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Coupled up? Then you may like to know that affairs of the heart don’t just make you wealthier in terms of love, but they can also do wonders for your bank balance. A recent study found that cohabiting partners are on average £102 per month better off than singletons, adding up to an extra £1,224 per year. Want to build on that figure? There are plenty of ways that you can save extra money if you’re part of a couple to boost that figure:
Save On Your Insurance Policies and Cover
Holding a joint insurance policy can add up to yearly savings. If you add a partner as a second driver onto your car insurance policy, especially if they are older and have a solid no-claims bonus, it can reduce your premium amount as they decrease the risk average. You can shop around for the best deals on car insurance with Comparethemarket.com.
Also, look for breakdown cover policies which cover the car you drive, and a spouse, at no extra charge. We have just renewed our AA breakdown cover and have both of us on the one policy under a car specific policy – rather than with us as named drivers.
Maximise Your Tax Free Savings
From April 2016, HMRC introduced a tax-free Personal Savings Allowance of £1,000 (£500 for higher rate taxpayers) for savings income or interest. If you’re paying into an savings account, you can stretch the tax free savings allowance so much further as part of a couple by having multiple accounts. The Santander 123 account pays 3% interest on balances of £3,000 to £20,000. Couples may hold one account each plus a joint account; a total of 3 accounts allowing a combined potential £60,000 earning you 3% interest.
Free Travel Insurance For Two
If you’re a couple without kids, you may have the luxury of being able to travel fairly frequently, so did you know there’s a way that you can both stop paying out on travel insurance cover? Many accounts with added benefits – such as the Halifax Ultimate Reward account or the Nationwide Flex account give travel insurance cover as part of a monthly package of benefits for a very small fee – and if you have a joint account, both partners are covered for the same single monthly payment.
Save on joint purchases and entertainment
Shopping around can lead to some great savings for couples. If you need to buy homewares, sites such as Voucher Codes Pro give you access to money-saving online coupons that can help you furnish the home for less. Similarly, for meals out, Vouchercodes and Wowcher have some great deals provided two of you are dining, such as 2 for 1 menus or fixed meals including drinks – so you have a great price and a date already lined up!
Shift a partner’s debts to 0% in your name
If one of you has a better credit history and can qualify for a card with 0% interest, you can may be able to transfer debt onto that, meaning you can pay it down quicker. Check that the individual provider allows this and also ensure that they can’t qualify for the rates themselves before going down this route. Only do this if you can afford to set up a monthly direct debit payment from your joint account to pay off the balance each month on time, and most importantly ensure that you can clear the balance before the interest free grace period ends.
This is a collaborative post.