14 Ways to Save Money as a Couple
Last updated on September 21st, 2024 at 10:28 am
If you’re struggling with cash as a couple most times, not saving money is among the factors leading to the problem. But it’s not too late, there are different ways to save money as a couple that you can use.
Putting money aside as savings is a wise financial practice take an example of a sinking fund, it saves even when times get tough.
A large number of couples around the world are struggling financially due to poor money practices and economic uncertainty. All this calls for money management best practices that work like budgeting and more.
In case you’re good at saving money but when your spouse isn’t, it’s quite challenging, but disagree to agree for both of you to contribute.
Sure, both of you when you’re working it’s wise to put money aside as savings to cover emergencies and other plans that matter like buying a home and starting a business.
Working things out together makes it much easier to achieve the desired financial goals on time compared to doing things alone.
How to Save Money as a Couple
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Budget Money
That small amount that you earn has to be budgeted for every month if you’re to meet your future goals fast. Budgeting helps you keep track of your money such that it is properly allocated.
And gives you a clear picture of your income and expenditure. Here you can easily determine which items are unnecessarily costing you to cut spending. When you cut spending on certain items, it boosts savings hence achieving the savings target much faster.
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Use a Joint Bank Account
Getting an account where both of you can monitor each one’s finances is such a great strategy to use as a couple to effectively manage money. A joint account will cost you less in maintenance charges compared to when both of you have different accounts.
And putting money together as a couple is best practice when you have common goals to meet over time. Using a joint account it’s hard to spend without planning together hence tracking each other’s expenses to avoid unnecessary expenditures to save.
If you want to meet saving goals ahead of time as a couple, a joint account will do you good in your saving journey. Sure, you only spend when it’s agreed upon by you and your partner.
Therefore, in case you’re challenged with savings as a couple, opening up a joint account can save the situation.
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Spend One Paycheck
Where you’re both earning a paycheck every end of the month as a couple it would be wise to budget for one paycheck and save the other. This helps to grow your savings faster, which is not the case when you’re alone.
It might be hard to adopt the practice in the first place but you need to both agree for the strategy to work out. Yes, get clear about whose salary is going to be saved or spent on basic needs and discretionary.
If saving is done in such a way with your partner, the savings target can be achieved in time.
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Set Goals Together
As a couple, you need to be on the same page in terms of money to be able to spend it responsibly. Agree on what needs to be cut back on to reduce spending to save.
Setting future saving plans together is a real game changer for couples that would want to reach their money-saving goals in time.
Where you decide to have a no-spend challenge, you’ll both not be bothered by the situation until when the intended plan is met. Yes, sometimes you may decide not to spend any money to save more as a couple.
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Share with Your Partner about the Expenditure
If you want to save money as a couple you should be open to each other when it comes to spending. It’s not good financial practice for the two to hide costs yet you have plans to meet.
Talking to your partner about any expenditure creates room for discussion on whether it’s worth spending or not at that time.
Many couples around the world spend without sharing with their partners, this delays their savings plans most of the time.
But when you share about costs, any expenditure that comes up and was not put into the budget is less prioritized.
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Week Day Outings
As a couple, going for outings helps to maintain a strong relationship but you need to spend on budget. If you want to save with your partner, outings should be done during weekdays.
Happening places during the weekend are costly compared to weekdays when people are busy with work. This kind of strategized spending on outings is also among the best ways to cut spending to save more on a budget.
I like going out during weekdays when places are not congested yet with great cheap offers all through until the start of the weekend.
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Exercising From Home
Do you know that you can save a lot of money on gym subscriptions when you start exercising from home as a couple? Let’s say you work out three times a week paying $12 a week per head, which is equivalent to $24 a couple every week.
It’s quite a lot of money for a month but if exercising is done at home together, doing this can save you thousands of dollars in a year.
Honestly, it’s possible cutting gym subscriptions exercising from home using online workout apps at no cost to you at all. Working out with your spouse builds a healthy relationship and at the same time saves you money on gym membership.
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Look Out For Discounted Offers
If it means shopping around together to get better deals as a way to cut spending, then do it for the best. It gets even much easier moving around together to find what fits your budget.
And guess what? Don’t stick to one shopping store, there’s a variety of stores that offer goodies at almost half the price you buy now.
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Create Sinking Funds
Putting up sinking categories as a couple is a wise decision when you want to save money for short-term and recurring expenditures like rent, bills, and home repairs. Using the sinking approach can save couples a lot of money for different items that may be waiting to be spent money on overtime.
Sure, there’s ready money for any expected expenditure under the sinking fund categories list that is put up as agreed together. Plan out a realistic sinking fund categories list that you can easily stick to as a couple.
It’s a good financial practice to budget for expenses ahead of time for proper allocation of funds.
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Marriage Tax Benefits
Even when you’re a married couple filing returns is done individually, and when done together it’s against the law and hence may result in penalties unless otherwise. But that’s not the end of it all, there are some benefits that come with being a married couple to enjoy.
Let’s say you want to get some tax deductions when you have a good income compared to your partner, just switch from w-4 withholding to married. Many don’t take the time to look into tax benefits in marriage, but it’s worth working it out to save more.
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Meal Plan
How to save money as a couple, right? Another best way couples can use to save money is by planning meals the right way. The grocery stores and restaurants that you use also matter a lot if you want to save money on meals.
When you’re living alone at times you may decide not to eat at home for some time because planning meals may be boring, but when you’re a couple it’s very costly eating out yet you can plan meals together to cut expenditures.
However, when you’re both working you need to share responsibilities when it comes to preparing meals to avoid wastage. Trust me, meal planning will save you a lot of money for a lifetime.
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Do Away With Babysitting Costs
I don’t know about you, but talking to neighbors about taking care of each other’s kids when not around can save you money. Yes, there’re hundreds of dollars spent on babysitters by busy married couples every month.
If you want to boost your monthly savings, sharing responsibilities with immediate neighbors and family member is a good idea.
With this in place, you just need to make sure that you schedule yourself accordingly to be there for others when it’s the right time to make the most out of the practice.
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Gift Seasonally
If you want to save more money as a couple, avoid frequent gifts to friends and family members. Gifting takes a lot of money that’s why you need to budget for it seasonally to cut expenditures.
Put the money into other expenses that matter most compared to buying gifts for others all the time. And don’t get me wrong, gifting isn’t bad but it shouldn’t be prioritized.
Gifting seasonally is a strategic move in a way that you don’t spend outside your calendar.
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Drive One Car
Saving money together you don’t have to do much, use one car with your partner to reduce transport costs to save more. This is a no-brainer approach because you’re incurring different costs on transport yet you’re under the same roof.
Even when you’re working from different places, still it’s possible to use one car. Sell off the second car you have to replace it with public transport and share the car accordingly.
FAQs
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What Is The Best Way To Save Money As A Couple?
All the money-saving practices written about apply in our daily lives hence sticking to one may not be so effective and some apply to specific costs.
And a practice is best when applied to the right cost to save, for example, creating a sinking fund to save money for future expected costs.
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As A Couple, Do We Both Need To Be Working To Save Money?
You don’t all need to be working to save money, but you can sit down and plan together how to manage the little you have the best way possible.
Sure, even though your partner isn’t working would be having constructive ideas that can enable you to cut spending to save.
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How Can We Boost Our Savings As A Couple To Reach The Money Goals Fast?
The ways talked about above can also boost your savings when you’re consistent but there are also other ways like starting up a side hustle, automating finances, tracking spending, and more.
The End of Ways to Save Money as a Couple
Planning together as a couple can save you a lot of money on many items that you can’t do while you’re alone. And putting into practice all the things talked about is one thing you’ll never regret starting.
I think we had enough about the topic hope all this gets you well wherever you’re around the world, I appreciate your time.
