Friends and Money

Between Coachella weekend two going on and all the music festivals ahead, we can't help but be in tune with, well, our favorite tunes. That's why we're proposing a music exchange to get in the spirit of the season.

It's a pretty simple (and old-school) concept, but one that's gotten lost with all the current ways to listen to music out there. Just ask friends to come over with their favorite songs, make sure you have speakers set up for all to hear, and listen to some jams all night. Bring out wine and cheese, but it doesn't have to be too fancy of an evening.

Chances are you'll end the night either hearing songs for the first time or reviving old ones you haven't listened to in ages. How's that for an easy but fun way to spend the night?

After months of traveling, gift-giving, and pricey nights out, save money and score quality time with your pals by hosting a board game potluck party. Invite over a handful of friends and ask each person to bring his or her favorite board game plus a snack to share. Take care of the drinks yourself or ask guests to pitch in if things become costly.

A few entertaining tips to try:

• Set up a table to stack all the games and, when guests arrive, ask them to write the name of their game on a slip of paper. Toss all the slips into a hat and draw them throughout the night to decide which game will be played next.
• Create fun, festive decorations and drink recipes that follow the board game theme. Glue Sorry game pieces to the top of cocktail stirrers, swap your living room rug for a Twister mat, or laminate Uno cards and turn them into drink coasters.
• Give the party a nostalgic feel and ask guests to bring the board games they loved as kids. Add to the old-school vibe by creating playlists of the songs that were popular when you were younger.

Have you hosted a board game potluck? Share your suggestions below.

Chances are you've heard of book clubs before, if not participated in one. But a magazine article club? That might be a different story. This weekend, instead of hosting a book club, plan a magazine article night.

It's very simple: just pick an article you find interesting and ask your friends to read it too. Then you can all come together over a glass of wine to discuss what caught your attention, what was missing, and more. It's much easier than a book club because you don't have to pick a date weeks in advance, your friends can most likely find the article online or at a kiosk, and depending on how long the story is, they can read it in less than an hour.

How's that for an easy but engaging weekend activity?

Save money and revamp your wardrobe all at once by hosting a clothing swap with your friends. Not only will you get a chance to clean out your closet, but you'll also be able to add new items for free. Make the event as small or as big as you'd like, and keep things fun by serving playful cocktails with simple appetizers.

A few tips to make the swap run smoothly:

• Ask each friend to bring the same number of items to keep things even. Encourage your guests to bring a variety of pieces, too, so that you're not left with 30 pairs of jeans.
• As people arrive, help them to arrange their clothing in a way that makes sense. Lay all the pieces out in a large room and group them by type so that guests can easily see each item.
• To give everyone a fair shot at choosing items, draw numbers from a hat and ask each person, in order, to pick out one thing. Redraw numbers before each round so that the same person isn't always getting the first pick.
• Make the most of your event by donating any extra items to a local nonprofit.

Have you hosted or attended a clothing swap? Share your suggestions below!

When you're dining out with friends and the check arrives, things can turn uncomfortable quickly. Is the tip included? Should the cost be divided evenly? Some people just ate appetizers, some people just had drinks, and only a handful brought cash — what do you do? Follow these quick tips to keep things pleasant when the bill appears.

• Make a date with the ATM. Unless you regularly keep cash in your wallet, you should always stop at the ATM before meeting up with a group. Some restaurants are picky about charging multiple credit cards, so think ahead and stop by the bank before any group get-togethers. Better yet, buy something to break all those $20 bills.
• Communicate early. As soon as everyone is settled in and preparing to order, initiate a casual conversation about their bill expectations. Find out whether your friends plan to order appetizers, full meals, or just drinks, then talk about tip options and come to a consensus on how you'll handle the tab.
• Pass the bill. It's polite to pass the check folder around the table so that everyone has a chance to look at the bill. Once each person has seen the tab and made their contribution, take charge and count the cash to make sure enough money has been added. If the total comes up short, don't single out any one person — instead, kindly let the entire group know how much more is needed and let each person decide whether she needs to chip in a bit more.

Many of us don't hesitate when it comes to lending a friend a few bucks here and there. But getting asked for a large sum is a whole different story and could get awkward if you're not sure know how to handle it. Consider these points before you find yourself in such a situation.

Basic questions to ask yourself:

• Is this person trustworthy? Recognizing whether this person is flaky in their day-to-day interactions or is notorious for impulsively blowing money can make all the difference when you're deciding whether to lend or not. Consider character more than how much you like her or how fun and nice she is.
• How close is your relationship? Is it your best friend of 20 years asking you for help, or is it a third cousin you only see a few times a year? Your relationship matters, and how well you know her will play a role in determining how reliable she is.
• Can you really afford it? Think of the worst-case scenario here. Say this person doesn't pay you back — can you afford to never see that money again? Only give what you're willing to lose. If you're comfortable helping out but not with the amount, then offer to give less than what she's asking for.
• Are there alternatives? Borrowing money might not be the only solution to your friend's problem, and that's something you can try to figure out together. Is she looking to buy a new car when you have a friend selling his at an affordable price? Brainstorm other options.

What to say if you're not comfortable lending:

• "I'm not financially in a position to lend money." That's really all you need to say, because no one should question this explanation. But be careful if it's not 100 percent true — you don't want to then brag to your friend about the big trip you're taking next month.
• "As a rule, I don't lend to friends." By making this type of blanket statement, she won't feel like there's something about her that's making you say no. It's simply your hard-and-fast rule. Just make sure you don't lend to another friend shortly after, which could cause hurt feelings.
• "To be honest . . . ": You've heard it a hundred times before, but in this scenario, honesty really is the best policy. Maybe you lent your friend money once before and and she still hasn't paid you back. There's nothing wrong with being upfront about your reasoning.

If you do decide to lend:

• Come up with a payment plan: Take time to sit down and decide on a repayment schedule that works for both of you. If you're clear about your expectations from the outset, then things will (hopefully) go smoothly.
• Get it in writing: Your best bet is to document the agreement. You can easily download a form online, write down the arrangement, and have both of you sign it. It's a standard practice, so chances are she won't be offended.

Money clubs are a great and fun way to stay on top of your finances. With friends supporting you, you can conquer the world and money issues! LearnVest shares how you can start one.

Thea, 31, a lawyer, lives in Brooklyn, NY. Although her friends are, in her own words, “bright, savvy, awesome women,” many felt lost financially — much like she did. “In fact, almost all of them knew someone else who was in the same financially adrift boat,” she says.

That’s when she got the idea to start a money group.

“The first meeting was held in my studio apartment in Brooklyn,” she told LearnVest. She served pizza and Diet Coke as the group of women took turns airing their money issues and goals.

RELATED: How to Change Your Life With Gratitude Lists

The women’s issues ranged from needing to pay down credit card debt after an amazing wedding to wondering how to invest in a 403(b) retirement account that she’d left empty for years. “We left that meeting,” she says, “with the same sense of empowerment we often feel in other areas of our lives, but that was usually missing when it came to our financial life.”

Although the women are still working through their money issues and goals, it is, as Thea puts it, “easier to take a journey with a group of amazing friends.”

Are Money Clubs the New Book Clubs?

There’s a reason Thea’s personal experience was so meaningful. Just like book clubs or wine clubs — or book clubs that double as wine clubs — money clubs are groups in which you can learn interesting stuff, discuss it, and get support from like-minded friends. And maybe even add alcohol to put people at ease.

In fact, while they’re now becoming popular again, money clubs have actually been around for a long time. Many groups of women in cities across the US meet up informally, but Candace Bahr, founder of the Women’s Institute For Financial Education, or WIFE, formalized the money club concept, creating the organization’s trademarked version back in 2004.

Read on for more.

This reader posted in our anonymous Savvy Confessions group, asking if how she should behave with her friends since she makes a lot more money than they do. Do you have any advice for her?

I make more money than my friends. Like a lot more. Many of them are barely scraping by while I'm living comfortably. I feel really bad about it and I try to cover up my lifestyle by not talking about the trips I'm taking and never inviting them over to see my apartment. I don't want to flaunt what I have in front of them. Many are working nonprofit jobs and are still students while I have been out in the workforce for a while and am pretty successful. How do you think I should act? It's quite stressful but I do it so that my friends won't feel uncomfortable but maybe I'm overthinking this. What do you think? I need a second opinion!

Pose your own anonymous questions or off-load your work confessions by posting in the Savvy Confessions group, and I'll find the right expert to help you out.

Traveling with pals is a blast, but trips can get complicated when the group isn't organized. It may seem easier to simply send a few texts and start booking, but a little bit of prepurchase prep can help to keep people happy. Even better? Planning ahead of time allows for more ideas and more research, so you're more likely to have that incredible vacation you're hoping for.

• Have a prep session. Get the group together to talk about destination ideas and travel dates. Skip long email threads or one-on-one phone calls to make sure that everyone's voice is heard and no one has to be the middleman.
• Assess budgets. Once everyone has agreed on the big picture, discuss the nitty-gritty details. It may feel a bit awkward, but encourage your pals to be open about their budgets so the group can set realistic expectations for the trip. Try creating a minibudget plan for the vacation, or keep things simple by deciding on a maximum spending amount.
• Divvy up responsibilities. Let each person take charge of a different travel duty to make sure everyone has a say in the particulars of the trip. For instance, one friend can research hotels while another checks on flights. Depending on how specific you'd like the plans to be, others in the group can look up local restaurants or fun things to do during the day.
• Hunt for discounts. Before too many things are set in stone, do a quick search across the Internet to find any relevant deals or discounts. Heading somewhere tropical? See if there's a price cut on parasailing. Going to a big city? Call the tourist center to see if you can get discounted tickets to shows or attractions in advance.
• Host a booking party. Sometimes anticipating a vacation can be almost as fun as actually taking one, so make the most of it and host a get-together for the group. Take that time to book all at once so everyone is on the same page, then boost excitement by serving festive drinks or watching a movie that relates to your plans.

Have you ever planned a trip with friends? Share your advice in the comments below!

This reader posted in our anonymous Savvy Confessions group, asking if she should give her friend a reality check. Do you have any advice for her?

I'm not sure if I should bite my tongue in this situation but I'm a little worried about my friend. She's talking about buying the latest smartphones and she recently went on a trip to Vegas. Oh, yeah. She's also unemployed. I know that her parents don't give her any money, so she's probably just living off her savings or digging herself deeper into credit card debt. I'm wondering if I need to stage a money "intervention." Do I give her advice or should I just leave her to her spendthrift ways?

Pose your own anonymous questions or off-load your work confessions by posting in the Savvy Confessions group, and I'll find the right expert to help you out.