Advertising

15 Money-Saving Strategies for Couples

15 Money-Saving Strategies for Couples
Advertising

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

Advertising

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.

      Advertising

      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.

        Advertising

        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.

          Advertising

          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

          More by this author

          Kayla Matthews

          Productivity and self-improvement blogger

          10 Best Free Job Apps You Need For Effective Job Hunting 41 Beautiful Pictures That Show What True Love Is All About 50 Best Documentaries Of All Time That Will Change Your Life Try One of These Nighttime Routines for a Better Morning 10 Self-Improvement Tips for Winter (None of Which Require Leaving the House)

          Trending in Money

          1 Financial Freedom is Not a Fantasy: 9 Secrets to Get You There 2 40 Healthy And Really Delicious Meals You Can Make Under $5 3 Life Insurance: A Secure Way To Protect Your Future. 4 How To Save Money On Groceries: 13 Quick Tips 5 10 Investment Tips For Beginners

          Read Next

          Advertising
          Advertising

          Last Updated on July 20, 2021

          Financial Freedom is Not a Fantasy: 9 Secrets to Get You There

          Financial Freedom is Not a Fantasy: 9 Secrets to Get You There
          Advertising

          Have you ever considered your life now, and how it would be if you had more time to spend with your family and less worries about money?

          Nowadays, financial stress is one of the most troublesome weights in life. If you’ve ever encountered financial stress, you know the difficulty of not having enough income to pay your obligations or bills.

          Many people say that money is not the ultimate goal of life. While that’s true, money certainly plays a very significant role. The meaning of financial freedom changes with the different phases of our life, but ultimately, it is something that many people strive for.

          In this article, we’ll explain how to capture that financial freedom you’ve been looking for. Read on to learn the secrets to financial freedom.

          Break Free of Your Finances

          Financial freedom is about having a constant flow of cash from your assets to cover all your regular needs.

          When you are not worried about your income, or living paycheck to paycheck, you gain a great sense of freedom. It’s the freedom to be obtain and do what you truly need to make your way through everyday life.

          Gaining financial freedom, though, is a process of growth, making small improvements and gaining emotional strength.

          Though it seems hard to believe, it is really very simple to get financial freedom.

          To do so, you simply need to make sure that your assets exceed your liabilities. In other words, you’ll need to find the sweet-spot where your residuals meet or surpass your expenses. This is something that you can achieve with the proper plan.

          While not every person will accomplish financial freedom, the potential for anyone to do so is certainly there. Anyone can achieve this success, regardless of their income level.

          Advertising

          Outlined below are 9 secrets that will help you in your goals of achieving financial freedom.

          1. Stop Unnecessary Spending

          We often spend money inwardly, instead of objectively.

          For example, you may spend when you’re anxious, depressed, restless, exhausted, from fear of missing out, or to please others. This is a very unhealthy way to handle your finances.

          To stop this habitual spending, log down all your spending over the course of a month.

          Just as some people keep a food diary, keep an expense diary. Remember not to just write down how much and what you spent the money on, also include the circumstances of why you spent the money. Was it an impulse buy at the checkout line or was it something you planned to purchase?

          This increased self-awareness could enable you to avoid triggering situations in the future when you are considering an impulse buy.

          2. Plan a Monthly Budget

          This is a great opportunity to get serious.

          Take a seat with your spouse or partner and make a monthly budget based on your income, not your expenses. You are never again going to spend more cash then you have on hand.

          Overspending is the thing that led you to more financial obligations. Make sure you decide every month what is coming in and what will be going out and stick to that budget… no matter what.

          3. Cut-up Credit Cards

          Perhaps you are the type of person who always pays your credit card balance in full before the end of your billing cycle, and enjoys the reward points you gain. If this is the case, then you’re already way ahead of the game.

          Advertising

          If not, you may want to consider ridding your life of the burden that credit cards bring.

          Many cards have strategies set up so that if you make a certain number of late payments, they will raise your interest rate much higher. This can really add up in the long run and you won’t be doing your financial situation any favors. If you’re prone to late payments or have a large balance due on your cards, cut them up!

          Without proper self control on credit card spending and payments, you are basically throwing your money away. To ensure that you have better control over your spending, use only cash or debit for all future purchases (and don’t forget to pay at least your minimum payment on your cut-up cards each month!).

          4. Increase Savings

          There is no doubt that for a comfortable retirement you must accumulate satisfactory savings throughout your working life.

          It’s good practice to save up to 15% of your income.

          Start with your workplace 401(k), if you have one. If not, a Roth IRA (if you are eligible) or a traditional IRA (if you are not eligible for the Roth) are the next logical steps.

          Increase in longevity means you might be able to look forward to 25 to 30 years in retirement, or possibly even significantly more. Investing now in good retirement plans will ensure that you have a guaranteed a stable monthly income when the time comes to stop working. [1]

          5. Invest Wisely

          Consider investing in funds.

          Specifically, you will gain higher returns if you invest in different types of mutual funds such as Debt funds, Equity funds and Hybrid funds with a proper balance, although it absolutely relies on your personal preferences and sense of risk taking.

          To get the most of these benefits, make sure you are investing in a variety of assets. Another resource of investing in mutual funds is SIP (Systematic Investment Plan) where you invest some money every month in funds. SIP works by averaging the per unit price of the stock.

          Advertising

          Mutual fund investors are aware of the benefits of an SIP (Systematic Investment Plan). For one, it is the most secure way to invest in equity mutual plans so that wealth is created over a long period of time. This plan also helps you to gain a better sense of financial discipline, which will come in handy in all your financial endeavors.

          6. Invest in Gold

          There isn’t really a better way to invest in gold than to have the physical gold itself in your possession.

          You can purchase gold coins and bars from mints as well as from coin dealers and other private sellers.

          Another way to invest in gold is through ETFs (Exchange Traded Funds).

          These are is similar to mutual funds but they are exclusively investments of gold. ETFs are great because they offer more liquidity; the ETF owns the actual physical gold, stores it, and retains the value of the shares. These shares can then be bought and sold in the stock market, and one big benefit is that the transaction costs of gold ETFs are much lower than the that of physical gold.

          With its consistently-increasing demand, investment in gold can be very wise long-term investment to make.

          7. Stash Emergency Funds

          Whether it’s a cash gift or a work bonus, always try to save any extra money that comes your way rather than making unneeded purchases.

          If you get paid every other week, you’ll get an “extra” paycheck (three rather than the usual two) twice a year. Either save those paychecks towards your emergency funds or utilize the money to pay down other obligations, such as loans, credit cards or other debts.

          Make it hard to get your cash.

          Put your savings in an alternate bank, maybe an online bank that forces you to delay for several business days before transferred money hits your regular bank account.

          Advertising

          8. Find Fabulous Mentors

          Find a mentor, such as a friend or family member, who has exceptional control over their finances and pay attention to everything they do.

          If you do not have any friends or family that are enjoying financial freedom, then find a mentor online! There are numerous blogs and guru websites featuring the advice of many people who have reached financial freedom, and they exist primarily to let you in on how to achieve it for yourself.

          There are also plentiful forums available that share tips and tricks on how to best achieve financial freedom. Read as much as you can and start changing your habits for the better.

          9. Be Extra Patient

          Patience is the key of financial success.

          Being patient can be quite tough, especially when you’re struggling with your finances, but having faith is worth it. You’ll continuously be on the right track if you are taking the proper steps above.

          So don’t be discouraged, even if you are only saving a few dollars a month; it all adds up. Within just a few years you’ll look back proudly at your accomplishments and be glad that you had the patience to get there.

          Financial Freedom for All

          Anyone can achieve financial freedom, regardless of their financial circumstance.

          Use the tips provided above to get yourself on the track to financial freedom and toss your monetary concerns out the window. If you wish to achieve a life with financial freedom for yourself and your family then you must adopt a disciplined approach towards your finances.

          Following the simple secrets above is a great start to making your money work for you, so you can work less and live more!

          Featured photo credit: rawpixel via unsplash.com

          Advertising

          Reference

          [1] Hartford Gold Group: IRA Retirement Accounts

          Read Next