Simple ways couples can save money during inflation
Author: Jaime Catmull
I had the opportunity to chat with Andy Hill, a personal finance expert who, with his wife, went from living with a negative net worth to become millionaires in less than ten years. Here, I chat with Hill about how other couples can follow suit.
What are some of the obstacles couples face when trying to save money?
The biggest obstacle most couples face when trying to save money is spending more than they are earning. Living paycheck to paycheck is a reality for most Americans. Even for couples combining their income together, that challenging reality still persists.
How can couples overcome these obstacles?
Breaking the paycheck to paycheck cycle can be very difficult. It takes time and focus. But sometimes, the hard things and the right things are one and the same.
Building a budget to understand better where your money is going is a great place to start. It's amazing how much clarity you can have over your financial situation by simply viewing your income and expense. I have used free tools to help me with this.
After taking a hard look at the numbers, look for ways to decrease your expenses in areas that don't affect your joy. I'm talking about getting rid of things you don't use and negotiating recurring bills.
Then look at the income side of things. Ask yourself how you can make more money during this season of your life to create more wiggle room. Perhaps a period of time of extra financial focus could help you eliminate debt from your life. Once that happens, life becomes a whole lot easier.
What to do if you and your spouse speak a different money language (one is a spender and the other is a saver)
If you and your spouse have very different views on money, the quickest way to marital peace is with empathy.
There is a reason your spouse spends the way they do. Just because you don't think it's the right way doesn't mean your way is any better.
Take the time to understand why your spouse is motivated to spend or save the way they do. With that understanding, you might gain some empathy for their situation.
In the same sense, ask your partner to take the time to understand why you have your financial habits as well. And discuss why they matter to you. Through conversations and time, you'll learn to find compromises that work best for each other.
What can families do right now to save money with inflation being so high?
Take a hard look at your budget and decide if you can modify your spending habits during this challenging season.
Removing subscriptions or memberships you're not using from your life, negotiating recurring bills (internet, cable, insurance), and shopping at lower-cost grocery stores can be great places to start.
Find ways to boost your income. A quick way to get $100 or even $1,000 fast is to walk through your entire house and decide what you can sell online. Your home may be filled with things you don't use, and a weekend of cleaning could net you some fast cash.