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Couples Share Hacks For Saving Over £5000 On Joint Expenses

ImogenGroome
December 1, 2021, 11:00 AM
  • One key question all couples face in their relationship is how to handle joint expenses
  • Money-saving couples from the LatestDeals.co.uk community share their best hacks
  • Tricks include saving on subscriptions, claiming tax allowances and automating round-ups

Whether you’re in a new relationship, considering moving in together or have been married for years, there is one hurdle every couple has to overcome - managing joint expenses. As two lives combine, costs such as utility bills, petrol, rent and groceries all need to be handled - ideally without arguments!

Tom Church, Co-Founder of money-saving community LatestDeals.co.uk, said: ‘The question of how to manage joint finances, whether to merge your money and ultimately who will pay for what can be difficult to talk about. However, combining two sets of finances can often be hugely beneficial, as savvy savers from our community have shown. Here are some of the best hacks they have shared.’

Share Subscriptions - Save £60 A Year On Netflix And Spotify

Plenty of money-saving couples are dividing their bills equally. Jenni McKean said: ‘I send 50% of the bill [money] to [my partner] and we spend our own money however we each want.’ Similarly, Sue Thompson said: ‘We have a ‘house’ account which covers food, household and car bills, fuel for car...we both put in an equal amount each month.’

Tom said: ‘Many couples will begin combining their finances after some time together. However, did you know you can take it one step further by combining subscriptions? For example, an individual subscription to Spotify Premium is £9.99, but there is a special Duo account couples or housemates can use which is £13.99 a month. By paying £7 each, you will save £24 a year compared with an individual account!

‘Similarly, sharing Netflix means you can contribute £3 per month to a Basic membership instead of paying the full cost of £6, saving £36 a year. That means you can easily save £60 a year - and if you have any other subscriptions like these you can apply the same method to save even more.’

Halve Your Rent Cost - Save Over £4800 A Year

Tom said: ‘According to recent data from Statista, over half of UK regions have an average rental cost of between £700 and £800 per month. If you were originally paying £800 per month for a rental house but your partner begins contributing to half of all the shared costs, you can save £400 per month - or £4800 a year!

‘It may be an uncomfortable conversation to start, but ultimately if you move in with your partner it’s best to discuss how the rent is going to be paid. Once you’ve worked it out, there will be much less pressure as you will hopefully have less money leaving your account each month! If one person earns significantly more or less than the other, you can discuss how both parties can pay a reasonable amount that reflects their wages.’

Choose A Joint Account Wisely - Claim £150 In Switching Deals

Getting a joint account makes sense for a lot of couples. Susan McAloon said: ‘We set up a DD each month to pay into a joint account for all the bills to come out of.’ Julie Susan was on the same page: ‘We’ve always had one joint account. All income goes in and all expenses go out of it. If either of us wants to buy anything, we just do it. No need to question each other.’

Tom said: ‘Joint accounts offer convenience and flexibility for those who want to make use of this resource. Couples vary in how they use them, as Susan and Julie demonstrate - some may prefer to siphon money off after they’ve been paid and send it to a joint account to cover their share of the bills, while others will share all of the money in one place.

‘It always pays off - literally and metaphorically - to shop around and do your research before choosing a joint account. Don’t just sign up for the first one you see! For example, the HSBC Advance Account currently offers a £150 reward for eligible applicants, and the Virgin Money M Plus Account is offering a £150 luxury case of Virgin Wines when you switch!’

Make The Most Of Marriage Allowance - Reduce Tax By Up To £252

Tom said: ‘Those couples who are married can make the most of government allowances that let them save on tax. The Marriage Allowance lets you send £1260 of your Personal Allowance to a husband, wife or civil partner. The net result is that that person reduces their tax by up to £252 in the tax year.

‘The lower earner usually has to have an income which falls below the Personal Allowance. This figure is typically around £12,570. You can read more on the GOV.UK site or call the Income Tax helpline to receive advice on what your taxable income is. There is also a Marriage Allowance calculator available for couples to use online.

Use An App To Round Up Money - Save Over £100 A Month

Rhianan Stirling said: ‘We have a Starling joint account which we love. We have all our direct debits set up on it so money goes in and out of the same account. We also have a savings account which rounds up pennies so it makes us save effortlessly. By the end of the month we have an extra £100+ we didn’t know we saved!’

Tom said: ‘Automating your savings is a great way to build up a nest egg, or generate additional funds for special occasions. The roundup tool is available with banks such as Starling and Monzo, which makes life easier for couples who may not have the funds to be able to set aside a certain amount each month. Instead, they can enjoy a pleasant surprise when they discover how much they have saved without even trying!’

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