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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

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          Last Updated on March 29, 2021

          Life Insurance: A Secure Way To Protect Your Future.

          Life Insurance: A Secure Way To Protect Your Future.

          Life is a journey full of ups and downs. No one can actually predict what might happen the next moment; there are times where the happiest moments do not even take a second to turn into the gravest. Planning for your future can help you face such unwelcomed but irrepressible situations with much ease. We all want to make every memorable event of our life more special and to cherish all those moments happily and worry less, you must financially plan your future. But no one has control over life and death. Who would wish to see his family suffer in his absence? Insurance hands over the financial jeopardy of life’s happenings to an insurance company.

          Importance of getting a life insurance

          No one has control over life and death. Nobody would like to see their family suffering in an absence, and that’s why many people recommend life insurance. A life insurance plan is one of the best ways to secure the future of your family, even against those financial troubles after an untimely demise. These plans are safe and credible, and you could trust them for your family’s better future.

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          On the other hand, a life insurance policy is a contract between a company (insurance provider) and policyholder in which the insurance provider ensures to pay a certain amount of money to the nominated beneficiary in case of the policyholder’s death during the term of the agreement. There are different types of insurance plans, and it is important for you to know the benefits of those plans such as a funeral, medical or some life expenses provided they are mentioned in the agreement.

          Choosing the right insurance plan

          If you’re about to select an insurance plan, you should consider some important factors:

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          • The time at which you start investing in a program and the number of family members you want to get insured. Obviously, a married man with two children has different needs compared to a single one. The number of persons who are dependent on an individual also varies from person to person.
          • The next thing you need to consider is you and your family needs. What are your child’s dream, your retirement plans, for how long would your dependents need financial support, any personal injury, etc. And do not forget those events or situations that will surely demand a huge sum of money.
          • The next thing one must consider is your current income. You should preferably choose a plan which you can afford.

          Now you must be having a pretty clear idea of how to choose the best plan for you. Further, you should also compare various plans offered by different companies and numerous sites available online that help will you to compare them.

          Differences between life insurance plans

          Here’s a short brief of some plan categories you can choose according to your needs:

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          • Term Insurance Plan – You have to pay once, and your nominee gets the paid money under your misfortune demise. It ensures a person for a fixed time. If you survive the policy period, you do not get your premiums back.
          • Whole Life Policy – This plan continues for your lifetime. Under this, the policyholder has to pay regular premiums, until their death.
          • Endowment Policy –  In case the individual dies during the tenure, the beneficiary gets the amount assured. If the person survives the policy tenure, they gets back the premiums paid with other investment returns along with several other benefits.
          • Money Back Policy – In this a portion of the money invested is returned to the investor at regular intervals. If you survive the insurance term you get the entire amount back; else the beneficiary receives the entire sum assured.
          • ULIPs – These are the life insurance plans that offer you future security plus wealth creation options.

          Many people do not opt for whole life policy and endowment policy because of the high amount of money you need to pay, while others may prefer to opt for these if they have a high life expectancy. Surely you will find the best one for you.

          So what are you waiting for? Plan for your future and live a happier and carefree life today.

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          Featured photo credit: aryehsampson.com via aryehsampson.com

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