Looking for ways you and your spouse can save money together? Look no further! These incredible money saving tips for couples will help you save BIG!
Navigating finances with someone else can be difficult in a few different ways. If you aren’t on the same page, it can also lead to a lot of misunderstandings. This guide is going to give you the absolute best money saving tips for couples.
Everyone grows up with heir own set of rules and ideals for how to save and manage money. When you combine yours with another’s, there can be an additional can of worms to navigate around.
Money saving tips as an individual versus money saving tips for couples are completely different! There are additional feelings, emotions, thoughts, and ideals to juggle. These tips are exactly what you need in order to ensure you and your spouse are on the right page.
Here are the best money saving tips for couples to keep building wealth as a team.
Be honest and clear about your personal finances
In order to make the most of your situation, you both need to be transparent about it. The last thing you want is surprises, so be sure to talk about the good, bad, and the ugly. Adding up expenses in each column will show you where you stand financially. It will also create an open conversation about what you should do moving forward.
Let’s say, for example, you both have a lot of student loan debt and one of you has debt on a vehicle. Adding up all of those debts, along with what you’re bringing in to the household, will show you the net result of what you’re looking at.
Talk about goals together
The best way to save money is to establish goals in order to be on the same page. Spending money frivolously is the fastest way to not get what you want. By discussing your goals, you become a united front and tackle whatever you need to do, together.
Whether you’re trying to pay down debt, or you’re saving to buy something for the two of you, there’s strength in numbers. Money saving tips start from discussing goals so that you can win together!
Tackle debt
The biggest money suck is when you have to pay interest on something you owe. Whether it’s in your spouse’s name or yours, getting rid of debt is so important! If you look at how much you pay in interest. Then look at what those interest payment could be going toward instead. The great news is that together, you have a bigger shovel in order to dig yourself out of debt.
Related Article: Top 5 Get Out of Debt Tips
Categorize your spending
If you haven’t done so yet, manually look at your spending habits – it will tell you a lot about each other. By categorizing your spending, you’ll see where most of your money is going. Personally, it made me realize how much money I was spending on eating and eating out. But maybe you have a different spending “vice.”
Start trimming your spending
Work together to decide what is ok for you both to give up, and what you have to keep. For example, you can’t just stop paying on your mortgage or rent (you can downsize, but that’s a whole other can of worms!). But you can decide to cut down on eating out or going shopping.
Make decisions beforehand, together
It takes a united front to make sure you both are on the same page and working toward the same things. Making decisions before you pull any triggers will really help. If one of you veers off the path you both planned out, it can lead to resentment, so stay on the plan!
Also, having a plan lets you know your financial boundaries. You might not want to discuss every single cent, but sometimes it’s easier to just say, “let’s discuss if it’s going to be over a certain amount of money.” That allows you the freedom yet barriers that will help you save money.
Build an Emergency Fund
One of the best money saving tips as a couple is to build an emergency fund together for any unforeseen expenses. Doing so will help you save in the long run because you won’t be panicked or stressed when something comes and tries to jostle your goals.
I’ve seen it time and time again where someone is working hard to save money and not spend it. One their plans are “ruined,” that’s when they decide to just go on a spending spree because why not? The last you want is go back to square one because of a little set back – and having and emergency fund will help you and your partner in staying true to your goals.
Eat out less
We touched on this a little earlier, but eating out is a huge culprit. Making your own meals can still be exciting! Whether you choose to cook together, or you make your date nights special another way, eating out less will save you TONS.
This is super difficult initially, but eventually, you’ll make making meals for you and your spouse a habit. Once it’s a habit, it’s a lot easier to maintain this change!
Barter or ask for a discount
Everything is negotiable! In my best business books outline, I discuss one of my favorite negotiating books, Getting More. As a couple you can both discuss not paying retail for things if you can help it.
I’ve gone into stores and asked for discounts before and they were given to me. I’ve also asked to trade or barter in exchange for services or items. You’d be SHOCKED what you can do if you just ask. This is definitely a muscle you need to flex in order to feel more comfortable with it. But once you do, it’s money saving time!