I’ve become obsessed with saving money in recent years. There are really only two ways to put aside more money: 1) make more or 2) spend less. I’m likely not in a position to make more for a little while, so my best bet in seeing my bank account balance grow at a faster rate is to spend less. I am married, and when you’re in a relationship, there can be a group mindset surrounding money. When it comes to financial strength, you’re really only as strong as the weakest link aka the person with the worst spending habits or the least financial knowledge. But, on the positive side of that, one person being particularly good with money can lift both people up – so long as they’re able to influence the other. It’s actually pretty incredible what you can do with a two-income household. I don’t mean to tout this benefit of married life in the face of single individuals, but, combining money and resources can help money compound and grow at a great rate. Hey, even if you are single, you can do some of this with a roommate or sibling. You just both need to be willing to do the work. That means being savvy. That means saving. That means paying attention. And it certainly means setting goals together. Here are way to collaborate to save more money with your partner.
Choose credit cards wisely
Think about how you two spend money. Pick out credit cards that give out the most rewards for your specific spending habits. If each new member of a card gets, say, 700,000 points just for signing up, you may want to consider each getting that card, in your own names, rather than sharing just one, as you’ll get double the new points. And if some cards have limits on how many rewards account members can bring in each year, it’s certainly worth it to open two separate accounts to, again, double those points.
Use credit cards wisely
Vow to look closely at rewards programs and affiliated vendors before making purchases. If you, for example, need to buy supplies for home DIY projects, review the cashback deals on your cards that day. One of you may get 10 percent back on a certain home goods store. So shop there. If one person’s card is giving double rewards on a certain type of vendor this quarter, then when the both of you patronize that type of vendor, put it on the appropriate card. Be aware of how to maximize these rewards. Communicate about them.
Get those referral bonuses
Remember that often, if you refer a friend to many things – a car insurance company, a bank, a shared ride app, a store – you can get a gift card or cash reward from that vendor. So talk to your partner and try to make use of this perk. If he’s going to sign up for car insurance at the same company with which you carry it, and you can get a referral bonus, refer him. And you two can split that bonus.
Plan grocery trips together
You’ll save so much money if you simply decide to eat more meals together, so you can plan grocery trips together, and buy more in bulk, as well as aim to find the best deals on certain ingredients, or plan your meals around what’s on sale. Plus, it encourages you to cook and sit down to more meals together, which is good for your relationship.
Get bulk buy deals together
Take advantage of needing double the stuff because you’re in a relationship, and go in on those bulk deals together. Why get one little bottle of shampoo for just yourself when the same brand is offering four bottles at 30 percent off, and your partner also likes that shampoo? When you see a bulk deal on a product you both use, consider getting it.
Communicate about coupons
First of all, get better at coupons. Agree not to make purchases online before searching for coupons, or letting apps like Honey do the work for you. And furthermore, hold onto physical coupons from the places you shop regularly. When either of you is headed to the store, make a habit of checking that collection to see if any of those coupons could help with today’s purchases.
Open a joint savings account
The more that’s in a savings account, the more you earn. So, if you are at a place in your relationship where you’d feel comfortable opening a joint one, then you could really reap the rewards of that compounding interest as it’ll grow much faster with twice the money.
Or combine money to get new account bonuses
In some cases, banks give out bonuses to new account holders, but there are minimums to meet. So, for example, a bank may be offering $700 to anyone who opens a checking account with at least $10,000 in it, but they must maintain that balance to avoid fees. Maybe alone neither of you has $10,000 to open a new account, but together you do. So now you can split that $700 bonus.
Always talk before making a purchase
Staying in touch about purchases will save you a lot of money. Think of all the times you buy something as simple as turkey meat, only to discover that your partner already bought some, and then you only get through one box before it expires, and have to toss the other one out. These things add up. So communicate.
Consider sharing a car
This won’t work for everybody, but if you do share a car, the savings can be incredible. Between monthly payments, car insurance, and gas, you can quickly be looking at anywhere from $500 to even $1,000 a month on car expenses for one vehicle. If you’re willing to plan your days together a bit more so as to carpool and not need two cars, you could put away quite a bit of cash each year.
Agree to buy used
Make an agreement that, when you need anything – from a nightstand to a vacuum cleaner to a TV stand – that you’ll work hard to find a used version. You’ll only go new when it is most appropriate for the product (like a mattress), or when you simply cannot find a used option.
Team up to clean up
Instead of paying for a cleaning service, take advantage of the double manpower you have here and clean together. Make a schedule. Make it fun. You can do a deep clean once a month, playing your favorite music, and treating yourself to delivery after. That’s much more affordable than a professional housekeeper.
Alternate being the DD
If you both have drinks each time you go out, then that means you’re having to pay for cabs every time. If you’re quite social, being invited to parties often, then this really adds up. You may drop a couple hundred bucks a month on transportation. So agree to alternate being the DD, to save money on Ubers and Lyfts and the like.
Resolve to have cheaper date nights
You can’t always control what sorts of events and venues friends invite you to (aka are they expensive?) but you can certainly control how you two spend date night. Vow to be more budget-conscious. If you want to try a high-end place, go for their happy hour, or just get an appetizer there, and a full meal at the more affordable spot.
Sign up for separate rewards programs
In many cases, when you sign up for a rewards program, you get a big discount the day of, and coupons sent to you often. But one member can only use each of these one time. If you have separate rewards accounts, then you can use your coupon for 40 percent off one paper product, and then also his discount for 40 percent off on a second item.
