(C) Common Dreams This story was originally published by Common Dreams and is unaltered. . . . . . . . . . . How to Save Money With “Buy Nothing” Groups [1] ['Emily Cahill'] Date: 2023-03 With inflation continuing to hold at some of the highest levels in decades, many consumers are looking for a way to shop smarter—including getting something for nothing. Some have found an answer in "Buy Nothing" groups on social media. These neighborhood-based groups allow members to easily give away items they no longer want or need. Buy Nothing groups can be a good way to save some money on things you'd otherwise have to buy. What Are Buy Nothing Groups? When you sign up for a Buy Nothing group on a social media app, you'll see posts of items your neighbors no longer need, such as some unopened food they aren't going to cook, a bookshelf they don't want anymore or even exercise equipment. You can comment on things you would like and set up a pickup time if they are still available. These groups work on a "gifting economy," wherein there are no costs associated with receiving goods from the Buy Nothing group. It's not about swapping, bartering or buying for a low price. Things are simply free. The Buy Nothing Project was started in the Pacific Northwest by two friends who hoped it would help people buy less items that would eventually end up being thrown away or polluting local environments. It has since expanded into a community that encompasses thousands of independent neighborhood groups. Buy Nothing groups commonly operate on Facebook. To find your local Buy Nothing group, search your neighborhood name plus "Buy Nothing" to see if one pops up. Smaller cities and towns may have their own dedicated group. What Are the Benefits of Buy Nothing Groups? Buy Nothing groups offer some great financial benefits. These include: Free stuff: The most obvious benefit is that the items up for offer on Buy Nothing groups are available free of charge. The most obvious benefit is that the items up for offer on Buy Nothing groups are available free of charge. No tax: In states where there is state or local sales tax, free transactions remove sales tax, which could be significant, such as Louisiana's 9.55% combined sales tax or California's 7.25% state sales tax. In states where there is state or local sales tax, free transactions remove sales tax, which could be significant, such as Louisiana's 9.55% combined sales tax or California's 7.25% state sales tax. No shipping: By focusing on local items, group members can save on shipping costs associated with ordering online. By focusing on local items, group members can save on shipping costs associated with ordering online. No disposal/removal costs: Gifters in Buy Nothing groups can save on the cost of disposing of or removing large items such as mattresses or appliances, which require extra fees at some transfer stations or expensive transportation costs if you can't move it yourself. Financial Downsides of Buy Nothing Groups Like many shopping options, there are a few downsides to Buy Nothing groups that consumers should be aware of before getting involved. Some of the extra costs associated with free items include: Repair costs: Broken items may be more expensive to repair than you initially think. Research some replacement part prices before nabbing a free broken bike or tool. That free piano might need a costly tuning to get it playable, for example. Broken items may be more expensive to repair than you initially think. Research some replacement part prices before nabbing a free broken bike or tool. That free piano might need a costly tuning to get it playable, for example. Transport costs: Large items may still incur transportation costs, like renting a truck or paying someone to deliver it. Large items may still incur transportation costs, like renting a truck or paying someone to deliver it. No tax-deductible donations: While some 501(c)(3) thrift stores and organizations that accept donations are tax-deductible, the Buy Nothing Project is a B Corp and cash donations are not deductible, which means your physical donations likely are not either. Buy Nothing groups on social media are not a viable way to make tax-deductible donations. [END] --- [1] Url: https://www.experian.com/blogs/ask-experian/how-to-save-money-with-buy-nothing-groups/ Published and (C) by Common Dreams Content appears here under this condition or license: Creative Commons CC BY-NC-ND 3.0.. via Magical.Fish Gopher News Feeds: gopher://magical.fish/1/feeds/news/commondreams/