With Valentines Day fast approaching, we thought we’d delve into some money-saving tips for couples. It may not be the most romantic thing to think about, but discussing and planning your finances as a couple is important.
If there are ways you can work together, as a couple to save money, then you’d be daft not to!
Marriage tax allowance
Each year, individuals can earn up to a set amount before paying any tax, for the 2016/2017 tax year, that amount is set at £11,000. You only pay tax on earnings over and above that initial £11,000. If you earn less than £11,000, marriage allowance lets you transfer up £1,100 of your personal tax allowance over to your partner. This means you could be eligible for £220 for the tax year 2016-2017.
You can get Marriage Allowance if all the following apply:
- you’re married or in a civil partnership
- you don’t earn anything or your income is under £11,000
- your partner’s income is between £11,001 and £43,000
You can find out more and apply for the allowance here.
AutoAid are currently offering a fantastic deal on breakdown cover for just £42.54 for a year. Better still, they cover your spouse or civil partner at no extra cost! How romantic would that be as a present for Valentines Day?!
In all seriousness though, this is a great deal and I’d really recommend getting breakdown cover.
Sticking to the driving theme, you may be surprised to learn that your car insurance may actually be cheaper if you add your partner as a named driver on your insurance policy. This won’t work if your partner has lots of points on their license. But, if your partner has a good, clean driving license then it’s worth enquiring.
Young people adding a parent will probably find this saves them a big chunk, but it worked for myself and my husband too.