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You know how to save money as an individual but what about as a couple?
Is it really any different? Only a bit. Now you have two spenders and possibly two earners. As long as you are on the same page you could save hundreds.
Being a team in your spending and budgeting is important. A great money resource for couples is Financial Peace University.
My husband and I took it and it made a huge difference in how we spend our money, budget and communicate about finances.
You can learn more about Financial Peace University here.
5 Ways To Save Money As A Couple:
1. Set a budget
Setting a budget is real easy. Figure out how much money you both make on a monthly bases. Then figure out how much you both spend.
This may require a real honest look at your spending habits. An easy way to do this is to collect a couple of weeks worth of receipts and bills.
Assess where all the money is going, as a couple make sure you aren’t double spending on the same items.
Figure out where you can cut your spending. What items you don’t need. You can learn 21 items we cut from our budget to save over $1000.
If you require more direction on budgeting checkout this great book.
2. Set goals
Whether they be financial goals or life goals, setting goals as a couple is a must. When it comes to saving money, setting financial goals with your other half is important.
Maybe you want to save for a house, or pay down debt or plan to go on a vacation once a year. Being on the same page and setting those goals will help you devise a plan to reach them.
Sit down with your partner and set 5 goals, write them up on a piece of paper. Devise a date you want to reach these goals by. Set a plan on how you want to reach these goals.
Now that you have this all written down, put it where you will both see it. Maybe on the fridge. Check back and see how your process is. Are you getting close to reaching your goals?
Do you need to tweak your plan? Work together to reach your goals.
This is huge. You both need to be able to communicate your financial wants and needs. Are you going to be a one income family? Are you going to rent or have a mortgage?
Who is responsible for the finances? Will you have a once a month budget meeting? Or will it be weekly?
Communicating about money will help you stay out of debt. Knowing where your partner stands in the finances will make you a stronger team.
4. Shop and talk
If you are going to go shopping for a big ticket item talk it over with your partner. Make sure you are both on the same page. When you set the weekly or bi-weekly grocery list and budget, talk about it.
Keep the floor open so that you can both talk about where your hard earned money is going.
5. Be frugal
Learn to be frugal and make smart choices with your money. Include your partner in on what frugal choices you are making. Maybe you want to down size to one car.
Or maybe you want to shop more thrift items than brand names. Maybe you want to home cook more meals instead of eating out so much.
What can you change to save more money?
Learn more about frugal living:
- 75 Super Frugal Money Saving Tips
- Stop Living Paycheck To Paycheck
- Secret Must Haves Of A Frugal Home
Saving money as a couple is doable and quite easy. Sit down, communicate, set a plan, keep a budget and work together.
Have a great day,