Martin Lewis' MSE shares 10 money saving tips for couples (2024)

Valentine's Day is in full swing, and many couples will have exchanged cards, gifts and well wishes all around the world. While many will have booked trips away, a fancy restaurant or days out to celebrate in style, others will settle for a nice movie on Netflix and home cooked meal to save cash - with the cost of living crisis still in full effect.

And if you're strapped for cash and in a relationship this year, then Martin Lewis' MoneySavingExpert website has just dropped a list of 10 things you can do to save money as a couple. Co-inhabiting can be incredibly expensive, but it can certainly have its pros in other monetary ways.

Here are 10 money hacks for couples to make the most of according to MSE.

• Read more: Four DWP cost of living dates to look out for as £299 payment starts to hit bank accounts

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1) Claim Child Benefit in your partner's name -

Child Benefit is a Government form of financial assistance for parents of children who are under the age of 16, or up to 20 who are in full-time education - and it pays £24 per week, but you have to be earning under a certain threshold to get help.

But if you're earning too much to receive Child Benefit, the parent names on the form will receive state-pension boosting National Insurance credits - therefore, the lower-earning member of the couple should be the one to apply. If they make less than £123 per week, they'll receive an NI credit which they otherwise would have missed out on.

2) Cashback on joint bills -

Those who co-inhabit will most likely pay joint bills, so an account for these bills could help not only clean up messy finances but also reward you. The Santander Edge account at £3 per month allows users 1 per cent cashback on shared bills, while the Edge Saver account offers 7 per cent on balances up to £4,000.

The cashback is paid into two categories, with a maximum of £20 paid out monthly.

3) A year's 2for1 cinema for £1 -

If you take out a travel insurance policy for just £1 using Compare the Market, you will be able to access a year's worth of Meerkat Movies 2for1 cinema tickets - which allows you to watch a film together at the cinema on a Tuesday or Wednesday for the price of one ticket.

4) Combine spending power to get 5% cashback -

Cashback credit cards will reward you monetarily for spending, with MSE detailing a big payer in the form of the Amex Platinum Everyday - offering five per cent cashback for the first three months (up to a maximum of £100), and one per cent after.

However, couples can get six months at a rate of five per cent when the account holder makes their partner the secondary cardholder.

5) Check if you qualify for a tax break worth up to £1,256 -

MSE say that more than two million couples are missing out on a tax break, with the marriage tax allowance letting a taxpaying spouse transfer ten per cent of their annual tax-free threshold to their basic rate taxpaying partner. It's worth £252 this year, but you can backdate your claim up to four years, netting you a total of £1,256.

6) Inheritance tax exemption -

Inheritance tax will not be charged on anything you leave to a spouse or a civil partner - but it's not the case for cohabiting couples, so tax may be due on assets left to a partner dependent on their total value.

7) Shift your savings to maximise tax-free allowance -

Basic-rate tax payers can earn as much as £1,000 in savings interest each year before they have to pay tax - while higher rate earners can make £500. If you've already used your allowance, then your partner can have some of your savings to ensure you both max out your allowances.

8) Couples who share car insurance often get cheaper cover -

Adding your partner to your policy can slash costs if they are seen as a lower risk by your provider. Be sure to compare the market before locking into a deal though to get the best quote.

9) Save money on Spotify and Amazon -

Amazon Prime members can share their benefits for free via the Amazon Household feature, meaning that only one member of a couple need to be forking out for the subscription. Likewise, Spotify Premium Duo offers two people music streaming for £15 as opposed to the £10.99 per month fee you pay for a solo experience.

10) Buy your wedding ring with Clubcard vouchers -

MSE say that £5 of Tesco's Clubcard vouchers is worth £10 in Goldsmiths stores, so you could half the price of your engagement or wedding ring by using them up.

To see MSE's full list of Valentine's Day hacks, check out their article here.

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