Definition

To contribute your share to a collective pool—typically money, but can apply to anything being pooled together, from resources to substances. It's the equalizer that makes group projects actually possible.

Example Usage

If we each chip in five bucks, we'll have enough to order pizza for everyone.

Source: Urban Dictionary (https://www.urbandictionary.com/define.php?term=chip%20in&defid=6333951)