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6 Money Saving Tips All Couples Should Read

9th November 2017

If you’re one half of a happy couple, the it might surprise you to learn that there are many ways you can both save money, which you can use together for a new home, holiday or a rainy-day fund. Check out the six money saving tips all couples should read.

  1. 1.    Marriage Tax Allowance

Did you know that married couples are entitled to a tax break? Simply notify HMRC with details of your marriage or civil partnership, as the higher earner can claim a marriage tax allowance. You could be entitled to up to £662 per year – yet 1.9 million people are still missing out on the tax break. It’s a great way to save money every year, which you’re legally entitled to do – so don’t miss out.

  1. 2.    Joint Breakdown Cover

Do you and your partner both drive? If so, we recommend opting for joint breakdown cover, which can save you both quite a bit of extra money each month. That is because it can provide two drivers with access to the same level breakdown covers, so it can be considerably cheaper in comparison to two personal policies. Learn more at www.breakdowncover.com.

  1. 3.    A Help to Buy ISA

Are you planning to buy a home with your partner? Consider a Help to Buy ISA, which is ideal for couples who are buying a property together. The government bonus scheme provides a payment per person, and not per property. Couples can therefore earn up to £6,000 from the government, which could help them onto the property ladder, while an individual would only be entitled to £3,000.

  1. 4.    High Interest Current Accounts

High interest current accounts can provide market leading interest rates, which will allow account holders to earn more interest on their money. Various banks now allow couples to open two high interest accounts, if one of them is a joint account. As a result, a couple could earn considerably more money from a current account in comparison to those who are single.

  1. 5.    Car Insurance

Do you and your partner both have an excellent driving history? It could be a wise financial decision to add him or her as a named driver onto your car insurance. As a result, you could receive a reduction in premiums, as insurance companies often provide lower premiums to marred drivers, even if a spouse isn’t named on the policy.

  1. 6.    Cheaper Train Tickets

Do you both regularly take the train? It might be beneficial to buy a Two Together railcard, which costs approximately £30 per year. As a result, you can reduce your train fare by an incredible 33%. However, you must both travel together to receive the discount. It’s ideal for couples who love to ride the rails together to visit attractions or journey to work.

Posted by Pirate FM at 4:11pm

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