There’s a saying that money is the root of all evil. And while that may not be necessarily true it is certainly the root of various marital problems. This is especially when there are mismatched attitudes towards money, contrasting financial priorities, and financial infidelity. These issues can boil over and can oftentimes put unnecessary strain on a marriage or relationship pushing it to its breaking point. Getting ahead of money problems can make or break a relationship, especially during a pandemic!
This means today, you and your other half may find yourselves being tested more than ever! The two of you can overcome the financial challenges that will come your way, no problem — but only if you tackle them together! The first step is to start talking about your finances openly, and then figure out how you both can work together to save your money! In this way, you’ll keep money friction to a minimum when financial emergencies arise, as you’ll have that pretty emergency fun to draw from. With that in mind, we’ve compiled some best practices that’ll help you save money as a couple below! So take a deep breath, and let’s tackle this together!
Plan Things Together
Create a Budget
Budgeting can be difficult, as it entails a shift in mindset from focusing solely on your finances to taking into account everyone else’s needs and wants. That said, don’t over-think things! Start with an honest conversation with your person about spending habits and financial goals, as well as household and individual needs. You can then create a budget that works for both of you while also planning to save up for miscellaneous costs, and your savings! Just be sure to prioritize what you really need versus what you want, and then allocate all other funds to your savings accounts. Don’t forget to continuously keep track of your spending to cut back on unnecessary expenses, and to keep you both from getting overwhelmed!
Don’t Hide Spending From Each Other
Your financial wellness depends on the two of you working together. Financial infidelity can easily break any trust between a couple, as it can hurt and permanently damage the relationship you have with your person. So, it’s time, come clean with everything money-related! We know – this is not fun, you never said I had to talk about THAT. Well, get it all out in the open EARLY and it will sting WAY less than if you brought it up years down the road! Tell your spouse about your personal accounts and debts, how much you earn exactly, and if you plan on making a big purchase. Be sure to keep the other in mind as you move forward with planning this budget together! A great rule of thumb from a healthy relationship we once heard was, if both people do not love the large purchase item, move on unit you bot hare happy with the thing. Don’t sacrifice your love just for intimate things! It is so not worth it!
Be Smart Financially
Tackle Debt Quickly and Efficiently
One thing holding couples back from saving properly is debt — be it from student loans or a mortgage. Counter this by having an efficient debt-repayment plan, such as paying off debt with the highest interest first or going from low to high! If you both have a range of debts it would be wise to find a solution to streamline the repayment process. You can take out a personal loan to consolidate your debt, which simplifies repayment as you’ll be paying from one account rather than juggling multiple bills. Debt consolidation can even result in lower monthly payments and a lower interest rate. Regardless of strategy, it’s crucial that you work together, and act swiftly and decisively. Work as a team to tackle the problem in a way that makes you bot comfortable and excited! If you are both able to come up wit ha game plan, you can both run after that goal together! It’s like a competition where you’re on the same team to pay off all your debts until every penny from both your debts has been paid off!
Open a HYSA
Nowadays, putting your money in a traditional savings account isn’t the best option. That’s because most major banks offer a measly 0.01% interest. A great alternative would be to put your savings in a high-yield savings account (HYSA), as it can provide a much higher interest rate — between 1% and 1.55% in most cases! A crazy difference! For example, if you have $10,000 deposited in a HYSA, it would yield extra savings of $100–$150 in a year, as opposed to just $1 if it were in a traditional savings account. Free money!
The drawback? These banks can offer higher interest rates due to cutting costs elsewhere, most of the time being brick and mortar bank sites. So expect to lose a little bit of convenience in exchange. But if you’re using your savings account as a “set it and forget it” kind of thing, there are very few reasons not to do it!
Change How You Shop
Ugh, we know, this one is difficult. You’re probably overspending at the supermarket and shops due to buying items that you don’t need! We said it! Yes – you are overspending, we know you are! Now, don’t worry! You can easily avoid this by planning ahead and making an EXACT list of the things you need. Don’t forget another pro-tip, take advantage of discounted gift cards, too, which you can buy from gift card reseller sites online. In this way, you can save as much as 20% on everyday household items!
Don’t Neglect Your Personal Life
You’ll need to make lifestyle changes to cut back on expenses. That being said, you don’t need to stop everything and stop having fun as a couple! In fact, you need these activities now more than ever, as they can help you de-stress — all while helping you reconnect with and strengthen your relationship! But rather than go out, stay safe inside and spend date nights at home! You can spice it up by getting a date night delivered, having a dance off, or taking virtual trips to museums. These are cheap activities that will allow you to spend quality time together while you save your funds for the future!
A couple that can work together to save money, find solutions to financial issues, and knows how to have fun despite cutting back will be stronger together!
Saving Money While Still Having Date Night?
Yes, it’s possible, and it’s actually how Crated with Love started! Tyler and Michelle budgeted just $20 a month to put towards a date night, no matter what! When they saw the incredible benefits it brought to their relationship, they knew they wanted to help other couples see the improvements they saw! Are you ready to join them?