Your Neighbors Can Actually Help You Save Money

Sharing with your neighbors is a nice thing to do, and it makes financial sense.

According to a new survey of over 2,000 U.S. adults by Nextdoor.com, 9 out of 10 Americans are willing to share with their neighbors. That sounds neighborly-like, but what’s really cool is that you can save and earn money while doing it.

Results from the survey include:

  • Reduce and reuse: 64 percent of Americans would be more likely to buy/sell an item if the buyer/seller lived close to their home.
  • Top 10 things people are willing to share with neighbors: food (78 percent), tools (71 percent), yard equipment (64 percent), a bike (36 percent), clothing (26 percent), shelter (26 percent), electronics (24 percent), kid toys (24 percent), childcare/babysitters (24 percent), a vehicle (15 percent).
  • Garage sales: 52 percent of Americans would be more likely to host a garage sale in spring if they had an easy way to get the word out to their neighbors.
  • Ride-share: 51 percent of Americans would engage in carpools with neighbors if they had an easy way to coordinate.
  • Save money: 50 percent of Americans would work with their neighbors to save money (e.g., group discounts on home services, split child care costs, shared meals) if they had a way to coordinate it.

Vincenzo Nelli from Philadelphia told Nextdoor.com that he organized a yard sale with five other neighbors on his block and “sold a variety of items from linens, to a sink from a recent bathroom remodel, to a decorative mirror. We made over $250 in a few hours and it was a successful day for all families involved.”

Gary Herman, President of Consolidated Credit, says sharing with your neighbors not only saves you money but it also helps build trust…

“When you split costs with neighbors on shared meals, home services and other things, you build a higher level of reliance on each other. You know you can count on one another when the chips are down. It’s a great feeling knowing someone will be there for you. You can also share tips on building a better budget and money management.”

Sharing costs is a great way to cut costs in your budget and find savings. For more financial tips, visit the personal finance section of the website to learn how to cut your expenses and save every day.