As one of the most famous single woman on the planet, you’d forgive Paris Hilton for having expensive tastes – men will, after all, fall over themselves to attract her attention.
But even Paris has reportedly claimed that money can’t buy her love – and says she would even be happy to be poor if she found true love. That’s easy for Paris to say – if we stood to inherit a $700 million family fortune, we’d probably say that too.
But the truth is, a love life costs money. Whether you’re Ashley Cole browsing a Bentley showroom for the perfect wheels for Cheryl or you’re more likely to be found weighing up the jewellery range in Argos, spending on your other half is never cheap.
And because we feel your pain, MoneyExpert has six simple tips to help you keep your wallet in check – and your partner happy.
1. Clear your credit card debt
It’s a golden rule but millions of us can’t be bothered or find it too difficult to live without the plastic. You might find it’s come to the point where you only pay the minimum repayment every month – well that’s costing you money you could be spending elsewhere.
If your credit card debt is over £3,000 unless you’re on a 0% deal you could well be paying nearly £500 a year on interest alone. That’s several romantic trips to Claridge’s and it should cover Valentine’s Day – and then some.
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2. Don’t insure and go
Insurance companies will always try to renew your policy. Whether it’s your annual travel insurance or breakdown cover for the car, it’s worth shopping around to get the best deal. And if you haven’t booked a holiday yet, don’t renew until you do – you’ll be handing over cash for nothing.
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3. Don’t pay by Direct Debit
It’s strange but true. Drivers aiming to east the pain of record motor insurance premiums by switching to monthly direct debit risk paying as much as £182 for the privilege. Just one in 12 motor insurance policies do not charge extra for paying by direct debit and the average charge amongst those that do is a staggering 22.7 per cent.
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4. Book trips early
Whether you’re flying or travelling by train or hire care, it pays to book early. Last minute package deals are great for the summer hols, but whenever else you want to travel those bargain-basement prices are only available for a limited period so get in quick.
5. Quit smoking
20-day will cost you nearly £2,000 a year. Pack it in – from July you’ll have nowhere to smoke anyway.
6. Don’t forget your ISA
Everyone should have an ISA. It’s free money because you don’t get taxed on your savings. You can save up to £3,000 a year and you can in some cases get instant access to your cash. You could save up to £150 a year – which you could spend on a luxury picnic hamper complete with handmade biscuits, fine wine and Belgian chocolates – and still have change for the hire car.
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Total saving: nearly £3,000 in a year!
Click through to MoneyExpert for more money saving tips