With inflation, rising interest rates, stagnant salaries, an increased standard of living and all the other financial unpleasantness in life, it is impossible to not have to put yourself on a budget.
Middle class couples all over the world are struggling to find a balance between living a comfortable life and having something left in the bank for a rainy day.
Whether you are single, in a relationship, or raising a family, there is no denying that money is one of the most important things to have in life. It will either make or break the life plans that you have set out for yourself and your loved ones.
Research has proven that young couples today find it harder to set money aside than those from previous generations. This comes as no surprise as the financial system and the way the world operates is not the same as it did years ago.
# Make gifts
Why spend hundreds on a conventional gift when you can make or do something that comes straight from the heart? Sadly, we have grown up in a world where every holiday is marked with the act of expensive gift giving. From Valentine’s Day to birthdays to Christmas and Hanukkah, to anniversaries, to weddings, the heart and soul of these special days have been overshadowed by gifts.
When did we start accepting that the bigger and more expensive the gift, the deeper the love? Gifts that come from the heart matter more that those made and assembled in China. Whether it is starting a collage from scratch, writing a song, making something by hand, or compiling videos and pictures from friends and family around the world to create one epic birthday video, save money by making, not buying gifts.
# Cook more
Another clever way to save money is to cook instead of eating out. Even the cheapest of restaurants mark up their cost prices by over 300%. Does it make sense to pay that much to eat something that can be easily prepared at home?
Also remember to stay away from fast food because as cheap and quick as they are, you will have to pay the price not too far down the road through your doctor’s bills. Eat healthy by cooking at home. If you are constantly pressed for time, google “30-minute meals” , “healthy pasta dishes” or “one dish dinners” for some simple yet healthy ideas.
You can also opt to cook several different dishes over the weekend then freeze and store them to be consumed throughout the week.
# Go genericAnother way to save money as a couple is to go generic. Most of the time, there is not much of a difference in quality when it comes to branded items and generic products. This is especially true for non-perishables like paper towels, dish sponges, light bulbs, liquid hand soap, oven cleaner, and other everyday household items.
Save on your grocery bill by going generic instead of splurging on brands. Nowadays, even generic brands offer green products so you need not worry about hurting the environment just because you want to save money.
# Go greenLiterally go green. Save money on decorative items like expensive scented candles, ornaments and other pricey knick-knacks. Buy plants instead. There are plenty of indoor plants that will serve as gorgeous decorative pieces. Many of these plants reproduce easily so all you need to do is nip and repot them as and when you want.
Some examples are the money plant and English ivy. Head to discount stores to buy affordable pots and vases. You will literally be breathing fresh air into your home with these natural beauties.
# Entertain at homeMaintaining a social life is tough to do on a budget. Factor in gas, parking, dinner and drinks and you are bound to be out hundreds of dollars by the end of the night. Save money by entertaining at home. Host a get together with friends and request for each person or couple to bring a dish and a bottle of wine. Organize theme nights like Margarita Mondays, Taco Tuesdays, Wine Wednesdays and so on.
# Track your moneyThe most straightforward way for a couple to save money is to keep track of every single expenditure. From groceries to how much gas was pumped that week, write everything down. Allocate a compartment in your wallet for receipts and compile them with your spouse’s at the end of the week.
Write everything down and calculate how much you spend every month. It will be easier to figure out what you can cut back on when everything is neatly laid out in front of you. If you are not a receipt-saving kind of person, download an application on your phone and remember to key in what you spend.
# Allocate a budget
Once you have determined how much you spend on surviving every month, lay down the law and allocate a sensible budget for each person. You will be surprised at how much willpower you have once you know just how much you are allowed to spend every week. This will help you cut back on unnecessary spending as you will think twice about whether you really need that second tool box, or the thousandth pair of stockings.
# Create realistic goalsSit down with your partner and talk about creating a realistic savings plan. By right, you should be putting aside at least 20% of your salary towards your savings account. It is understandable if that is impossible to do for now, so you do what you can. No matter how tight your finances are, you always have to set some money aside for a rainy day.