Yes definitely it will help in reducing cost of your stays or some transport money which you can share. But It is important that the person you are traveling with has the same passion for traveling as you do, since you don't wanna miss out on places because the other person doesn't find it worth visiting.
Hi Giridhar,
You can't travel with any friend. You have to be very specific with the likes /dislikes/ compatability while travelling. It's true that the travel expenses get halved. But I am sure you do not want to miss out fun and adventure while you travel. So before proposing this idea, please discuss all the points with your co traveler friend so that you are not left with things to sort out during the trip and you can just focus on your travel.
I guess both types of travel has it's own beauty and shortcomings. Sharing your experience of travel adds to memories and experiencing the travel alone adds to the knowledge. Should try both to understand which one is your favorite ☺