Nowadays, many young couples aim to secure their financial future before going into the next phase of their relationship. Before talking about marriage or having children, practical couples aim to have a savings account, a house to live in, and some extra funds that they can use to have a bit of fun every now and then.
Unfortunately, most young people are struggling to put away extra cash, as things such as student and credit card debts can get in the way of saving. But Matt of Distilled Dollar and his fiancée were able to put away more than $50,000 in 2016, and the couple was able to do through various strategies.
Here are some ways that Matt and his fiancée were able to save over $50,000 over the course of one year.
They live in a tiny home
In a recent blog post, Matt said that they live in a neighborhood where most of their neighbors are paying a higher percentage of their income towards rent.
“Of course, we could pay the same percentage and upgrade to a nice 2 bed/2 bath, but we’re more than happy with where we live today,” said the licensed CPA. By downgrading to a tiny house, the couple was able to save $12,000.
They don’t use a car
Matt said that with the rising costs of car ownership, they have decided to move within walking distance to work so that they don’t have to drive to the office every day.
“We’re sticking to walking to keep our expenses low,” he said. By going car-less, they saved $8,698.
They ironed their own clothes
After realizing that he went to the dry cleaners a total of 16 times for an average of $60 per trip in 2015, Matt knew that there was an opportunity here to save money. The blogger said that they now iron their own clothes and that they saved $1,347 by doing so.
They brewed their own coffee
“Aka no Starbucks for the entire year,” said Matt. Though he admits that he technically broke the rule on a few occasions, he actually never paid for the drinks himself. At a cost of $3 per coffee over 200 visits, Matt and his fiancée were able to save $600.
They have meals at home
Matt said that they have begun cooking more and have also found creative ways to save money at the grocery store. In addition to the $5,000 that they managed to save, the CPA said that they are “eating much healthier now too.”
For more, check out Jobs & Hire’s report on shopping hacks from former retail employees.
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