Savings Tips for Unmarried Couples

Even when you're holding on tying the knot, there are still plenty of things you can do to share the benefits of wealth and expense management of married life. Unmarried couples may not have tax privileges, but there are some easy ways to save those dollars and cut expenses in creative ways. From taxes to groceries, here are a few key saving tips for unmarried couples:

1. Review your mortgage. If you're buying the new house or condo together, consider who falls in the higher tax bracket, and sign the house in the person who is making more. If you're comfortable having one owner on the mortgage papers, this can be a huge tax benefit in the long term because you can deduct the mortgage interest on the tax return.

2. Share assets. You can transfer money market funds and accounts relatively easily, and this can save money through taxes. If you are making less, you won't have to pay a higher tax percentage when it comes to reporting time.

3. Create a shared checking account. You'll want to each have your own checking account for financial security, but a shared checking account can help make contributions to your living expenses as a couple. You can each contribute weekly or monthly, and share the funds for anything you both use or need.

4. Share a car. You can split gas and insurance costs and avoid worrying about car maintenance issues for multiple vehicles.

5. Control your credit card spending. Even when you have an urge to splurge, think of new ways to control your expenses and curtail overspending.

6. Consider your cell phone plans. Review your options in a dual package or family rate plan, and you can both save on your monthly minutes and long-distance rates.

7. Set some short-term goals that are easily trackable. It can be fun to save together, and you can save for small items such as appliances, entertainment, or even a vacation as an incentive.

8. Create a written monthly budget. This can help hash out all the details of your current expenses, and give you both a realistic idea of where you stand. This will be the foundation of planning each month, so it's essential that you are both as honest as possible.

9. Designate a portion of your paycheck as ‘savings only'. For some people, simply placing this into your Expense category can make sure you stick to it month in and month out. As you do this together, it becomes much easier.

10. Reframe your thoughts about the value of savings. If you need to use savings for anything, look at it as a loan that needs to be repaid. You can keep each other in check, and get back on your feet quickly!

11. Cut those electricity and energy bills. Install fluorescent light bulbs whereve possible, and conserve energy by purchasing energy-efficient appliances and accessories for your home. Think of new ways to get simple tasks done without using electricity.

12. Find out how to lower your interest rates on credit cards. The sooner either of you can let go of any credit card balaces, the more cash you will have readily available for other expenses

13. Learn to cook. Eating out regularly can become very expensive, especially if you're the one's hosting the party or inviting people out to dinner. You and your significant other can learn how to cook together, and have fun learning in the process! You'll notice your dining/entertainment expenses slowly whittle down, all while enjoying a good meal.

14. Use coupons for everyday expenses. From the dry cleaners to the car oil change, there's always a special offer you can take advantage of to save a few dollars.

Sometimes all it takes to save money is a little creativity and cooperation! Set some goals to cut expenses and maximize your hard-earned dollars with these tips and suggestions.