5 Ways to Save Money with Your Spouse

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One of the best ways to cut spending as a couple is to actually work together as a couple in order to make that happen. Here are a few tips to help you achieve just that, and even better—you can have a little fun along the way. There’s nothing wrong with a little friendly competition, especially when you can both come out as winners in the end.

Create a Savings Competition

A fun way to start saving money together as a couple is to create a savings competition. The gist of it is that you should see who is able to save up the most money by the end of the month. Whoever wins gets to treat the other to dinner, or another mutually agreed-upon prize.

However, you should base who wins on percentage of income earned. That’s because if there is a difference in income, one person might have the ability to save more than the other, and that’s no fun.

Don’t Hide Spending from Each Other

While it’s okay to splurge every once in a while, if you feel the need to hide something you bought from your spouse, that’s a clear sign that you probably shouldn’t make such a purchase. If you’re trying to save money, that sort of financial infidelity can wreak havoc on your plans.

The way to combat this is to note hide any spending from one another unless it’s for something obvious, such as a gift.

Consider Buying a Multi-Family Property

When you buy your first home, many people think of the perfect house, with the perfect yard and the perfect fence. However, when buying your first home together, you might want to consider a multi-family property instead.

That way, the rent you earn from others can help you pay off your mortgage faster and also allow you to save a little money aside for the future. Even better, if you someday move out, you’ll have another residence available for renting that you’ll be able to earn additional income from.

Try Living Off of One Income

One big plus of being a couple is having more than one income. Considering how many people are able to make do with just one income, trying to do the same for a while can help you save a large amount of money over time.

This can be great when you’re trying to save up for a bigger expense, such as your first home, or if you plan to start a family.

Get a Budget-Tracking App

While it can be easy enough to track your own spending and create your own budget, sometimes that isn’t so easy when there is another person involved. Luckily, there are budget-tracking apps available that will allow you to sync between your phones.

This way, you can stay up to date with each other’s spending, which has the bonus effect of creating accountability. If you know your spouse is watching, you’ll be less likely to splurge on things that aren’t completely necessary.