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Talking about finances with your spouse is essential to building a secure financial future. A study conducted by SunTrust shows that money issues are the number one cause of stress in relationships and are responsible for 22% of all divorces. Another research carried out by Pew Research Centre found that 56% of married couples say that they always try and find ways to save money.
I’ve therefore compiled a list of seven ways to help you reduce costs and boost savings with your spouse.
- Set Common Goals (and have saving competitions!)
It’s important to talk to your partner so the two of you can decide where you want to allocate your funds. This can help you work towards investments such as a vacation, house or retirement.
Additionally, you may want to create games and challenges that revolve around your savings goals. This may include rewarding the person who saves more money over a month or six months. Having savings competitions can help you and your partner to find creative ways to save money.
- Lease a car (instead of buying one!)
Leasing a car is a good way to save money when compared to purchasing a car. A car lease often has lower monthly payments and no repair costs. This is because you only get to pay for the depreciation of the car during the lease period.
If you and your partner are considering leasing a car, you may want to visit Intelligent Car Leasing. The company has more than 10,000 models and the best lease deals in the UK.
- Create a Budget
Creating a budget with your spouse is the most basic step in taking control of your financial future. The first step to creating a budget is to track your spending for a few months. Once you’ve done this, create a plan that makes saving a priority.
- Use a Budgeting App
A budgeting app will not only help you and your spouse create a budget but will also help track your expenses. A basic app will create a personalized budget for you based on the financial data you provided. It will also let you know when you’re spending more than the allotted budget and how to reduce the money you spend on monthly bills.
You may want to use an app that allows you and your partner to sync your accounts. This way you can both keep tabs on your finances.
- Don’t Hide Spending
A survey conducted by CentaiSai, an online financial wellness community found that about 60% of people have either hid or lied about money to their partner. Financial infidelity can sabotage a couple’s effort to save.
Be sure to inform your partner about any purchases you plan to make.
- Take Advantage of Tax Breaks
Married couples, as well as common law couples, have the option to file their income tax returns jointly or separately. You may want to file a joint tax return with your partner as it comes with several advantages.
For instance, couples who file tax returns jointly qualify for tax deductions and credits which helps lower the amount of tax paid.
- Plan Meals to Save Money on Groceries
Meal planning is critical to saving money on groceries. With a plan, you can walk into the supermarket and get exactly what you want. Additionally, it does not only help avoid impulse buying but also minimizes food waste.
If you have your own simple and creative ways to save money with your spouse, please leave a comment!