8 Frugal Money Saving Tips For Any Relationship Status

Money matters can make or break relationships if both partners do not manage it with trust and understanding. The 2021 Fidelity Investments Couples & Money Study found that one in five couples identify money as their greatest relationship challenge. 44% of partners argue about money at least occasionally, and 24% of people often get frustrated at their partner’s money habits.

If you or your partner believes in a frugal lifestyle, you must be on the same page to avoid conflicts. An honest conversation about financial philosophies is one of the keys to successful relationships. Here are eight tips to stay frugal when you are in a relationship.

Own Your Frugality

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If you are a money-conscious partner, own your frugality without feeling embarrassed. Discuss your viewpoint about money. Enlighten your partner that frugality is not about not spending money; instead, it is about making economic choices. At the same time, give your partner some time to get comfortable with this concept.

Understand Your Partner’s Money Values

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Dr. Alex Melkumian, founder of the Financial Psychology Center in Los Angeles, CA, said in an interview that everyone’s ‘money story’ starts in childhood. The foundation of anyone’s understanding and relationship with money is based on their family of origin coupled with any financial literacy education they receive throughout their life.

Make efforts to understand your partner’s money mindset. If your partner believes in frugality but you don’t, try to embrace their minimalistic choices gradually in your lifestyle.

Focus On Couple Frugality Goals

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Elizabeth Willard Thames, author of ‘Meet the Frugalwoods: Achieving Financial Independence Through Simple Living,’ has shared her experience about enjoying nine years of marriage with frugality in a blog.

She wrote that she and her husband shared a common financial philosophy: a life we want to live, not a life we feel we must live. They never spent money to impress others. They focused on living a simple, frugal life to meet their financial goals.

Set A Frugal Budget

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Set a mutually agreeable weekly or monthly budget. You can keep separate bank accounts or pool your money. You can also split your expenses. This way, both partners will have clear expectations on how and where to save and spend money. It will also tame impulse buys.

Prioritize Needs Over Wants

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Ensure the budget doesn’t deprive you of doing what couples do. Learn to prioritize your needs over wants in the budget and make happy compromises. For example, you could trade off an expensive dinner at a restaurant with a picnic date in a park or a home-cooked restaurant-like meal at home. You can cancel unused subscriptions to save the money for a weekend trip.

Create A Wishlist

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Create a wishlist if you or your partner desires occasional splurges or wishes to spend on something big. You can readjust your budget to accommodate this wishlist.

Do Mindful Shopping

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Make a shopping list of things you and your partner want to buy together. This will help you to stick within your budget. You can be frugal while shopping in many ways:

  • Look for coupons, discounts, and cash-back programs.
  • Redeem your credit card membership rewards and points at the stores.
  • Use cash instead of credit cards for small purchases.
  • Shop at the budget stores.
  • Buy generic products.
  • Compare prices across online and physical stores.

Enjoy Experiences Over Things

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Spending quality time and expressing love for each other is crucial for couples. The good news is that you don’t have to make extravagant gestures or give pricey gifts. You can find new and simple ways to celebrate your relationship. You can do budget-friendly experiential activities as a couple:

  • Go for a hike or bike ride
  • Learn a new skill
  • Take a dance lesson
  • Have a game or movie night
  • Shop at a market fair
  • Go local sightseeing
  • Watch a sunrise or sunset
  • Go stargazing
  • Workout together
  • Do a DIY project
  • Test-drive an expensive car
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