Money-Saving Hacks for Couples

You know you’re serious about taking it to the next level of the relationship if you talk about your finances as a couple. If you’re already married, discussing financial matters is a sign of both practicality and maturity. If you don’t have kids yet, talking about the prospect of having children and whether or not you are financially ready for it could be a huge part of your money discussions in private.

In addition, you may also find yourself torn between saving up individually with a separate savings account or conjugally with joint savings. The former is best to avoid future disputes should the both of you, God forbid, end up on bad terms. But the latter, on the other hand, could be a great strategy in the context of relying on each other as a team. These are financial matters that you will not have immediate answers for unless you sit down and kindly talk them out with your partner.

In this article, we’ll help you come up with ways to save money and develop healthy money habits as a couple. 

1. A friendly competition on who’s the better saver

If you want a fun way to start saving money together, a friendly competition on who’s the better saver would be ideal. This is what “Debt Roundup” blogger Grayson Bell did with his wife as a money-saving hack for couples.

It may look unfair if one of you has a larger paycheck each month, but the guideline for this setup is not calculated based on the amount of money saved, but a percentage of income earned. This makes the game fair and fun. The “loser” would then treat the other to dinner, or whatever fun “punishment” you could come up with together.

2. Come up with identical goals

It’s going to be difficult if both of you have different priorities and savings goals. Hence, it is important to establish common goals as a couple so as to come up with a money-saving strategy that would work for both of you.

Are you going to allocate savings for healthcare, a future down payment for an affordable house and lot for sale purchase, or set up an emergency fund? Agreeing on which goals are you going to save up for would greatly help you to focus on achieving them in a couple of years. 

3. Create a budgeting strategy

Keeping track of your financial expenses would tremendously help you come up with a better strategy that would allow you to save more money. If you think you overspent from the previous month, you could then create a monthly budget strategy and cut your spending. You could both decide on which aspect of your spending habits are you going to spend less on.

With a monthly budget plan, you develop a conscious money habit that will surely help you save more money and achieve your financial goals sooner than later.

4. Be transparent about each other’s spending habits

Planning to buy a new pair of shoes or a new phone and intend to keep it a secret from your partner? Don’t. Not only is this dishonest and can potentially become a source of your future arguments, but also because this is a “breach” of your set financial goals as a couple. 

Being transparent about each other’s spending money habits is great to maintain a good relationship. It is also best to help you come up with a solution on how to save more money the next time after an unplanned purchase. 

5. Discuss setting up a joint savings account

As mentioned, deciding on whether to save separately or together could be a tough decision to make. But if we’ll listen to the experts, financial gurus say that saving up together instead of individually is a good practice among couples. You can do this by transferring money from your checking account to your joint savings account. It creates a sense of teamwork and it helps strengthen your bond. It changes the “I” to “we.”

That is, we will save up for our future. We will achieve our financial goals together. We are accountable for each other’s spending habits and will develop a solid strategy to make up for each other’s shortcomings as both savers and spenders. At the same time, it’s best to talk about each other’s money personality type and create a middle ground for your savings goals.

6. Take advantage of discounted items

“Buy One Take One” may sound like it’s only forcing you to buy more than what you need, but it’s actually a legitimate money-saving hack that couples like you must take advantage of. If you’re likely to buy a specific item again in a week or two, why not avail of the discounted price that allows you to buy two items for the price of one? 

A great alternative would be shopping online. Not only does this prevent you from overspending and impulse buying if you go to a physical store, but also helps you compare products and items online as well as their prices. You can also take advantage of promos and vouchers, especially during sales day.

7. Set a “money meeting” every payday

Take your money hacks as a couple seriously by setting up a weekly (or bi-monthly) meeting about your money-spending and -saving habits. What have you accomplished so far, what personal items have you bought that were not originally part of your budget, and discuss whether you may be overspending (or underspending, for that matter, to the point of undereating to save up on meal expenses).

These money discussions are necessary to help you identify both your healthy and unhealthy financial habits, which will help you to improve your current money-saving strategies and make it less difficult for you to achieve your desired goals at the end of each month.

8. Find good deals at thrift shops

Buying clothes at thrift shops is all the rage nowadays, and for good reasons. They are exceptionally cheap and if you look enough, you can find really fashionable clothes that no one would suspect that you actually purchased in a secondhand clothing shop. What you could buy for a thousand pesos in the mall can be purchased at a very lower price at thrift shops. It’s a steal that makes for a great money-saving hack for couples. 

9. Plan meals to save on grocery spending

Another good money-saving habit is planning your meals ahead. This means avoiding an overstay at the grocery store just thinking of what you should be buying, which runs the risk of you overspending on food items and other products that you just came across in an aisle.

In essence, sit with your partner and talk about your meals for the week ahead. You can also consider doing groceries only once or twice a month. If you have kids who insist on coming along every time, this is a surefire way to save up by means of avoiding their kiddie demands every time you go to the grocery store.

10. Don’t forget to spoil yourselves sometimes

Finally, don’t forget to spoil yourselves sometimes. If you have extra money and exceeded your monthly saving goals, pamper yourselves in a spa, go to a fancy restaurant once a month, or buy the personal items that you’ve been raring to buy. As money savers, you also deserve some self-care after being frugal with the way you save and spend money. 

For couples who have achieved financial security, an affordable house and lot purchase would be a great investment for your family life. If you have kids or planning to have one soon, a home to shelter your family in a conveniently located community is the perfect investment choice together with your spouse.

Lumina Homes is one of the leading developers of affordable housing in the country. Lumina Homes satisfies the lifestyle and housing needs of Filipino families from all income segments.  Embark on a virtual tour of available properties to give you a set of options of which house and lot in the Philippines you are most likely to invest in with your partner or spouse. You can also make your home reservation online. For financial planning tips like this, feel free to contact one of our accredited sellers or digital marketings for expert advice on finance, real estate, and investment.