4 Financial Perks of Traveling with Friends

Traveling is great. Being with friends is great. Why not combine the two and get the extra benefit of saving money?

Granted, you can’t travel with just anyone. It has to be the right set of friends. Some people are nice to be with a day or two but any longer and things get a little tense. But there are some financial perks to the having the “more the merrier” mentality when it comes to traveling with friends.

4 Great Financial Reasons to Travel with Friends

There are some trips that there is no financial incentive to travel together, just the knowledge of having a good time together is likely to result.

Yet on other trips you get some or all of the reasons below combined and that can lead to serious savings.

Let’s imagine a road trip to the beach as an example.

1. Shared Transportation Costs

If one couple drives to the beach they bear the full brunt of the cost of gas, maintenance, and other associated vehicle costs. Yet unless they are driving a tiny car or a convertible they probably have more room in the car for some additional people.

If another couple joins them both couples save money, and the drive is probably more bearable than it would be otherwise. At the very least the gas costs can be split in half. If the other couple is feeling generous they might pay a little extra to pay for the wear and tear on the vehicle, too.

2. Shared Accommodation Costs

If you stay at a hotel, even as a large group, you aren’t likely to get a big discount.

But renting a condo or home at the beach? Again, you’re taking a fixed cost and splitting it as many ways as possible. If it has two bedrooms then one couple won’t use the empty bedroom. Having another set of friends there cuts the cost in half.

3. Shared Food Costs

Going out to eat in a large group is only going to drive your costs up thanks to required gratuity.

However, if you are renting a place with a kitchen you can go grocery shopping and cook meals together. Not only is it always going to be less expensive (and likely healthier) than eating out, but you are splitting the cost and effort of the meals in half.

4. Maximizing Reward Points

If you are the person in your group of friends that likes to maximize credit card reward points and your friends would rather pay cash or not deal with it, then you’re in luck when you travel in a group. Just put all the spending on your card, tally up the total at the end of the trip, and have your fellow travelers write you a check or give you cash.

It can also make planning a trip a little bit easier when there is one person booking all of the accommodations rather than delegating each step of the trip to a different person. Accounting at the end – wait, did we split dinner that night or did everyone pay on their own? – can be a pain.

One fair warning on the points side of things. You can’t hog the points if you are not the only person who plays the game. That’s just a mean thing to do. (And you’ll probably end up traveling alone in the future!)

What are some other ways you can save money while traveling with friends? Leave a comment!

Kevin Mulligan is a debt reduction champion with a passion for teaching people how to budget and stay out of debt. He's building a personal finance freelance writing career and has written for RothIRA.com, Discover Bank, ING Direct, and many others.

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