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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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          Published on November 20, 2018

          The Best Ways to Save Money Even Impulsive Spenders Can Get Behind

          The Best Ways to Save Money Even Impulsive Spenders Can Get Behind

          The truth is, there are many “money saving guides” online, but most don’t cover the root issue for not saving.

          Once I’d discovered a few key factors that allowed me to save 10k in one year, I realized why most articles couldn’t help me. The problem is that even with the right strategies you can still fail to save money. You need to have the right systems in place and the right mindset.

          In this guide, I’ll cover the best ways to save money — practical yet powerful steps you can take to start saving more. It won’t be easy but with hard work, I’m confident you’ll be able to save more money–even if you’re an impulsive spender.

          Why Your Past Prevents You from Saving Money

          Are you constantly thinking about your financial mistakes?

          If so, these thoughts are holding you back from saving.

          I get it, you wish you could go back in time to avoid your financial downfalls. But dwelling over your past will only rob you from your future. Instead, reflect on your mistakes and ask yourself what lessons you can learn from them.

          It wasn’t easy for me to accept that I had accumulated thousands of dollars in credit card debt. Once I did, I started heading in the right direction. Embrace your past failures and use them as an opportunity to set new financial goals.

          For example, after accepting that you’re thousands of dollars in debt create a plan to be debt free in a year or two. This way when you’ll be at peace even when you get negative thoughts about your finances. Now you can focus more time on saving and less on your past financial mistakes.

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          How to Effortlessly Track Your Spending

          Stop manually tracking your spending.

          Leverage powerful analytic tools such as Personal Capital and these money management apps to do the work for you. This tool has worked for me and has kept me motivated to why I’m saving in the first place. Once you login to your Personal Capital dashboard, you’re able to view your net worth.

          When I’d first signed up with Personal Capital, I had a negative net worth, but this motivated me to save more. With this tool, you can also view your spending patterns, expenses, and how much money you’re saving.

          Use your net worth as your north star to saving more. Whenever you experience financial setbacks, view how far you’ve come along. Saving money is only half the battle, being consistent is the other half.

          The Truth on Why You Keep Failing

          Saving money isn’t sexy. If it was, wouldn’t everyone be doing it?

          Some people are natural savers, but most are impulsive spenders. Instead of denying that you’re an impulsive spender, embrace it.

          Don’t try to save 60 to 70% of your income if this means you’ll live a miserable life. Saving money isn’t a race but a marathon. You’re saving for retirement and for large purchases.

          If you’re currently having a hard time saving, start spending more money on nice things. This may sound counterintuitive but hear me out. Wouldn’t it be better to save $200 each month for 12 months instead of $500 for 3 months?

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          Most people run into trouble because they create budgets that set them up for failure. This system won’t work for those who are frugal, but chances are they don’t need help saving. This system is for those who can’t save money and need to be rewarded for their hard work.

          Only because you’re buying nice things doesn’t mean that you’ll save less. Here are some rules you should have in place:

          1. Save more than 50% of your available money (after expenses)
          2. Only buy nice things after saving
          3. Automate your savings with automatic bank transfers

          These are the same rules that helped me save thousands each year while buying the latest iPhone. Focus only on items that are important to you. Remember, you can afford anything but not everything.

          How to Foolproof Yourself out of Debt

          Personal finance is a game. On one end, you’re earning money; and on the to other, you’re saving. But what ends up counting in the end isn’t how much you earn but how much you save. Research shows that about 60% of Americans spend more than they save.[1]

          So how can you separate yourself from the 60%?

          By not accumulating more debt. This way you’ll have more money to save and avoid having more financial obligations. A great way to stop accumulating debt is using cash to pay for all your transactions.

          This will be challenging, depending on how reliant you are with your credit card, but it’s worth the effort. Not only will you stop accruing debt, but you’ll also be more conscious with what you buy.

          For example, you’ll think twice about purchasing a new $200 headphone despite having the cash to buy them. According to a poll conducted by The CreditCards.com, 5 out of 6 Americans are impulsive spenders.[2]

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          Telling yourself that you’ll have the discipline to not buy things won’t cut it. This is equal to having junk food in your fridge while trying to eat healthy–it’s only a matter of time before you slip. By using cash to make your purchases, you’ll spend less and save more.

          A Proven Formula to Skyrocket Your Savings

          Having proven systems in place to help you save more is important, but they’re not the best way to save money.

          You can search for dozens of ways to save money, but there’ll always be a limit. Instead of spending the majority of your effort saving, look for ways to increase your income. The truth is that once you have the right systems in place, saving is easy.

          What’s challenging is earning more money. There are many routes you can take to achieve this. For example, you can work long and hard at your current job to earn a raise. But there’s one problem–you’re depending on someone else to give you a raise.

          Your company will have to have the budget, and you’ll have to know how to toot your own horn to get this raise. This isn’t to say that earning a raise is impossible, but things are better when you’re in control right? That’s why building a side-hustle is the best way to increase your income.

          Think of your side-hustle as a part-time job doing something you enjoy. You can sell items on eBay for a profit, or design websites for small businesses. Building a side-hustle will be on the hardest things you’ll do, be too stubborn to quit.

          During the early stages, you won’t be making money and that’s okay. Since you already have a source of income, you won’t be dependent on your side-hustle to pay for your expenses. Depending on how much time you invest in your side-hustle, it can one day replace your current income.

          Whatever route you take, focus more on earning and save as much as possible. You have more control than you give yourself credit for.

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          Transform Yourself into a Saving Money Machine

          Saving money isn’t complicated but it’s one of the hardest things you’ll do.

          By learning from your mistakes and rewarding yourself after saving you’ll save more. What would you do with an extra $200 or $500 each month? To some, this is life-changing money that can improve the quality of their lives.

          The truth is saving money is an art. Save too much and you’ll quit, but save too little and you’ll pay for the consequences in the future. Saving money takes effort and having the right systems in place.

          Imagine if you’d started saving an extra $100 this next month? Or, saved $20K in one year? Although it’s hard to imagine, this can be your reality if you follow the principles covered in this guide.

          Take a moment to brainstorm which goals you’d be able to reach if you had extra money each month. Use these goals as motivation to help you stay on track on your journey to saving more. If I was able to save thousands of dollars with little guidance, imagine what you’ll be able to do.

          What are you waiting for? Go and start saving money, the sky is your limit.

          Featured photo credit: rawpixel via unsplash.com

          Reference

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