Best Money saving plans for couples

In my last article, I spoke about some 100% guaranteed money habits and discipline we need to cultivate to achieve financial success. The vast majority of the things I have mentioned here are simply my experiences and the things I do to meet my financial goals, and I believe, if they work for me, they can also work for someone else. In a family with couples, how do we manage finances to easily meet financial goals and meet our needs?

In my almost a decade of marriage, I have been able to come up with a savings plan that has worked for me and my pretty wife, which has helped us achieve our financial goals, and has also given me hope for the future. Saving money after marriage can be difficult, especially for men. You will always want to do something great for your partner, without regard to the financial cost. Continuing in this fashion could prevent both of you from achieving your financial goals. But there's a way that both spouses can address it and reach financial goals.

In this article, I share with you money-saving strategies that have worked for me since the start of my marriage. Once married, things change a lot; you now have to contend with the problems of two people, while ensuring that you are prepared for the future. What lies ahead required financial preparations. To meet your financial goals, you need to save more. How can you do this if you are still just beginning your marital relationships? This article offers suggestions on how to save money easily to have enough for the future.

Start with a low-cost apartment

This is the starting point for a money-saving marital life. On average, not many newlywed couples have a good-paying job; it's, therefore, important to know where to start and how to manage their finances. Most newlywed couples desire to start their lives in a flamboyant apartment with all the comforts of a home, and that's a good thing, but as an average couple, it's important to keep in mind what's ahead. Imagine a colleague whose monthly income is less than $100 renting a two-bedroom flat apartment because he is getting married. A one-bedroom flat is sufficient for two people since children are still in the womb. This extra money can be saved for other purposes in the future.

Have a joint saving account

Some people, especially women, don't like the idea of having a joint bank account. But when it's approved, it can help avoid unnecessary expenses. When you combine both of your finances and establish a joint account, you can prepare a budget that reflects the situation of your family by removing non-essential items and expenses that you might have included in your budget if you were doing things on your own.

Most people will argue that having a joint account would mean that someone loses his or her freedom to do what you want with the money. One thing to remember is that you are married, and as such you share a common goal and mission to achieve. You will have children soon, you will build a house, you will buy a car for the family - these are all shared goals. Couples can accomplish this goal the fastest by pooling their resources together. An alternative way to join financial efforts to reach goals is to share financial responsibilities in the house. The woman can take over the meal costs while the man works and saves his earnings for more important projects, like purchasing a plot of land, building a house, or buying a new car for the family. Although I and my wife have a joint account, my wife also uses this method of saving money when we have to pay for a major financial project. She deprives herself of her funds and uses the money to provide meals for the family until we achieve our goal, which allows me to save all my earnings to achieve the goals. In this way, I have been able to meet my financial goals quickly.

Discuss Financial Goals

If you and your partner do not share the same priorities, it will be hard to save money. At the start of any savings strategy, it’s best to know what your goals and why you’re actually saving for. You can easily adjust your savings program as needed by setting a goal about what you want and what you want to achieve in the future; remember that you don't own a house on your own yet. For your financial future, "it takes two to tangle", your financial goals should be directed in the same direction, so discuss the issues to agree on what is best for both of you. A person's perception of life influences their choices in life. For couples to be able to reach their financial goals, it is essential to share the same priorities.

Cancel unnecessary subscriptions

As I have mentioned in my previous article, many things we pay for in the name of civilization are not necessarily necessary. What is the point of paying for a higher subscription for DStv when you can get the same CNN news on a low-cost cable TV provider? What is the point of Netflix, Amazon Prime when you can watch most of the movies without paying for them on low or even free subscription cable TV? All of these aren't necessary, and in fact, I'd suggest that you keep out of them and spend that cash on something more worthwhile in your life.

Going out together With Your Wife or Husband

It's hard to see married couples going out together nowadays, and most cite work commitment as the reason they don't have time to go out with their wives or husbands. But these same people have time to party with their colleagues and friends every weekend, leaving their wives and husbands on their own. Do you know that going out together can help you save money? Instead of both of you paying out separately to attend to a friend who invited you, both of you can choose which invitation to honor and go together, which means you have to pay the money one of you would have used and keep the other.

Learn to fix appliances in your house

Learning how to fix things around the house is another way to save money by taking care of your home appliances and electronic devices yourself. You can easily find out how to repair devices by browsing the internet. You can use them to repair your appliances. You can save money by only ordering the deficient parts and replacing them yourself. If you encounter any problems the first time, ask someone or your friends who are experienced to help you, as this could save you on repairs. You don’t need to take the device to a repairing shop or buy a new one. Repairing things yourself will not only save you money but also save you time. In my home, I have learned to fix so many things that I don't even pay to fix electronic devices. I've fixed fan motors, televisions, music systems, the generator, mobile phones, etc. My 12-year-old son is a pro in mobile applications, among other similar devices. He now addresses any fault with mobile applications and other similar devices in my house.

Conclusion

Most of you would say this way of saving money is a habit of stinging. But, according to me, those who think so will face a resource crunch and find nothing to survive in a time of dire need. If you don't want to face this type of situation, start saving now. Unnecessary expenses are similar to wasting money, and it is not ideal. Instead, save money for the future. You can't predict what lies ahead, but you can be ready for anything bad in the future.

As I write this article, inflation is already consuming our economy, the world is undergoing a financial crisis, and many people are without a job or an income. In such cases, your saved money will provide you with assistance to survive. Also, you should take what you’ve learned from this article seriously and start saving for your future.