The art of saving is crucial to build wealth. However, when you have a partner, your spending and saving habits may either complement each other or clash with one another. These are some of the tricks for young and new couples to overcome the challenges of two different saving strategies.
Acknowledge you and your partner’s spending weaknesses
Sometimes, having a partner can be of help to keep you away from your triggers. Perhaps you have this favorite boutique that you could never pass by without buying anything. You have to know these weaknesses of yours and your partner’s as well so you can help one another in avoiding unnecessary purchases. You’ll be surprised by how much your combined income and enhanced saving habits can work to your advantage.
Eat out sparingly
Most couples typically bond by eating out, and this is where most of their money goes. You don’t have to avoid dining at restaurants altogether, but you can at least reduce the number of times you have to go out. Cooking and eating at home could be equally fun and sweet, without the huge costs. If you want to have fun with friends, consider a potluck party and drink a bottle of wine at home rather than spending money on food and drinks in a bar.
Check your mobile service
Unless you ask, your current provider could have offers that you might be missing on. You should check with your mobile provider regularly and see if there are better packages for your needs, and also see if you are subscribed to the right kind of services that you need. If you’re nearing the end of your contract, it could also be the best time to negotiate for a cheaper deal, or compare with other providers and switch.
Also consider other ways to maintain communication with your partner without draining your funds. Perhaps you can use certain apps to make free calls and texts using only your internet connection.
Go easy on your credit cards
You have to be aware of your credit card habits as a couple, because both of you will sink together if one commits a crucial mistake. You have to make sure both of you are charging only what you can afford and what you can pay off in full by the time your bill is due. Instead of carrying a balance and paying for interests, you can rather save the interest money and use it on other things, such as your dream vacation for example. You can also take advantage of rewards or loyalty schemes by using your credit card wisely.
Plan your goals together
Time passes by so quickly, and before you know it, a child could be on the way or you’ll wake up one day nearing retirement. For a healthier and happier relationship, it is best to plan for long-term goals earlier. Talk about the life that both of you envision and make necessary adjustments to your finances so that you are prepared no matter how soon these life changes may occur.