How To Handle A Long-Distance Relationship Financially

By BankBazaar | August 1, 2017

Your sweetheart lives on the other end of the town, country or planet? Bummer! Long distance relationships can be tough. Not getting to see your significant other can be emotionally stressful. But it doesn’t have to be financially taxing.

A long distance relationship has a huge impact on your finances – think phone bills and travel expenses. While you are counting down the number of days until you see the love of your life again, don’t forget to count the money!

Demographics play a large part in your life but would you let distance or money beat you down at romance? Absolutely not!

Here are five awesome tips on how to handle a long distance relationship, financially:

  1. Utilize Technology

Have you been spending a bomb on your phone bills just talking about nothing important with your love? We understand old school is romantic but why not use modern stuff to make life easier and your sweetheart happier?

Using Skype instead of chatting on the phone is a great way to save some money. Plus it’s also got the video chat option, so you get to see their lovely face while talking to them.

Use WhatsApp to send sweet texts over the day just to let them know you miss them. It’s a much cheaper option than sending text messages. WhatsApp also has a free calling feature that you could use when you are connected to the internet. And all those cute emojis say a thousand words without having to type out a single letter. Yay!

Additional Reading: BankBazaar Goes Paperless! Get Loans In A Day

  1. Split Your Costs

Everything’s better when shared, even your expenses. If one of you is travelling to see the other just split the ticket or the date-night costs. If both of you are travelling to a place that’s middle ground just plain divide all the costs.

Check This: How Budgeting Can Transform Your Financial Life

You should be able to talk openly about your finances with your partner. That does not mean share your PIN numbers and other financial details but just discuss what you can or cannot afford openly. That way you can always be prepared to see him or her without having to break a sweat about the money.

  1. Plan Your Travel

So, he is an engineer in the United States while you have a regular 9-to-5 in Japan? Or does she just live in the neighbouring state? Depending on the distance, you’d want to take the cheapest route possible.

We agree love should not be this hard. That’s why we suggest you plan your visits much in advance. If you have to travel far to see “the one” start looking for the cheapest flights available and book at least two months beforehand. Lurk around on websites that offer great discounts and chart out when they offer the best rates – usually middle of the week.

Consider getting an Airline Travel Credit Card. With a travel Credit Card, you can collect air miles every time you swipe your card. You can redeem the points for your next flight ticket purchase. Some cards even offer free tickets as a joining bonus!

Also Read: Romance On A Budget

There is a host of advantages that come with a travel Credit Card. This includes free access to airport lounges across airports in the country, cashbacks and other attractive offers. What’s more? Buy your sweetheart a little something with the cashback or redeemable points on your Travel card! He/ She will be more than just happy.

Love the idea?

Check out three awesome Travel Credit Cards below:

This is on our “awesome cards” list because of several reasons. One – you get a massive 2000 points and a free Jet Airways ticket on signing up for the card. Two – you get 6 JP miles on every Rs.100 you spend with the card and you get 2x points on spending over the weekends on Jet Airways. Three – it also offers a host of benefits like 5% cashback on movies, restaurants and more.

On signing up for this card, you get one base-fare-waived economy class ticket and 3000 joining points! Woohoo! Get 15% discount across restaurants in the country. What’s more? You also get air insurance cover of up to Rs. 2.55 crores.

Spending with this card can assure you up to 25,000 Air Miles every year. You get 10 Air Miles every time you spend Rs. 100 on the card. You also get access to several VISA lounges across domestic airports in the country.

  1. Avoid Overspending

Long distance relationships are expensive, which is why you’ll need to be on a budget if you want to spend some time with your sweetheart. The budget needn’t be stringent. It could include small things like packing a lunch box to your office instead of ordering pizza or eating out. Might include skipping a few night outs with the pals and controlling the urge to immediately buy the uber-expensive scarf you spotted at the mall.

Little things add up to big differences. Set aside a little money in a Savings Account. The two of you could also consider getting a joint account to start saving together. How romantic!

Also, when you meet after a long time, you might have the urge to spend more than your bank account or income can handle. DON’T! Know how much you have and what you’re going to spend it on. Spend time, not just money.

Additional Read: How to be frugal on vacation spends!

  1. Take Up A Side-gig

It never hurts to make a few extra bucks. Take up some freelancing gigs to boost your income to support your long distance relationship. Go walk someone’s dog, write a blog or just doodle if you have a flair for design. There are several ways to make money on the side and if you managed your time properly, you’d definitely end up saving quite some money for the next date.

Are you in a long distance relationship? Tell us how you manage it financially in the comments below.

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