Going on a holiday with friends is probably the most fun and exciting thing you can do to liven up your summer! If this is your first time planning a group vacation with your besties, we’ve got good news for you – Not only are you in for a great time, you’ll also save big bucks in the bargain.

There’s more than one reason why traveling in a group is easier on the pocket, compared to traveling solo. Indeed, a group holiday may very well be harder to organize, but if managed properly, it can help you seriously cut back on standard travel expenses.

Here are a few of our most loved approaches to saving extra cash when traveling in a group.

Inexpensive accommodation, of course!

Hotels and Bed & Breakfasts are the usual choice of travel accommodation for most people. However, if you’re not willing to compromise on location, comfort and hospitality, you may have to shell out quite a bit of money on a decent hotel close to the town center and all its attractions. And the longer you plan on staying, the higher the cost of accommodation will go.

If you’re traveling with your friends, you could opt for a rental home through online apps like Airbnb and Booking.com. Not only will you and your troop enjoy a comfortable and spacious living space, you’ll also be able to chip in and split the rental cost. This will allow you all to stay within a shoestring travel budget and give you more financial room to spend on other activities and experiences.

[Related: A Backpacker’s Guide to Traveling Across Europe]

Getting around is also so much cheaper

Who can deny the incredible appeal of touring a foreign land by car, and at your own pace? Now imagine if you wanted to go on a solo road trip across an exotic country. Renting a car all by yourself would be too expensive. Even if there were two passengers to split the cost, a car rental might end up being more expensive than public transport like trains and buses.

But if the road trip plan were to include a bunch of friends, that would make so much more sense! Not only will you be able to divide the rental fare and fuel costs, you’d also have a really comfortable time taking turns behind the wheel.

More dining, less whining

Food is right on top of most travelers’ agenda when exploring a new country. When you’re out and about on your own, proper restaurant dining may seem like a bit of a waste of money. Naturally, you’d love to try the local fare and visit popular food markets. But unless you’re already staying close to these local hot spots, it might be too expensive, or even unsafe at times, to venture out on your own.

With a group of friends in tow, you have the freedom to explore places that may not be right around the corner. Splitting the taxi ride to these hidden gems is a cool bonus too!

Not just that, if you’re staying in a rental home with a functioning kitchen, you can also go grocery shopping and cook your own meals. The extra sets of hands will make cooking meals a lot easier too.

An alternative: Hire a private chef/cook

This may appear a bit extravagant, but it is a great way to sample fresh local delicacies cooked by an expert. Paying for a cook’s services may not be too heavy on your pocket if you’re all splitting the expense.

Excursions, day trips, sightseeing – Save on everything

For many solo travelers, the tried and tested ways to see a new place may be the way to go. Think double-decker bus tours, all-inclusive day tours by licensed tour operators, or tours organized by international travel companies. Sounds drab and boring, doesn’t it?

Traveling in a group can allow you to use your numbers to your advantage. If you’d like to opt for a traditional city tour, you could get a discount off the total cost of the excursion. If you’d like to see the city like a local, you can hire a local tour guide to drive your group around and show you not just the big tourist attractions, but the lesser-know (and usually more charming) spots too. You’ll be able to get away from the swarm of tourists, get a real sense of the local culture, and save on the hefty costs of organized tours.

[Related: Top 7 Budget Travel Destinations for Your Next Vacation]

And last of all, did we mention you can also save on travel insurance when you apply for it as a group. So what are you waiting for? Start planning your next group vacation right away!