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Money saving tips & news

Money Saving Tips for Couples

Money Saving Tips for Couples

It’s no secret that money issues can cause fights between couples, but it doesn’t have to be that way, especially when there are plenty of ways that you can save money just by being in a relationship and no, we don’t mean sharing a pizza.

Whether you’re just starting out or happily settled, we’ve put together our best money saving tips for couples, no arguing necessary.

There Are Joint Savings to Be Had Just About Everywhere

From car insurance to railcards that means you both get discounted travel, you can get a couple’s discount on just about anything. It’s a great way to make savings as a couple, but also for yourself. If you’re due to switch phone contracts, why not see if they’re offering discount or even a monetary incentive by getting your other half to sign up too? A quick online search will give you countless offers, but it’s always worth asking customer services for a cheeky saving on being loved up.

Consolidate Your Finances

One of the biggest ways to make savings is to look at what you’re both spending money on, and seeing if there’s any way you can pool your resources. Maybe you both pay for a Netflix account, or your mobile phone contract could be a lot cheaper when you only ever ‘Whatsapp’ each other. From helping to pay off each other’s debts to going halves on the food shop, small changes can really add up to benefit the both of you.

Don’t Be Scared of a Joint Account

Plenty of couples are scared of opening a joint bank account but if you use it responsibly there’s no reason to. Whilst it’s certainly riskier to have your joint account as each other’s main account, having an account that you both pay things like rent, food shopping and bill money into is a really great way to fairly split various living costs, from the weekly shop to your energy bills. Just make sure you both agree how much you’re both paying in (and taking out…), and do your research to see if it will be a convenient option for your both.

Remember to Keep Some Independence

For every pro to being coupled up there’s always a con. Joint banking products link your credit file, which isn’t necessarily a problem... but can you trust your other half with their finances? If they’re prone to overspending or other money no-nos, make sure this isn’t impacting on your financial record because in this instance a problem shared most definitely isn’t a problem halved. If your name is attached to a financial product - such as a credit card - you could be just as liable, so be careful!

Give Yourself Goals for Your Savings

Whether you’re competitive or not, your savings can really benefit from being in a couple. Maybe you’re saving for your wedding, a deposit on a house or a holiday... having something you’re both a part of makes you more inclined to put more away. So set up an ISA, or even just put a jar on the kitchen table to pop your spare change into, just make sure that you’re both saving up for something you can both enjoy.

All it takes is a little bit of effort from both parties, and before you know it you’ll both be enjoying the financial benefits of being in a couple. And with money woes taken care of, there’s not much else to argue over. Apart from whose turn it is to do the washing up, of course.

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