When two people begin a relationship, they not only their hearts but also many other things – their pastimes, household chores, friend groups, and finances. Did you know that people in a relationship spend less money than their single peers? If you’re paired up, you can cut down on your expenses even more if you and your partner adopt some money-saving hacks. These five tips will help you improve spending habits together.
- Create a budget. Unfortunately, many people are unaware of what their monthly spending habits are. Can you tell exactly how much you pay each month for utilities, food, mortgage, entertainment, and other essentials? If you find it difficult to answer this question, you urgently need to change your approach to planning a family budget. Examine your spending patterns for a few months and calculate how much and what you spend your hard-earned cash on. At the beginning of a new month, allocate money for each necessary item and do not allow your other half to blow money on something you haven’t planned. You still may need to adjust your budget in the first couple of months until you both learn how to correctly estimate your expenses, but then sticking to the family budget should become a habit.
- Eat at home. A romantic dinner in a fancy restaurant is a great way to maintain the spirit of romance in your relationship. But who said that the romantic ambiance exists only in front of an extravagant meal? You can cook dinner together, decorate your house with candles, and spend a wonderful evening in a homely atmosphere. Joint activities will strengthen your bond, and the money saved this way will strengthen your financial security.
- Date nights? No, date days! If you cannot resist the temptation to go out on a date, why not have it in the light of day? It turns out that day dates are much cheaper than night ones. See for yourself – restaurant meals or movie tickets tend to be better priced during the day. Besides, if you have kids, you won’t have to overpay for a babysitter. You can simply take your little ones with you. A great idea is to go on a weekend escape somewhere outside the city. For instance, you can go camping or barbecuing and it will still be cheaper than a regular night-time date. As an alternative, you can have your dates mid-week. Many restaurants have better deals for weekday and weeknight visitors in comparison to weekend offerings.
- Get a joint bank account. Do you know how many fees you pay banks for servicing your accounts? Cent by cent, these payments take away the money that you could spend on something more exciting than banking. By merging your and your partner’s accounts, you can reduce service fees by half! In addition, you can significantly cut the time for management because keeping one account instead of two requires less time and effort. If either partner has struggled with opening a checking account due to bad credit history, do not despair. With second chance banking, you and your better half can easily open a joint bank account with minimal fees.
- Exercise at home. With an average subscription priced at $58 per person, working out at a gym can become an unaffordable luxury for a young family. Exercising is vital, but it’s not necessary to shell out for an expensive gym. There are plenty of other ways to keep yourself in good shape. For example, you and your partner can have joint runs in the mornings or evenings, or arrange your own small budget-friendly workout corner at home. You can find tons of YouTube videos with home-based exercise routines. Besides a money-saving effect, joint workouts will give both of you more motivation and determination.
We hope these family-budgeting tips will help you and your loved one live a thriftier lifestyle and save more money on things you enjoy doing together!