Martin Lewis: Don’t Miss Out on Savings for Married Couples

Marriage is a beautiful union of two individuals, but it also comes with financial responsibilities. Many married couples struggle to manage their finances, often missing out on savings that could have helped them save money in the long run. Martin Lewis, founder of Money Saving Expert, has some tips for married couples to save money, avoid missing out on savings, and plan their finances better.

Martin Lewis’ Tips on Saving Money for Married Couples

Martin Lewis suggests that married couples should take advantage of tax breaks and maximize their savings. One such tax break is the Marriage Allowance, which can be claimed by individuals whose spouse earns less than the personal allowance threshold (£12,570 for the 2021/22 tax year). By claiming this allowance, the higher-earning spouse can reduce their tax bill by up to £252 per year. Another tax break that Lewis suggests is the Marriage Tax Allowance, which can be claimed by couples where one partner earns less than the personal allowance and the other pays tax at the basic rate. This can result in tax savings of up to £252 per year.

Lewis also advises couples to make the most of their savings by investing in Individual Savings Accounts (ISAs). ISAs allow individuals to save up to £20,000 per year tax-free. Married couples can each have their own ISA, doubling the tax-free savings limit to £40,000. By investing in ISAs, couples can save money and earn tax-free interest on their savings.

Finally, Lewis recommends that couples should review their insurance policies. Many couples have separate policies for home, car, and life insurance, but by bundling them together, they can save money on premiums. It’s also important to review policies regularly to ensure they still meet the couple’s needs.

How to Avoid Missing Out on Big Savings as a Married Couple

To avoid missing out on savings, Lewis suggests that couples should regularly review their finances and plan their spending. This can be done by creating a budget and tracking expenses. By analyzing their spending habits, couples can identify areas where they can cut back and save money.

Another way to avoid missing out on savings is to stay informed about financial news and updates. Lewis recommends that couples should subscribe to newsletters and follow financial experts on social media to stay up to date on the latest tax breaks and savings opportunities.

Finally, Lewis advises couples to seek professional financial advice. This can help them plan their finances better and make informed decisions about their money. A financial advisor can provide personalized advice and help couples save money in the long run.

By following Martin Lewis’ tips, married couples can save money, take advantage of tax breaks, and plan their finances better. It’s important for couples to review their finances regularly, stay informed about financial news, and seek professional financial advice when needed. With these strategies, couples can avoid missing out on big savings and secure their financial future.

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