• Home
  • About
  • Advertise
  • Contact
  • Policy
  • Guest Post
  • Archive

One Cent At A Time

A Personal finance blog to get rich

  • Email
  • Facebook
  • Pinterest
  • RSS
  • Twitter
  • Beautiful Life
  • Becoming Rich
  • Beginners Guide
  • Extra Income
  • Productivity
  • Saving Money

5 Simple Money Saving Tips for Young Couples

April 1, 2015 3 Comments

Share this:

  • Tweet
  • Email

Taking bad financial decisions in your 20’s and 30’s can have a huge impact on your long-term goals. And when you’re in a relationship, budgeting and saving money can go for a toss.

Finance for young couple

But you needn’t fret about getting into a relationship just because you have goals to meet. Saving money while being in a relationship isn’t difficult and if you go about it the right way, you and your partner are bound to succeed!

Here are some tips that will help.

#1 Talk about Finances

If you’ve just started going out as a couple, talk about sharing expenses with your partner. This also applies if you’re moving in together. If you’re a guy reading this, don’t worry about ruining the relationship by talking about finances; a sensible girl will know you’re doing the right thing!

Start by putting all your financial information on the table. You and your partner need to know about debts owed, monetary obligations, various bank accounts and property owned, and sources of income. Disclosing all information is necessary as it will help you both build trust.

#2 Create Goals

In case the two of you really like each other, are serious about your relationship, and have talked about taking it to the next level, you may as well discuss your dreams and goals so that you can work on them together.

You and your partner will have some common goals and quite a few separate ones as well. List all of them down- including getting married, owning a house, having kids, building an art collection, or going on a world tour! Share the list with each other so you both can learn what is important to the other.

Discuss with your partner and prioritize all the goals. Some of the goals may be short-term while others will be long-term. Perhaps you and your partner have already saved a bit to reach individual goals. Note down how much both of you have achieved and plan the road ahead. Set a time frame for all your goals so you’ll know how and how much you need to save.

#3 Say No to Debts

Aim to stay out of debt and if you are in debt, target paying off all debts as soon as you can. If you intend to buy something expensive think of saving up enough cash instead of taking a loan right away.

Use credit cards only for emergencies if possible. If using credit cards for everyday purchases, avoid using more credit than you can pay back at the end of each month. Credit card interest can build up quickly and you don’t want to pay bills that you can easily avoid.

#4 Budget Everything

Budgeting is important not only when it comes to buying groceries and other household items, but also for realizing long-term goals.

Start with simply keeping track of all the expenses you make in a month. Note down your spending habits as well as those of your partner. Identify what your individual weaknesses are when it comes to spending money on things. Perhaps you can’t resist sales on clothing and your partner can’t stop buying new gadgets. Discuss spending habits with your partner and see what you can do to cut unnecessary costs.

After a month or two, compare the total expenses with the total income and see if you’ve been able to live according to your means. Tally the figures individually and as a couple. Perhaps either one of you needs to spend carefully or the two of you need to work as a team to get your expenditures under control.

An easy way to budget is to get started with the envelope system. Mark separate envelopes as rent, electricity bill, food, etc. and put in an amount of money that you think will cover that particular expense. Have a separate envelope for daily or weekly entertainment and stop indulging in these extras when you run out of money in that envelope.

If your expenses are under control, think of ways to maximize your savings. You can have an envelope for the same or open a joint account and deposit your savings in there. Decide beforehand how much you both can contribute towards savings.

#5 Spend Wisely

This may seem to be easier said than done, but spending wisely isn’t rocket science. Think of it more as a lifestyle change and you and your partner are sure to spend money the right way.

For starters, if you think having fun together only equals eating out or catching the latest flick in a theater, possibly the two of you haven’t considered other options. Activities like cooking a meal at home together, taking a walk in the park, going to a free concert or on a long drive, playing a board game, etc. can be just as fun.

Neither of you have to force your favored activities on the other. Find something that both of you enjoy. You could also take turns in choosing activities for example, if you want to go to the museum and your partner doesn’t, promise him/her that you’ll tag along wherever they want to go next time.

For couples planning to get married soon, there are plenty of ways to have a dream wedding without breaking the bank. Don’t go into debt just for the sake of a lavish party though; exchanging your vows is more important than having a huge 3-tier cake, extra champagne, and a hundred guests.

Often, cutting costs doesn’t mean living frugally; it just needs some smart thinking! Shop responsibly if you find that your grocery and food bills are too high. Be conscious about saving water and energy, and your water and electricity bills are sure to reduce. Walk whenever possible instead of taking your car to save on gas.

Conclusion

Financial problems can be the cause of many a quarrels among couples. The key to having a healthy relationship is discussing the important stuff beforehand. And with the tips given here, you and your partner are sure to save and head towards a bright future!

When you were a young couple, what were the most effective ways to save money? Or if you are a young couple now, what are you doing to save?

About the author: Rose Martin is an editor at Gold Smart. She is specializing in personal investments and business. When she’s not working, she enjoys cooking, sipping a cold beer and spending time with family.

LIKE THIS POST?
I agree to have my personal information transfered to MailChimp ( more information )
Join our community of 8000+ subscribers to increase your net worth and build wealth
We hate spam. Your email address will not be sold or shared with anyone else.

Share this:

  • Tweet
  • Email
The tool that changed the way I manage my personal finance - Personal Capital, The Best Free Personal Finance Tool

Want to start a WordPress blog now? The onecentatatime.com blog is hosted by Siteground Web Hosting. For only $3.95 a month, Siteground can help you set up and host your website/blog quickly and easily.

About the Blogger Hi I am SB, a personal finance enthusiast with a career in software development. I am an immigrant to the USA since 2005, after being born and brought up in India. This 40 something technocrat lives and breathes personal finance whenever he gets time from the day job, job as a husband and a dad

Some links on this page may be affiliate links, if you make a purchase following the links, I may earn a commission. Read affiliate disclosure here
« 10 Reasons 401(k) May Be a Risky Investment For Some
10 Ways to Invest in Yourself to Change Your Life »

Comments

  1. Courtney says

    April 1, 2015 at 9:49 AM

    My husband and I just got married last year. We actually sat down and did all five of your steps when we got engaged and moved in together. Another huge savings for us is that we realized that we were both living and still saving on our own separate incomes. So now we live on one and completely save the other (or use it to pay off debts). By deciding this before the two incomes ever joined in our accounts it made it so much easier and we’re saving a ton!

    Reply
  2. Michelle says

    April 7, 2015 at 1:38 PM

    These are great tips for new/old couples when it comes to finances.

    Reply
  3. Anne says

    January 3, 2018 at 3:38 PM

    These tips are great for young couples. If you can start out saving money, you will be further ahead in the long run. I especially like your comments about saying no to debt and only using credit cards for emergencies. Not paying your credit cards when they come due is one of the fastest ways to get into debt.

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.



Create your own blog in 20 minutes and $20

Personal Capital, a free tool to change your financial health today

I use and suggest Upstart, for your personal loan need

CreditKarma, a free tool to check your credit scorey

I use Coinbase, for my crypto investments

101 Cents at a Time

101 Ways to Earn Extra Money on the Side
201 Frugal and Perfect Birthday Gifts
101 Ways to Save Money Everyday
101 Ways to be Better and Successful at Work
101 Ways to Save Environment and Energy
101 Frugal and Romantic Anniversary Ideas
101 Low-Cost Men's Fashion Ideas
101 Personal Finance Tips
101 Ways to Reuse Household Stuff
101 Things to Do, When Nothing to Do
101 College Graduation Gift Ideas
100 Tips for Ecommerce Startup
101 Ways to Enjoy Indoor During Winter
101 Ways to Beat Procrastination

Popular Posts

Quick Cash - How to make $100 legally, in a day
Living well on less than $15,000 a Year
Top survey sites for side income
What to do when auto repair goes wrong
Where should I invest my money now?
20 Ways to be productive and happy at work
51 Ways to get out of debt
Be a better person in 15 days, 15 ways
Income ideas for retirees and senior citizens
51 side jobs for college students
Urgently need a large amount of money?
Should I buy or should I rent?
Best Personal loan providers
25 Ways to save environment
25 DIY car repairs to save money
How to decorate office cubicle
How to show your wife you care
50 Financial Rules for Success
51 Frugal weekend family activity ideas
Become Rich By Saving 1 Hour Of Daily Wage
How much do I need to save for retirement?
How to negotiate your salary

Follow us on FaceBook

About Author

SB

Blogger by choice and IT manager by profession. Finance is my passion and gardening is my greatest satisfaction. Born in India, settled in US, Husband and a father. I created this blog in 2011 with a vision to help others. Thanks for your patronage. More info on my "about" page.

View all posts


Subscribe

Join our community of 5000+ subscribers to increase net worth and build wealth

Advertisements

Personal Stories

How I got a new HP computer replaced
Was COVID circulating in USA in fall of 2019?
How my credit score went up 800+
Why I didn’t invest in Bitcoins
How I controlled impulses to buy things
Why this blog is named One Cent at a Time

Subscribe via Email

Site Disclaimer

Disclosure of Material Connection: Some of the links in this web site are “affiliate links.” This means if you click on the link and purchase the item, I will receive an affiliate commission. Regardless, I only recommend products or services I use personally and believe will add value to my readers. I am disclosing this in accordance with the Federal Trade Commission’s 16 CFR, Part 255: “Guides Concerning the Use of Endorsements and Testimonials in Advertising.”
Read full Affiliate disclosure


One Cent at a Time is published by SB. The opinions expressed herein by him are his own and not those of his employer or anyone else. All content on One Cent at a Time is for entertainment purposes only. By reading this blog, you agree that SB and/or One Cent at a Time is not responsible for any actions taken after reading this blog. For the full disclaimer, click here .

Major Media Mention

One Cent at a Time Media Appearances

Copyright © 2023 One Cent At A Time · Designed by Nuts and Bolts Media