How our money experts save money, #10 in a series

One of the easiest things to say you'll do when shifting into savings
overdrive is to cut back on eating out. It's also one of the hardest if
spending money figures heavily into your social life.

That's especially true if you have dinner pals who think nothing of picking
the swankiest joint in town, and ordering the rack of lamb and the $120 bottle
of cabernet. A friend like this may offer to pay for the wine and even the
meal, but more often than not pride will compel you to split the tab. And while
the flavor of that fab cab may linger on your palate for some moments, the dent to your
funds can leave a bad taste in your mouth for months.

With that in mind, I'd like to offer these suggestions for the social side
of savings, based on personal experience.

1. Let your friends know you're in savings mode. You might even want to
mention a goal you're saving for. If they're good enough friends, they'll
understand and change their expectations about how you spend time together.
When I've used this tactic, friends often admit that they, too, are looking to save money.

2, Make sure YOU pick the restaurant. That'll help you control the damage.
Often, you can research the menu online in advance.

3. Organize potluck dinner parties. They're less work on the host, lower in cost,
and wonderfully informal. One budget-minded buddy and I periodically have a
clean-out-your-refrigerator dinner, usually on a Sunday night when we're
tired of cooking. We contribute forgotten frozen appetizers, one-serving
leftovers, orphaned condiments, and half-finished bottles of wine. The
result is a delightful smörgåsbord and a less-cluttered fridge.

4. Entertain for brunch instead of dinner. My brunch main course is often as
simple and inexpensive as a quiche or homemade frittata. Because it's
brunch, you won't need to serve alcohol, as you might with dinner. (However,
if Champagne-and-orange juice mimosas are de rigueur at your brunch table,
check out our Ratings of sparkling wine, which include one CR Best Buy for $10.)

5. Arrange to spend time with friends doing low-cost activities, such as
attending the local high school football game or a community picnic.
Volunteer work is a great way to bond with family and friends while spending
little and getting back a lot. Learn to play bridge, or organize a game
night. I'd take camping with my penny-pinching pals over a chain motel any
summer weekend.

6, Agree with gift-giving friends to set a dollar limit on your reciprocal
gifts. You might even organize a grab bag. Once at a holiday party, my
friends and I exchanged CDs we'd outgrown; the eclectic mix provided for
some good laughs. Ask your friends to donate to a charity in your name
rather than giving a present; you can do the same for them.
The benefits of this strategy are threefold: The charity gets the funds, the
donor—if he or she itemizes—gets a tax deduction, and no one but the donor
and the charity has to know how much was spent.

If your big-spending friends can't handle the change, maybe it's time to take a
break from them. That doesn't mean you have to dump them. But wait 'til you've
reached your savings goal, then budget for that big night out.—Tobie Stanger, senior editor

Do you have an unusual money-saving tip to share? Please post a comment, below.