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15 Money-Saving Strategies for Couples

15 Money-Saving Strategies for Couples

If you and your partner have big plans coming up, whether it’s a vacation, marriage, new house or even a child, finding ways to pinch pennies can sometimes be difficult. However, there are some simple ideas to stretch dollars and cut corners in order to help you meet your financial goals. If you aren’t sure where to begin, here are 15 money-saving tips to get you started.

1. Go on Dates That Cost Next to Nothing

While going out to classy restaurants, concerts and sports games can make for amazing dates, they can also run your bank account dry. If you’re trying to save money, coming up with inexpensive date ideas is key. Having a dinner and movie night in, going to see a local band at a free event, or even going for a hike are fun and cheap.

2. Sign Up For Free Customer Rewards Programs

Taking advantage of free rewards programs can help you cut corners easily. Many media services like Netflix, Amazon Prime and Redbox offer free trials that can help you receive free movie rentals or get you waived shipping fees. Other types of rewards programs, which are through supermarkets or gas stations, can help you save money every time you shop.

3. If the Time Is Right, Move In Together

If you don’t already live together and are considering it, sharing a living space can save a huge amount of money. Not only do rent and utilities become easier to manage when you split the cost, but many other expenses like food and gas become cheaper as well.

4. When Furnishing A New Place, Buy Used

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buy used

    If you’re moving into an apartment and need furniture, buying new tables and chairs and everything in between can add up fast. Instead, bargain hunt at thrift shops, yard sales and flea markets. With a little TLC and a coat of spray paint, a coffee table or lamp can look like new. Or even better.

    5. Consolidate Whenever Possible

    To make the most of your money, consolidate expenses with your partner whenever possible. Easy things to consolidate include cell phone bills, magazine subscriptions and digital subscriptions.

    6. Make Your Own Cleaning Supplies

    cleaning supplies

      Spending money on items you don’t necessarily enjoy purchasing, like cleaning supplies, can be a bummer, especially when those expenses start to pile up. Instead, buy natural ingredients and make your own.

      7. Get Rid of Unnecessary Subscriptions

      Magazine subscriptions, cable bills and online media subscriptions are often the biggest culprits when it comes to hidden expenses.

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      8. Make the Most of Grocery Shopping

      Buying groceries is a huge drain on money, unless you do it right. Buy necessities (toilet paper, baking items and frozen food) on sale and in bulk. Also, before shopping, make an airtight grocery list so you don’t purchase anything unnecessary.

      9. Take Cheaper Vacations

      When possible, make your own meals and snacks instead of ordering out when you vacation. Also, look into camping instead of pricey hotels, or try to find a Groupon or other discount available.

      10. Combine Your Finances

      combine finances

        If you and your partner live together and share expenses, creating a joint account can help you create a budget for the items and expenses that you pay together, and save money in the process.

        11. Have Frequent Discussions About Your Goals

        When making any savings plan, it’s key to account for what your future goals are and what you’re actually saving for. By gauging what you want to have and what you want to accomplish in the future, you can adjust your savings plan as needed.

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        12. Adjust Your Insurance Policy

        If you pay high monthly insurance bills, you understand how much of a drain this can put on your finances. You’re not the only couple feeling this, as 1.7 million people declared bankruptcy in 2013 because of medical debt alone. To help ease this load, look for ways to adjust your insurance plan so that it’s more affordable.

        13. If You Have A Credit Card, Don’t Use It

        credit card

          If your goal is to pinch pennies and save money, stop spending with your credit card. While it may seem like a harmless way to boost your credit score, using this piece of plastic and becoming a little to trigger happy with it, can come with serious financial consequences.

          14. Make A Debt Plan

          If you and your significant other are currently in debt, making a plan to help you overcome it efficiently is all too important. By assessing your debts together, you can more comprehensively determine the best repayment plan to reduce expensive interest and get out of debt quicker.

          15. Re-Finance Your Student Loans

          Going to college wasn’t cheap, and you’re likely left with the student loans to prove it. If you and your significant other both have a plethora of student loans, do your best to consolidate.

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          Saving money can often feel like an impossible challenge. However, by making simple changes to how you and your partner spend and save, you can grow your savings at a faster rate.

          Images by jarmolukPublicDomainArchive

          Featured photo credit: Michael Pollak via flickr.com

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          Kayla Matthews

          Productivity and self-improvement blogger

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          Last Updated on January 21, 2020

          How to Develop a Millionaire Mindset in 6 Simple Steps

          How to Develop a Millionaire Mindset in 6 Simple Steps

          We all like to dream about being financially wealthy. For most people though, it remains a dream and nothing more. Why is that?

          It’s because most people don’t set their mind to achieving that goal. They might not be happy in their current situation but they’re comfortable – and comfort is one of the biggest enemies of growth.

          How do you go about developing that millionaire mindset? By following these simple steps:

          1. Focus On What You Want – And Take It!

          So many people are too timid to admit they want something and go for it. When there is something that you want to accomplish don’t think “I could never actually do that”, think “I could do that and I WILL do that”.

          Millionaires play to win, not to avoid defeat.

          This doesn’t mean to have to become a selfish jerk. What it means is becoming more assertive and honest with yourself. You don’t have to grab off other people. There is a big pot of unclaimed gold in the middle of the table — why shouldn’t you be the one to claim it? You deserve it!

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          2. Become Goal-Orientated

          It’s almost impossible to achieve anything if you don’t set firm goals. Only lottery winners become millionaires overnight. By setting yourself attainable goals, you will get there eventually. Don’t try to get rich quickly — get rich slowly.

          Let’s take the idea of making your first million dollars and expand on what kind of goals you might set to get there. Let’s also say you’re starting at a break-even position – you’re making enough to get by with a few luxuries, but nothing more.

          Your goal for the first year can be having $10,000 in the bank within a year. It won’t be easy but it is doable. Next, you need to figure out the steps you need to take to achieve that goal.

          Always look at ways to make growth before cutbacks. With that in mind, you might want to see if you can negotiate a pay rise with your boss, or if there’s another job out there that will pay better. You might be comfortable in your old job but remember, comfort stunts growth.

          You may also have other skills outside of your workplace that you can monetize to boost your bank balance. Maybe you can design websites for people, at a fee of course, or make alterations to clothes.

          If this is still not enough to make the money you need to save $10,000 in a year, then it’s time to look at cutbacks. Do you have a bunch of old junk that someone else might love? Sell it! Do you really need to spend $10 on your lunch everyday when you could make your own for a fraction of the cost?

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          If you are to become a millionaire, you need to start accumulating money.

          Here’re some tips to help you: How to Become Goal Oriented and Achieve More in Life

          3. Don’t Spend Your Money – Invest It

          The reason you need to accumulate money is for step three. Millionaires tend to be frugal people, and that’s because they know the true value of money is in investing. Being your own boss goes hand-in-hand with becoming a millionaire. You’ll want to quit your regular job at some point.

          Stop working for your money and make your money work for you.

          Rather than buying yourself a new iPad, that $500 could be used to invest in the stock market. Find the right shares (more on that later), and that money could easily double within a year.

          There’s not just the stock market — there’s also property, and your own education.

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          4. Never Stop Learning

          The best thing you can invest in is yourself.

          Once most people leave the education system, they think their learning days are over. Well theirs might be, but yours shouldn’t be. Successful people continually learn and adapt.

          Billionaire Warren Buffet estimates that he read at least 100 books on investing before he turned twenty. Most people never read another book after they’ve left school. Who would you rather be?

          Learn everything you can about how economics works, how the stocks markets work, how they trend.

          Learn new skills. If you have an interest in it, learn everything you can about it. You’d be surprised at how often, seemingly useless skills, can become extremely useful in the right situation.

          Start developing the habit of learning continuously: How to Create a Habit of Continuous Learning for a Better You

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          5. Think Big

          While I advise to start off with small goals, you absolutely should have a big goal in mind. If you have a business idea, then that is your ultimate goal – to start that business and make a success of it. If you want to invest your way to millions of dollars and do little work other than research, then that is your big goal.

          There is no shame in not achieving a big goal. If you run a business and aim to make $1 million profit in a year and “only” make $200,000, then you’re still significantly ahead of most people.

          Aim for the stars, if you fail you’ll still be over the moon.

          6. Enjoy the Attention

          To be successful, you have to be willing to promote yourself and enjoy the attention to a certain extent. Now the attention doesn’t need to be on yourself, it could be on your brand, but attention definitely attracts money.

          Never be embarrassed to get your name out there. That means finding a spotlight and being brave enough to step right up underneath it.

          If you run a business, try contacting the local papers. You’d be surprised at how amenable they often are to running a story about you and your business, and it’s all free publicity.

          Above all, remember: You control your own destiny. Push hard enough for anything and you’ll get it.

          More About Thinking Smart

          Featured photo credit: Austin Distel via unsplash.com

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