How Friendships Can Turn Into Financial Sustainability

September 19, 2021

Tackling debt together is a healthy and quicker way to get out of debt.

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In this section, we will explore the benefits of turning friends into business partners. In other words, we’ll be looking into how friendships can turn into financial sustainability.

There are a variety of ways that friends can help you make money. From a freelance writing partnership to a joint-venture business, there are many ways that your friend could support your success and vice versa.

Friends can be the best support system in life. They’re there for you through thick and thin. And now, thanks to the power of technology, friends can even help you make money!

How To Get Out Of Debt With Friends 

Money is a touchy subject for many people, as evidenced by the fact that one-third of Americans live paycheck to paycheck. In fact, for those that have debt, researchers estimate that the average person has $7,200 worth of credit card debt alone. The good news is that we don’t have to do it alone. Sometimes called “Debt Clubbing” and dubbed by Bruce McClary as the “D-word for Dummies”, joining with friends to tackle debt together can be a healthy way to take control of our finances and get out of debt.

The very first step that you must take is to set up a payment schedule and agree on how much everyone can afford to pay each month. Keep in mind: this will likely be less than your minimum payments, but think about it this way: you’ll be receiving the money earlier and paying less in interest.

The next step is to get a credit card consolidator. This is an organization that will negotiate with your creditors for a lower interest rate, on average 0.5%.

There are many different options for consolidating credit cards, but here are some of the most popular methods.

The first step is to transfer the balance to one credit card with a low or zero introductory interest rate. You can either call customer service or go online to apply for a new card and transfer your balance over. Be careful of the introductory term and make sure you pay off before the promotion is over.

Conclusion: The Power of Friendship When It Comes To Your Wallet

Your wallet benefits from the power of friendship.

Studies have shown that people who regularly spend time with their friends are much less likely to feel lonely or depressed, and are more likely to achieve success in all areas of life.

The power of friendship can also have a positive effect on your finances. A 2001 study showed that people who regularly spend time with their friends tend to be happier with their financial situation. Spending time with friends can also lead to better money management skills. And finally, research has shown that social support improves financial savings rates because people are less likely to engage in risky behaviors when they have friends around them.

Joola: Friends helping friends reach financial goals faster

Joola is a social savings app that lets you set up rotating savings and credit associations with friends. It provides an easy way for people to save money together, without the expensive fees.

Ways to use Joola:

– You can start a “savings round” with your team of friends, where each person puts in some amount of money into the round at different times. Once you get your payout, keep it in your account and only withdraw when you need it. 

– You can also get a payout early and use it to pay other high-interest loans. 

How it works: – You have to create an account on Joola before you can use it. – Then you can create a group and set the terms, invite your friends, and your payments will be deducted automatically from your bank account. Once you receive a payout, you can withdraw the amount easily to your bank account.

Get started here.