Why settling down is the best way to save money

BEING part of a couple isn’t just good for your emotional wellbeing – it may also give your bank balance a boost.

Those who have settled down with a partner save around £68 a month more than their single counterparts, a study has found.

That adds up to more than £800 extra in the bank every year.

Working towards a joint target, such as saving to buy a home, start a family or build up a nest egg, imposes discipline on our spending habits, according to the research by National Savings and Investments.

More than half of those who are in a relationship say that their other half plays a part in encouraging – or even nagging – them to put money aside.

One in five say their partner motivates them to save at least £200 more a month, adding up to an extra £2,400 over a year.

The effects of settling down are most pronounced on men, who typically save £85 a month more once they find a partner. For women, the figure is £50.

And young men are particularly prone to being influenced by the woman in their life, with those aged 25 to 34 putting aside around £ 100 extra each month once they are in a committed relationship.

John Prout, retail customer director at NS&I, said: ‘As well as helping each other save towards goals and providing more security in difficult times, these savings will make a difference for the bigger financial milestones that come during a relationship, such as buying a home, or saving for life in retirement.’