We all wish we could save more money but finding ways to cut back and pinch pennies can sometimes be a challenge. Luckily saving with a partner can take a lot of the stress out of the equation as you work together to meet your financial goals. So, check out these tips to help you and your significant other get started on your money-saving journey.
Set Savings Goals Together
Setting a saving goal is one of the best first steps to start saving money, a lot of the time couples do not save together simply because they are unsure what they are saving towards. So put your heads together and think about what it is the two of you desire.
Maybe you want to save enough to put a deposit down on a home, save for retirement, or just top up your emergency fund. Regularly discussing the things you want to save for together gives a focus to your saving plan and makes it much more likely that you’ll commit to it.
Combine Your Finances
If you and your partner live together then consider consolidating expenses wherever possible. Sharing expenses on the likes of phone bills, subscriptions and insurance will make them easier to both monitor and manage.
Find an online savings account you can open together to connect your funds and share on your outgoings and work together to see where you can budget and save. Regularly review your outgoings and make use of online comparison tools to ensure you are getting the best deals for your home bills.
Buy Used to Furnish Your Home
If you and your significant other are moving into a new home together then the costs of furnishing can quickly stack up if you’re not careful.
Instead of buying new, look for second hand or even free items at yard sales, thrift stores and flea markets. Depending on where you live, people may occasionally leave unwanted items on the curbside that can be snagged for free as well!
If you prefer doing your shopping online, then the likes of Facebook Marketplace and Freecycle are fantastic sites for furnishing your home for next to nothing.
One man’s junk is another man’s treasure, and with a bit of TLC and some paint, a set of tables and chairs or an entertainment centre can be freshened up to look good as new or dressed down for a trendy shabby chic look.
Go on Cheap Dates
Dinner out at a nice restaurant, concerts and cocktails, cinema and bowling can all make for brilliant dates, but boy do they cost a pretty penny.
When your next date night comes around try and come up with some inexpensive date ideas that will still make for a nice evening without the cost.
Swap dinner out for a delicious home-cooked meal, venture out for a leisurely hike at a nearby beauty spot and check local listings and news for free events near you. All these activities can be done for cheap, while still being a lot of fun.
Celebrate your Victories
Saving money can sometimes seem like a whole lot of stress and worry without much relief. Therefore, it is important to regularly check your progress and give one another a pat on the back when you have saved up some money together.
For example, when you reach a $500 order a takeaway at your favorite restaurant. Setting simple milestones and rewards like these is a great way to not only track your progress but also to make saving seem like less of a chore and something to be celebrated.