Are you and your partner saving together for something major?
If both of you are earning a comfortable income, a great strategy for saving is to decide to live on one income and put the other income towards your savings.
I know a lot of people who have done this successfully to save for their house deposit and it’s also an excellent way to pay off debt.
In addition, some couples like the sense of financial security and stability that they get from knowing that they have savings for a rainy day – job loss, ill health and so on.
Having significant savings could also provide career opportunities for you and your partner by allowing one, or both, of you to start a business or invest in a course to improve skills and job opportunities.
Do start with a clear plan, a budget and communication with your partner before making this decision.
Start weaning yourselves off the second salary by working out which of your expenses are needs and which are wants, so that you can prioritise your spending.
Initially the transition may be a little difficult, but if you are both working towards the same goal, it’s extremely effective
Or if saving 100% of one salary sounds too challenging, perhaps your family could use one income plus 50% or even 25% of the second income to pay for living expenses.
This strategy is not for everyone, but it’s definitely worth considering.
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