When being in a long term relationship with someone, there are always certain conversations partners may try to avoid or not care for in order to prevent hurting one another’s feelings or getting into disagreements. Avoiding conversations with your partner on important topics such as money can be erroneous. Past studies from the 2014 American Psychological Association (APA) Stress in America survey, had shown that financial income concerns are among the most common source of disagreement for partners with even adding money issues that are never resolved. This statistic does not surprise me at all.
As your own person, it is obvious that you have a system that works for you when it comes to saving money. The methods you practice to save money were probably instilled in you by your family members or simply through word of mouth. With that being said, people in serious long-term relationships should ask each other:
What did your parents teach you about money?
What are your present financial goals?
What are your fears about money?
Do you have any outstanding debt?
Keep in mind, you may not like the answers your partner gives you as those answers can give you a mix of emotions. No matter the outcome, always keep a brave mentality and an open door for communication with your significant other and give yourself along with your partner some time to add money-saving practices to the list of goals you want to attack together.
Here is NyGal’s two-part recipe for a successful financial relationship with your partner:
Part 1: Save Money with Your Partner
When saving money together, you and your partner are on the quest for a healthy relationship. Five successful ways to save money in unison are:
1) Budget On Date Nights
When going to fancy five-star restaurants, happy hours, and concerts, the balance on your end-of-month bank or credit card statements results higher than usual. If you want to avoid a high balance on your credit-card statement, try hosting date night at home by whipping up a meal with your partner as well as taking part in some Netflix and chill action. By doing so, you and your partner will have more money in your accounts rather than dishing it out to pay the credit card companies.
2) Split the Expenses
If you live with your partner, splitting the household expenses such as rent and groceries can give the both of you the luxury to save more money.
3) Take Cost-Effective Trips
Couples always look forward to taking trips, whether its a trip for an all-inclusive cruise or a deal they found on Expedia to go overseas. These trips may sound like a bargain, however, you still have to pay for airfare, food, and souvenirs you may want to bring back home. However, if you want to explore cities or beaches that are located at a driving distance from your residence, trips of those sorts can be cost-effective as you won’t have to pay for airfare. On local trips, you can even pack your own lunches and snacks so money isn’t wasted on restaurants.
4) Download the Grocery Store Apps
Grocery shopping has become a big thing nowadays since people want to purchase all organic products. When it comes to grocery shopping, couples can save money by downloading the grocery store’s applications and signing up for the customer rewards programs which provide coupons to utilize after a purchase. You can’t go wrong with coupons!
5) Bring Your Funds Together
If you and your partner are in a long-term relationship and have plans to tie the knot or even purchase your first home together, then opening up a joint savings account might just be the trick to saving more money as a couple. Maybe after your wedding celebration or purchase of your home, your joint savings account will have more money than you think.
Part 2: How to Make Money Together
When you decide to become business partners, the plethora of job options are limitless. When you work together, more money flows into both your accounts or your joint savings account. Jobs you and your partner can find a side hustle in are:
Caretaking is very common for couples as New York City families are always seeking "domestic couples" to fulfill duties such as childcare, housekeeping, driving, among others. Did I mention that couples can earn a base pay of up to $120,000 as well as a place to live in?
2) Cruise Ship Jobs
If you and your partner apply for cruise ship roles, then you’ll both be on a paid vacation. Although there isn’t a guarantee that both of you will be working together on the same ship, cruise line companies always try their best to accommodate couples who want to work in the same location.
3) Mystery Shopping
Mystery Shopping is one of the most entertaining jobs anyone can have. If a couple gets hired as mystery shoppers, different mystery shopping companies can assign either of you particular assignments such as evaluating the service at a restaurant, store, or hotel. The beauty of it is that meals at the restaurants and stays at the hotels are complimentary. If both partners participate in mystery shopping, freebies are doubled!
If you and your partner tolerate pets or just love them, then petsitting is definitely a must. You can watch animals all the way from dogs, cats, to birds in the comfort of your own home or even at the pet owner’s home. Pet-sitters usually charge per pet, per hour, or per the amount of time they will be taking care of the animal.
5) Start Your Own Business
Don’t want to work for anyone? That’s ok because starting a business with your partner is a grand satisfaction. Couples can start businesses depending on their interests. Innovative business ideas for couples would be to sell baked goods, provide weekly meal plans for people if you are knowledgeable about nutrition, or tutor students. If you and your partner start your own business, more money will indeed be saved since taxes won’t be taken out of your paychecks as you will also get to determine the cost of your services.
Image Credit: Financial Security First