Love is in the air, being Valentine’s Day, and while the Beatles were quite right in saying ‘money can’t buy me love’, it most certainly helps with the trappings that go with it.
Unromantic as it may be, there is a sound financial reason to fall in love – it can cost you more than £5,000 extra to live alone than it costs to live as a couple. So a loving partner can help you with the money squeeze as much as a physical one.
Things like sharing utility bills, grocery bills, reduced rates when you book into hotels – more often than not, a room for two is less than two rooms for one – and so on will all help to free up more of your money for the odd romantic meal.
However, don’t despair – if you are not enjoying the company of a loved one this Valentine’s Day, or you are a dedicated singleton, there is no reason why you should miss out on savings either.
The credit crunch and the dearth of available mortgage finance has made it more common for friends to club together to buy a property. Getting onto the property ladder sooner will save you throwing away money on renting – by the end of the decade, it has been reported that first time buyers may not be getting onto the property ladder before they hit 40.
You would need to find a lender who was happy to lend to you, and it is best to set some ground rules and have a contract in place. So if it ends in a split you are all protected.
If you want to save money on day-to-day items, then get yourself involved in bulk buying. Sites such as Groupon and Wowcher harness the power of joint purchasing, but you can make these deals for yourself with a little leg-work, and some tough negotiating.
Clubbing together with neighbours and friends to bulk-buy groceries is a good place to start, and stores such as Costco and Makro provide worthwhile savings even after the membership fee, if you are eligible to join them.
Or create your own informal co-op, get some Facebook friends together and see if you can get discounts for local services, such as car maintenance, or at a local salon for hair and beauty if you go within a certain time. You will probably get at least 10 per cent off.
Living together can have it’s up and downs, but whether you live with someone or live alone, you should not miss out on the financial boost that group discounts and bulk buying can offer.
Tags: bulk buying, Financial Planning, financial solution, group buying, group discounts, group vouchers, savings, Valentine's
