Nothing compares to being newly married. And while it’s important not to rush into the serious stuff, making some early financial decisions will help you both to build a healthy relationship with money. Being a strong couple means navigating everything in life together, including the challenges. By laying the most important foundations now, you’ll be set up for an honest and comfortable marriage. To help get you started while you’re still having fun, here are our top tips for to save money as newlyweds.
Create a joint budget
Firstly when saving money as newlyweds, you should take some time to set up a budget together. Breaking the ice and talking to your partner about money now is so important. This will help both of you to track your incomings and outgoings as a couple. When there’s total transparency surrounding your expenses, you can work out how to share the burden in the fairest possible way.
Allocate key responsibilities together and try to prioritise critical financial goals. Whether you’d like to save for a home together or finish paying your debts first, working towards it together will be more rewarding.
Cut down your living costs
Next, you should explore some of the ways to cut down on household expenses. A few of our favourites include:
- Choosing energy-efficient appliances
- Savvy grocery shopping, including price comparisons
- Choosing cheaper alternatives to your streaming services
Additionally, you should take some time to review your utility providers. If you’ve been with the same insurer for several years, it’s sometimes tricky to find out if you’re getting a good deal. Remember, automatic renewals sometimes mean paying more for the same service!
Share a car
Splitting motoring costs wherever possible is a fantastic way to save money together. When it comes to driving, it’s worth considering your environmental impact along with value for money.
Sharing a car could be a cost-effective way to save if only one of you commutes, but if you’re heading in opposite directions, multi-car insurance is a great idea. Many insurance providers offer discounts for covering more than one car under the same policy.
Spend romantic evenings at home
The honeymoon phase could be one of the most exciting times of your life, but it’s worth saving money where you can. Rather than heading out to fancy restaurants every night, why not get creative and host date night at home?
From home cinema nights to games parties and your very own cooking competitions, there are so many ways to keep yourselves entertained. Snuggle up under a blanket and spend the winter nights enjoying each other’s company, without spending money on food or drinks.
Appreciate the simple things
Being newly married doesn’t need to mean living in excess. If you’d like to save money and enjoy this special time in the best possible way, it’s worth taking a step back to appreciate everything that comes naturally. From long walks in the countryside to simply sitting outside together and watching the stars, there are so many ways to connect and share special memories without spending any money.
With the peace of mind that you’ve started planning for your future, you can get ready for a fulfilling and prosperous marriage.
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