Money Saving Tips For Couples - Try These Often Overlooked Money-Saving Strategies For Couples

Last updated on : October 11 2021

Money-Saving Strategies For Couples

Many of us have lived through trying times. Some of us had to live through the '80s as our parents were recovering from the deep recession in 1980. 

In the '90s, we again had to go through economic woes due to oil price shocks and the subsiding Cold War. And in the new century, we suffered through the 2008 housing bubble. 

Each decade brought its fair share of financial challenges. Perhaps the most recent, which is still fresh in our minds, is the pandemic, still affecting young couples and their savings strategies. 

As a result of these troubling events, couples of all ages have been forced to adopt money-saving strategies. These strategies could be techniques learned from parents or methods that life has forced us to embrace. 

Either way, if you're looking to expand your money-saving tips for families, you've come to the right place. But note, our list below is not meant to be comprehensive but instead tries to offer new ideas and insights that you might have overlooked.  

Often Overlooked Money-Saving Strategies for Young Adults and Couples

The majority of the tips listed here are saving money strategies for couples. 

Nonetheless, single young adults could also pick up a thing or two that would go a long way to keep their wallets from 'emptiness and loneliness.'

1. Live Together, Save Together, Spend Together

A financial consultant from Loan Solution loans says, "Couples who are ready to move in together eventually make the biggest savings and worthwhile investments." 

Moving in together comes with many perks (and responsibilities as well.) 

You guys will be able to merge your outgoings, such as rent, and split certain costs. Moreover, planning and committing to the best money-saving techniques becomes much easier when under one roof. 

Did we mention you'll also get a richer taste of each other's presence?

Living together will automatically lead you to save together. When the time is right, open a joint savings and checking account. 

If both of you are working, you can come up with manageable ways to split your costs. One person's income may go to the checking account for your everyday expenses. The other income can work towards your savings and investment account. 

However, this calls for great patience and honesty. You don't want to fall in the 50% category who misuse hard-earned trust and money behind their spouse's back.

2. Enjoy Cheap Dates Together

They are dating

While searching for money-saving tips during the lockdown, young adults have found remarkable ways to entertain themselves outside the norm. 

Before the pandemic, the regular date might involve an expensive dinner or night out to the movies.

But did you know there are thousands of unusual date ideas you can enjoy with your partner to create a suitable bonding environment for those deep conversations without distractions? 

Now you can bet there are also thousands of cheap date ideas out there if only you are willing to put your explorer's goggles on. 

As a next step, discuss the necessity to date each other as a couple cheaply - so that dating, although essential, does not become too big of an expense. 

3. Cut Out Unnecessary Costs

Take a guess: how much can you save if you ditch cable TV entirely? If you are the average user, that's something along the lines of $1200. 

Honestly, apart from filling your room and looking all glamorous, you don't need that 50-inch plasma TV. Sell it and get trendy information from your laptop or computer.

Another unnecessary cost you don't need is your gym membership. If both of you work out at the gym, you could be shelling out as high as $1440 annually. 

If you live in a high-end city, that amount is only sufficient for one of you. 

Instead, be creative and come up with an at-home workout program or gym for couples. All it costs is a little bit of time and the both of you to encourage one another.

4. Manage And Consolidate Your Debts

The best money-saving expert advice we received before settling down in our house was to first deal with the debt monster. We did not see how that was useful then, but now we appreciate how crucial that decision was now. 

Debt has a funny story behind it – we usually end up in more debt while trying to escape the chaos of life. However, eliminating debt should be among your top priorities in this money-saving tips list. 

There are several ways you can do that.

First, bury your credit card far from the reach of your spendthrift hands. You may think you are building your credit ratings, but eventually, you end up destroying your financial foundations. 

You don't want to fall victim to the ludicrous interest rates that keep you in debt.

Next, come up with a comprehensive debt plan that makes room for your current spending level. If you'll need to make additional sacrifices to manage and pay your debt, well and good.

Find out the best strategy to consolidate your debts. It's much easier paying off a single loan with a low interest rate than multiple loans with ridiculous interest. 

Obligations here could range from utility bills to your phone contracts.

Finally, if you have other significant debts, such as a pending student loan, find out whether refinancing would work for both of you. Some money-saving tips blogs suggest refinancing if you have a strong credit standing.

5. Openly Discuss Your Financial Trajectory

They are talking

For these money-saving strategies for young adults to work, couples need to work towards similar goals. 

Being on the same page means you get to make conscious decisions on your spending and savings plan. It opens the door for you to fit these money-saving strategies into your budget without feeling pressured to do so.

Have weekly discussions to assess your current financial standing. Since you have all the records in terms of expenditure and income, you can budget towards a concrete savings plan. 

Analyze whether you've met your financial goals for the week/month/year and make the necessary amends or additional goals.

6. Keep Records And A Budget

Records are a sure way to maintain transparency and provide the basis for review and decisions about improving your money-saving plans. 

Vigorously keep a budget and ensure you document all your income and expenses. Use the results to learn what you are doing right and wrong. 

You could use a combined budgeting app that allows you to track your expenses, incomes, bills, and the likes. 

Additionally, keeping records keeps each of you honest. There needs to be complete transparency when dealing with money (or any other issue in your marriage life.) 

You are not together out of convenience but rather because you want to build something meaningful together. Nothing will destroy that faster than broken trust.

7. Money-Saving Strategy for Insurance

Insurance is one of those topics that make us cringe when brought up. Let's call it a necessary evil. 

Check out your insurance policies and consider where you can minimize your costs. You don't need to lock yourself into long-term contracts unnecessarily, and often you can save big by changing how you insure yourself.  

Here's what we mean. 

If you are both employed, assess your employer's benefits and settle on the insurer offering the best package that dovetails with these benefits. For example, if your employer offers life insurance, consider whether you need the separate life insurance you hold personally.   

Also, individual health plans are darn expensive, and you'll end up with more income for more usage with a family plan. If both of you are healthy, you may end up saving as much as $3000 yearly. 

Nevertheless, make sure that whatever you choose works for both of you, given your current health status, and don't be scared to consult with a financial advisor about your insurance costs. 

8. Make Saving A Game

You may be married, but it doesn't mean that you should be all serious, no play. 

So try to have a bit of fun with how you save. You can make saving money a friendly competition, for instance—the one who makes the most savings as a percentage of their income wins. 

The winner can then dare the loser (on something they dread doing).

9. Maximize On Tax Breaks

We've become accustomed to tax penalties that could arise, say if spouses file their returns as a couple rather than as individuals. 

However, by simply changing the W-4 withholding to 'married,' you both could end up earning yourself significant tax breaks reaching up to $300 monthly depending on incomes.

Check with a tax advisor if you think you can save money this way. 

10. Make Your Home Your Savings

One of the best money-saving tips is to invest in assets instead of keeping cash in a bank account, and owning your own home is a great example. 

As the money supply expands through stimulus and other easing measures the government has, asset prices will likely increase. At the same time, the value of cash in your bank account will likely decrease.   

Home will be one of your priciest investments, and expenditure on the mortgage can quickly add up. However, paying for your house from savings while living in it is a dream come true for most families. 

So go ahead and invest in assets that are likely to increase in value, like a home, instead of keeping unnecessary cash in your bank account. 

11. Know That Small Things Add Up

Believe that tiny steps add up to massive amounts over time, and strive to make as many of these little steps as you can. 

Here are some examples: 

  • Stop ordering food online, instead buy in bulk and plan your recipes ahead of time.
  • Pack your work lunches and eat healthy at your desk instead of buying lunches every day.
  • Find a friendly family to share babysitting duties to avoid paying for a babysitter.
  • Invest in a bicycle to save on public transport costs. 
  • Stop buying fast fashion, instead invest in clothes that will last a significant amount of time. 


With the right attitude, it's easy to save money. And as soon as your savings build, the task becomes more manageable as your excitement grows. 

Try these 11 often overlooked tips to save money even faster, and enjoy every little step towards the financial freedom you deserve as a couple. 

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