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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 April 3, 2019

          How to Nix Your Credit Card Debt in Less Than 3 Years

          How to Nix Your Credit Card Debt in Less Than 3 Years

          Debt is never a fun thing to be in. But, there are many actions that you can take that will help you rid yourself of the burden of debt once and for all.

          By coming up with a set plan, eliminating your debt can feel much easier than constantly thinking about it.

          This post will provide some tips on how you can do this to help you nix your credit card debt in less than 3 years.

          Hint: there are ways that are easier than you think.

          1. Consider Consolidating Multiple Credit Cards If Possible

          This may not be applicable to you, but if you have multiple cards – it is something to consider. Keeping up with multiple bills is time consuming.

          It will depend on the balance you have on each. Consolidate ones you can but do not do it to the point that you get too close to the maximum limit. Also, it is ideal to pick the card with the lower interest rate.

          Consider if there are any fees or alternatively, rewards, with transferring a balance to another card. Watch out for fees. Note that some cards offer rewards for transferring a balance to them. This is extra cash that can help go towards paying off your debt.

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          Having one or two cards can make nixing your debt much simpler than keeping up with the balance of a bunch of cards. Keeping track of paying the minimum towards a bunch of cards is time consuming. Spend the time to consolidate instead to make the overall process simpler going forward.

          My tip: Have one main credit card. Have a second one that you use for necessities – such as groceries or gas – that offers rewards for those purchases (a lot of cards do) and set the second one on auto-pay. You should be able to pay off a smaller amount on auto-pay if it is a necessity. If you think you cannot, then you may need to cut down a lot on expenses.

          Why do I suggest doing this? Having one thing set to auto-pay is one less thing to think about. One less thing to waste time on. Same idea with consolidating to one main card. Tracking down too many is a hassle.

          2. Try to Pay the Full Balance You Spent Each Month at the Very Least

          You need to pay off the amount you are spending each month when that bill comes in. This is the amount you spent THAT month.

          Do not let the debt keep accruing while you work on paying any unpaid debt that has accrued. It will become a never-ending battle. Try as best as you can to be current on paying for each month’s expenses when that month’s bill comes out.

          If this is a strain, consider why. You may need to cut expenses. Or you may need to consider other cards. Or look at where this money is going.

          3. Pay Extra When You Can – Every Small Amount Counts

          This cannot be emphasized enough. If you are looking at a lot of credit card debt, it can look daunting, but each extra amount that you can put towards the debt will really add up – no matter how small it is.

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          It does not just reduce the principal amount that you have left to pay off, but it reduces the amount that is collecting interest. You will always save money with that reduced interest.

          4. Create a Plan on How to Pay Extra

          Back to the main point, having this plan is giving you one less thing to think about.

          This plan should be a plan that works for you. If it does not work for you, your spending habits, and your views on debt, then it will not be an effective plan.

          For instance, if a set plan of an extra $50 (or another amount that you know you can afford) works for you, then do that. Set that aside every month and pay that extra amount. Treat it like a bill. Choose an amount that works for you and pay it like clockwork as though it was a bill you had to pay each month.

          Little amounts will not nix it entirely, but they will help tackle it and having a set plan can make it less of a chore. Creating a new plan of how much to put towards it each month is an unnecessary added stress.

          5. Cut out Costs for Services You Do Not Use

          If you are signed up for subscriptions that you do not use because of some free trial or for some other reason, cut it out. Your overall financial position will look better.

          In turn, that will make cutting your credit card debt easier. Look at your statements to find these expenses. If you do not use them, you may forget you are paying some unnecessary amount each month. Cutting it out can really add up in savings that you can put towards other needed expenses.

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          6. Get Aggressive About It

          Consider these points:

          Depending on the interest and the level of debt, you may need to give up a few indulgences. For example, instead of ordering delivery or going out to eat, cook at home. Everything adds up.

          Other things may be more of a sacrifice. It may be a trip you wanted to go on, or a daily latte habit you’ve picked up. In these instances, consider how important it is to you and if it’s worth the sacrifice. And if it is a costly expense, think whether you can wait to indulge.

          Cutting an extravagant expense can really help make a dent in your overall debt. Try not to add to debt when you are trying to pay it off. It will be a never-ending battle. Make it less of a battle with these tips and it will feel easier.

          Bottom line: Do what you can to make this process easier for you. Implement steps that do this. It takes time now, but will help overall. Also, keep track of your spending and paying down of your debts. Which is the next point.

          7. Reevaluate Your Progress at Set Intervals

          Doing a regular check-in can help you see your efforts pay off or maybe indicate that you need to give this a bit more effort. If you check every 3-6 months, it will not feel so much like a chore or feel so daunting.

          By doing this, you will be able to better understand your progress and perhaps readjust your plan. Bonus: if you see it pay off, it will feel great to do this check-in. You will get there.

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          Finally (and most importantly)…

          8. Keep Trying

          Do not get discouraged. Pushing it off will make it worse. Just keep trying.

          Once your debt becomes lower, each monthly payment will reduce the balance more. Why? You are paying less towards interest. It will be a snowball effect eventually and it will become much easier to manage. Just get to that point. And know once you do, it will feel easier and motivating.

          Start Knocking out Your Debt Today

          The best way to eliminate debt is to get started right away. Begin by implementing the above steps and watch your debt just melt away. Try out some of the above strategies and see what works best for you. Soon you’ll be on your way to a debt free life.

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          Featured photo credit: Pexels via pexels.com

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