This is your friendly reminder that Sunday is Valentine’s day. Whether you love it or feel it’s a holiday that Hallmark made up, there’s no doubt that this time of the year is when love and relationships are highlighted. We decided to focus this week’s blog on one of the things that can tear even the most lovey dovey of couples apart…finances. Finances are always cited within the top 5 causes of divorce, so in an effort to maintain your happy relationship, we’re sharing 10 money saving tips than can help couples.
- Make Savings a Competition
There’s nothing like a little friendly competition to bring people together. The creator of Debt Roundup has a monthly competition with his wife. Whoever saves the most, as a percentage of their income that month, treats the other to dinner. We think this sounds like a fun way to build comradery as well as your bank account!
- Create a Budget
“That which is measured, improves” are very wise words. You can’t stay on track if there’s no track to begin with. Sit down with your partner and organize a budget you’d like to stick to. Each month, track your progress and make any needed adjustments to ensure you’re hitting your goals.
- Use a Saving App
We don’t want to toot our own horn, but an app like PennyProfit can be super helpful for couples who are trying to save a little cash. You can set up a general wallet to keep your spare change in or set up personal or joint Jars with specific goals. One Jar we see couples make pretty frequently is a Date Night Jar that allows them to go out on the town once a month or so without feeling like they’re overspending.
- Live Off One Income, Save The Other
If you are fortunate enough to be in a situation where one partner’s income can suffice for the two of your expenses, it is very smart to save the other person’s income. This way you know that every month you are saving and contributing to your future.
- Take Advantage of Tax Breaks
Depending on your specific situation, being married can offer a larger tax benefit than one could obtain as a single filer. Filing your taxes jointly can ensure you receive any benefits that will come from your status. This could mean tax return moolah!
- Make Wednesday Date Night
Ok, now this one doesn’t apply specifically to Wednesday, however, moving your date night from the weekends to week nights can actually be a huge source of savings. A lot of restaurants and entertainment facilities like bowling, the movies, etc have doorbuster sales to try to get a crowd on week nights. Additionally, if you have kids it’s likely that your friends and family will be in on the week days and may be willing to be a free babysitter so you can save on that bill as well!
- Plan Meals Ahead of Time
We all need spontaneous Mcdonald’s and pizza sometimes, undoubtedly. However, if you’re always flying by the seat of your pants when it comes to dinner then you might be spending more than you need to. Planning out meals ensures that you have the right proportions of the right ingredients to make something delicious that fills your tummy without emptying your wallet. Prepping home cooked meals can save a lot of money and provide a source of conversation and fun while you guys cook.
- Do Babysitting Swaps
Remember how you tried to coax your friends into babysitting your kid’s last date night? Well, they’ll be a lot more excited to help out when they’re benefiting as well. Trade off free babysitting duties with friends and family to save on child care costs.
- Have Money Meetings
Whether you want to have them on a weekly, bi-weekly, or monthly basis, having money meetings can be a great time to discuss your financial life with one another. Are you meeting your goals? What are you currently saving for? What are your biggest money stressors? Set aside some time to discuss any and everything money on a regular basis so nobody is surprised by anything that may come up.
- Don’t Give Gifts
Now this may come as a shock to some people, but you don’t actually have to give your sweetheart flowers on Valentine’s. I know, crazy, right? In fact, you don’t have to give birthday gifts either! Or Christmas! If you and your significant other agree that you would rather have the money for gifts allocated elsewhere that is A-OK! It does not mean you love each other less because you did not pay the Hallmark tax. Whatever works for the two of you works!
Hopefully some of these tips might help you out in navigating finances in your relationships! What’s your favorite tip? Let us know your tips in the comments down below!