3 Ways Facebook Can Save You Money

Facebook (FB) is the undisputed leader in the realm of social networks, connecting 1.44 billion active monthly users as of the end of March. The site can sometimes get a bad rap as a hotbed of bullying, extramarital affairs, and fake news going viral.

However, Facebook can also help people feel less lonely. It can keep you in touch with family and old friends. It can also be the key to saving some serious money if you lean on it just right. Let's go over a few of the ways to score deals and shave costs through Facebook.

1. Follow the deals. You probably have your favorite local restaurants and stores. It's a good idea to click "Like" on their Facebook pages and get notifications sent to your news feed. Businesses often use the site to promote offers and fan contests that are available only to those following them.

There are also plenty of coupon aggregators, group-buying websites and deal hubs with pages on Facebook. You can use the site's search feature to find the type of deals that you are looking for, and if you want to see if you're on a reputable site, see if the site's fan page has a large number of followers or if there are "mutual friends" already connected to you who are already following the page.

2. Borrow what you need for a short time. If you need a pressure washer to renew your sidewalk or a circular saw for a home-improvement project, there are plenty of places where you can rent one. However, it also never hurts to ask on Facebook. I saw someone shave a ton of the cost of her child's upcoming birthday party by putting out a friendly request for folding tables, chairs and even a margarita maker for the adults.

It doesn't hurt to ask. On any given day there are folks asking for tuxedo rentals, camping equipment, and even a spare room for a visitor to crash. We're all friends on Facebook, right? Just pay it forward and be generous with what you have in the future.

3. Referrals you can believe in. Life happens, and there are times when you need a plumber, divorce attorney or cardiologist -- often for the same reason. You may not know one, and while scrolling through Yelp (YELP) or subscribing to Angie's List (ANGI) is a reasonable way to narrow your search to well-reviewed choices, don't discount the Facebook community.

Asking your friends for options should turn up some suggestions. The cherry on top is that making the call and saying you were referred by an existing client should make sure that you don't get gouged on pricing.

The same rule applies to vacation planning. Putting out a request for tips on your eventual destination should result in friends and family members chiming in on neat things to do and affordable places to stay. You may even have some Facebook friends that you didn't know were living there.

Motley Fool contributor Rick Munarriz has no position in any stocks mentioned. The Motley Fool recommends Facebook and Yelp. The Motley Fool owns shares of Facebook. Try any of our Foolish newsletter services free for 30 days. Check out our free report on one great stock to buy for 2015 and beyond.