Frugal Friends: 4 Ways Your Inner Circle Influences Your Finances

by David Ning · 8 comments

frugal friends

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:

frugal friends1. 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 already know to start a frugal activity. It doesn’t matter if it’s getting them to cook at home more often, getting them to understand the power of clipping coupons, or even showing them how great walking can be.

Influence those around you to become frugal, and they will, in turn, help you save more.

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{ read the comments below or add one }

  • Bobbie Sena says:

    Do not ever try to buy anything unless you have the cash to pay for it. Pay all basic bills such as rent and utilities before spending any money at all. Then spend only the money left over after basic bills are all paid. Eat only healthy home cooked food such as pinto beans, cornbread, and salads. Take the bus until you have made sure you can afford the car, maintenance, and gas and insurance. Drink coffee only if you make it at home. Do not eat fast food or drink sodas. You will be healthier as well as richer. Write out a carefully planned budget and carefully planned weekly menus. Write a grocery list based on the weekly menu. When I was a 16 year old college student living at the YWCA in 1951, I ate a hard boiled egg, an apple, a carton of milk, and free crackers for lunch every day. I had to work 30 hours a week so I did not have time to cook. I still was able to be frugal and healthy. It can be done.

    Luck to all, Bobbie Sena

  • Zellie says:

    Frugality is fun, AND done right, there is NO sacrifice…IF that can be communicated effectively to my siblings and friends…LIVES would change for the better….In the meantime….setting an example is what I do.

  • Debt Consolidation Toronto says:

    A person is greatly influenced by their surroundings and I agree that having frugal friends greatly impacts the way you spend. This is very interesting post and I think that it is advantageous to influence your friends on being frugal. It helps everyone in remaining at the same level and collaborating together to come up with better ideas and tips.

  • marci says:

    Lots of great ideas and that sense of kinship on the frugal blogs 🙂

    My best bud and I have like minds on freebies and living frugaly. Between the two of us we have a “Scrounge of the Day” award….just a verbal recognition that one of us really did well on the freebies or frugalness that day. It keeps it fun and we compare where we find great deals, as well as just what’s on sale at the grocery store.

  • Matt says:

    Definitely have to remember the online community when counting friends. I pick up more ideas from reading blogs than most other sources. Getting your better half on board is also a great step forward – I think we are almost there too.

  • Once you’ve conquered your partner, having frugal friends would really help. The more people that can support you the better.

  • Scott @ The Passive Dad says:

    Having frugal friends does impact my spending habits. I can’t recall a time when one of my friends has said “wow” when I bought someone of value. It doesn’t faze them at all. It’s funny but the opposite works for them and they get fired up if I tell them I didn’t spend any money or if I challenge them to spend less. The best complement I can give one buddy is that he’s my role model for frugality. No cable tv and no entertainment budget.

  • My Daily Dollars says:

    Very true. I’ve found that since I’ve started blogging, all these bloggers influence me to be more frugal. Then, when friends of mine read, it influences them to be more frugal. It’s a nice little cycle we’ve got going and certainly makes it easier for me to watch my spending.

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