Sharing the financial load can have a significant impact on saving money for couples at any stage of their relationship. From joint memberships to shared streaming services, opportunities abound for couples seeking to manage their finances more efficiently. Whether it's taking advantage of Duo train tickets, enjoying dine-at-home deals, or securing discounts on car and health insurance, couples have numerous options to cut costs while enhancing their lifestyle.
One popular option for couples looking to save money is through joint memberships. A joint membership can save couples £9 compared to individual memberships. This approach is beneficial not only in terms of cost but also convenience, as it often allows both partners access to services or venues without needing separate accounts or passes.
Dine-at-home deals present another compelling opportunity for savings. Available throughout the year, including Valentine's Day, these deals offer couples the chance to enjoy restaurant-quality meals at home for a fraction of the price. This trend has gained popularity as more couples seek to recreate the dining-out experience in the comfort of their own homes.
The National Art Pass provides an excellent way for art-loving couples to explore cultural sites affordably. Offering discounted or free access to hundreds of galleries and exhibitions, this pass is a gateway to countless art experiences. For those interested in history, an English Heritage membership grants entry to over 400 historic sites and monuments, providing a rich tapestry of experiences for partners to share.
Traveling together can also lead to substantial savings. Train travel with Duo tickets allows couples to purchase a second return ticket for half the price on certain routes. This option not only reduces travel expenses but also encourages couples to explore new destinations together.
For movie and series enthusiasts, streaming services like Netflix and Disney+ offer additional member access for an extra fee. Similarly, streaming music services such as Spotify allow couples to maintain separate accounts under the same bill, ensuring both partners can enjoy their personalized playlists without the need for individual subscriptions.
Car insurance is another area where couples can achieve notable savings. By adding a partner to a policy, couples can lower the average cost of insurance. The average cost of car insurance for a woman who is the only driver on a policy is £809, but adding one additional named driver can substantially reduce this expense.
“For a spouse, this generally brings the price down even further,” – Jones
The benefits of sharing extend beyond car insurance. Couples can also save 5% on joint health insurance compared to purchasing coverage separately. This discount reflects the statistical evidence that married and cohabiting couples tend to live longer than single individuals.
“Statistics suggest married and cohabiting couples live longer than single people, so insurers are able to offer cheaper cover.” – Zurich
Financial planning is crucial for couples looking to maximize their savings potential. Sharing investments can double the amount of money each partner can make before taxes apply, leveraging dividend tax and capital gains tax allowances annually.
“If you’ve shared the wealth, you can double the amount of money you can make from them before the taxman takes a slice. For example, you can share investments and both take advantage of your dividend tax and capital gains tax allowances each year,” – Sarah Coles
Couples should also consider how their relationship status affects their financial planning for the future. Unmarried couples should be aware of the need to complete a nomination of beneficiaries form to ensure assets pass smoothly to their partner in case of an unforeseen event.
“If you’re not married, you can complete a nomination of beneficiaries form to ask for anything to pass to your partner, but if you don’t complete the form, there are no guarantees this will happen,” – Coles
With careful planning and strategic financial decisions, couples can ensure they're on track for a secure financial future. This is particularly vital in light of research indicating disparities in retirement income preparedness among different demographics.
“Our research shows that 42% of women are on track for a below-minimum income in retirement, in comparison to 35% of men – and this rises to 60% for divorced women and 75% for single mothers,” – Susan Hope