Save Money by Sharing

One of the simplest ways to save money is to share commodities, and their costs, with other people. You can do this in all sorts of ways, reducing your outgoings every time. Here are some examples:

Clothes

The average Brit spends £1042 per year on clothes. It can be challenging for a family on a low income to cover this expense. If you live near a friend or relative with similar clothes tastes to yours and approximately the same body size, suggest to them that you share some clothes. This mutually beneficial arrangement would extend your wardrobe and theirs, saving the need to buy more clothes.

Perhaps start by sharing a few selected garments, and build the sharing pile gradually. This will allow for tweaking the arrangement as needed. Then you can take it further by choosing and buying your next new garment together. You can adopt the same sharing system for other costly items, such as travel accessories and house and garden equipment, saving money on each purchase. Invite other friends into the arrangement and save even more. Maybe you can cut down that £1042 to a more manageable amount.

Food stores

Food shopping for several people at a time is usually more economical than buying for just one. The larger the pack at grocery stores like Tesco, the cheaper it tends to be per kilo or part, so it makes sense to buy in bulk and share out the food, and the cost.

If you share a kitchen with housemates, you could all save money by working together to buy the staple foods you all consume, such as sugar, tea, coffee, oats, and milk in bulk. You’d need to agree on which foods and brands to share, with a written list for clarity. Once you’ve tested the system and ensured everyone’s happy with it, you can add to the list and increase your savings.

Heating bills

Keeping your whole house warm may be costly, especially in the winter, so it’s worth reducing your living area to one or two rooms on cold days. The average UK family spends about £40 per week on fuel bills.

If you share the property, you’ll need a communal arrangement for this, but it’ll be in the interests of your housemates, as well as yourself, to cut heating costs. Besides, you’ll get to know one other better when you’re all gathered around the fire in your cozy living room. Saving money can be good fun sometimes.

Share housing and rent

Rent and housing is the biggest monthly expense in the UK, especially in London. Families on welfare, pensions, immigrants and others struggle to pay the cost of monthly rent. Sharing this cost can help a budget.

Both councils and Citizens Advice also offer financial help for housing costs. Whether it is a bond or local housing allowance, or money from Universal Credits, both sharing housing and financial aid are options. Find a list of housing assistance schemes.

Share meals out

Restaurant meals can be enormous, sometimes tantamount to double portions making them about the right size for two modest eaters. If you’re watching your weight, or just not a big eater, you’d do well to go halves with someone else in your party next time you eat out, and split the cost. With the average Brit spending $90 per month of restaurants, this can be a great way to save money.
If you think the half-portion may not be quite enough for you, have a light, low-cost snack before you go out, or when you get home. A banana or a slice of toast will do fine.

Tickets

Whether you’re buying entry tickets for an event or travel tickets for a trip to an event in London or a holiday, you may be able to save money with a group ticket. Ticket-sellers, even including National Rail or www.ticketmaster.co.uk, often offer concessions for families, parties or even just two people together, so check the options whenever you’re buying tickets with friends or relatives. But when paying up-front for other adults in your group, remember to collect their contributions.

Travel accommodation and facilities

When traveling with a same-sex friend or sibling, you may like to consider sharing a twin-bed room, rather than paying for two separate ones. You can often save a significant amount this way. It might be wise to take earplugs in case your roommate snores, and if there’s a bathroom in with the deal, you may have to wait patiently for your friend to take their turn, but just think of the money you’ll be saving.

Once you start looking out for ways to save money by sharing, you’ll find many options. Draw the attention of all your friends, family and colleagues to this simple budget-controller, and start sharing costs right now.