4 Ways You & Your Friends Can Help Each Other Spend Less Money

Hailing from the Chicago Mercantile Exchange for First Business Network, Nicole Lapin went on to become the youngest anchor at both CNN and CNBC, while also contributing to MSNBC and Today. Current projects include the AOL Originals show I'll Never Forget My First, along with the CW original show Hatched. Nicole is a correspondent for the Wendy Williams Show and The Insider. Plus, she is really the only finance expert you don’t need a dictionary to understand.

 

In fact, help each other. Create a support system. Agree to go on a spending freeze together. And, of course, make it fun! Here’s how.

1. Instead of having a girls’ night out at that new bar on Friday night for $12 cocktails, have an even better girls’ night in. Grab a bottle of eight-dollar wine from Trader Joe’s and some snacks. Good company goes a long way!

2. Flirting with a new designer bag? It’s in your hand, you know it’s wrong, but you’re walking up to the salesperson to ring it up — phone a friend and have her talk you off the ledge. Take a picture of the bag and text it to your group to show them that you had the willpower to pass up.

Pro tip: Still thinking about that bag a few weeks (or months) later? If you really must have it, save with a friend! She likely has something on her wish list, too, and it’s easier to commit to saving long term if you go in on it together.

3. Create friendly competition around who is doing best at cutting expenses: Think “The Biggest Debt Loser.” Share how you were able to talk your cell phone provider into giving you a reduced rate or how you played your credit card companies against each other to cut your interest rate in half.

4. Have a clothing swap where you shop in each other’s closets; one woman’s trash is another woman’s come-up. And let’s be honest: most of us have way more dresses and tops than we need anyway.

No rich bitch is an island. As money issues become more intense, a like-minded community will keep you sane and moving in the right direction.

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