Oyinkansola Ohiro: 4 Ways Your Friends & Family Can Help You Save Money

Friends and family – they’re there in the good and bad times. When you finish NYSC, get a new job, get married, have a baby or get a promotion, you can count on your friends and family to be there.

We all need a bit of support and encouragement from time to time. And thank God for social media, keeping in touch is way easier now.

Being an adult means being more intentional with finances, and friends and family can be instrumental here, too. Here are four ways how.

Set your financial goals
Before you ask your friends and family for help with your goals, identify what your financial goals actually are. Whatever your targets, make a list of your financial goals now and a ball park figure on how much you want to save, then you know what you’re aiming for.

Share, share, share
Share your savings goals with your best friends, family or partner. Tell them what you are working toward and ask for their support to help you get there. It is advisable that family and friends are aware of your financial situation. This may help them think twice before tapping you up for a ‘mates rates’ loan.

Get a savings buddy
If you’ve ever tried losing weight, you’ll know it’s much easier to do it with a pal. A shared savings goal works in much the same way. As well as sharing your financial goals with your friends and family, encourage them to do the same. If your goals are similar, then why not team up?

Work out how much you both want to save and encourage each other through phone calls and meetings. Your savings buddy will be there to support you and might even have their own tips on how to squirrel away more pennies.

Set up a savings challenge
Invite your friends and family in a savings challenge. Choose a target and whoever reaches it first wins a favour (this is to make it fun). The competition element could give a greater incentive to reach your goal quicker, and it is fun. Be careful not to fall out over it though.