty of other ways that friendship can be good for you. In fact, having friends can often lead to financial benefits — whether it’s through pooling resources or plain ol’ positive reinforcement.
Yes, it’s true. Beyond being good for your overall mental health, there are plenty of ways that friendship can save you money. Here are a few:
1. Group rates. Saving money by being part of a group is the whole idea behind sites like Groupon. That’s because businesses are often willing to offer cheaper rates for groups of more than a few people. Next time you’re planning to visit an attraction, go on vacation or book an event, make sure to see if any group rates are available. Chances are, you and your friends can save a ton by banding together.
2. Bulk up. If you want to see just how much you and your friends can save, consider buying certain items in bulk. This could mean going in with several friends for a half of a cow from a local farm, shopping at your local Costco for items then divvying them up or taking advantage of sales that require a large purchase in order to save. Remember, almost everything costs less when purchased in bulk.
3. Trade around. One of the easiest ways to benefit financially from your friendships is to set up a system where a group of friends trade certain items instead of purchasing their own. This idea is known to work especially well with items that aren’t used frequently such as tools and books. Other items that work well include those for special occasions, such as folding tables, chairs or buffet tables for large parties.
4. Swap sitters. Every couple needs a date night from time to time, but hiring a baby sitter can be downright expensive. Instead of hiring the neighborhood baby sitter, consider setting up a baby-sitting exchange with neighbors, family or friends. Once you do, you can simply swap nights with another couple and take turns staying in with the kids and heading out on the town. With this strategy, everyone saves and everyone benefits.
5. Share kids’ clothes and toys. Having friends can be great on the pocketbook, especially if you have kids. That’s because kids grow out of clothes and toys frequently, which creates the perfect opportunity to swap things around. Chances are good that all the kids in your circle won’t wear the same size at the same time, so consider trading kids’ clothes and toys with whomever needs them most. You’ll not only save a ton, but you’ll also make your life easier by setting up a constant stream of items you no longer need to purchase.
As you can see, friendship can be a positive influence on much more than your attitude. Having friends can save you money in a lot of ways, and finding small ways to save can make a huge difference over the course of many months and years.
So remember, you don’t have to go at it alone. Start by asking friends and neighbors if they’re interested in cutting costs, and use the opportunity to brainstorm ideas that benefit everyone involved.
If you’re looking for ways to save, you might not need to look any further than your best friend.
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How Friendship Can Save You Money originally appeared on usnews.com