Money is usually a reliable way to drive a wedge between an otherwise loving couple. Everyone has a different idea of how their money should be saved and how it should be spent. Reconciling your ideas with someone else’s can be a tough job, even if you’re in a serious, committed relationship.
Yet, strike the right balance and learn to save money together, and your relationship will only get stronger. So, in the interest of your happiness, that of your partner, and the quality of your relationship and life together, we’ve put together some essential couples’ money-saving tips to easily manage your financial life together.
1. Use Your Couple Power
When it comes to spending, being in a couple has a significant edge over staying single. Use that power to your advantage by:
- Moving in Together – If you’re both ready, of course! Rent is probably the biggest expense of all. Sharing the payments for only one apartment instead of each paying for your own can lead to huge savings.
- Consolidate Your Living Expenses – Once you’ve moved in, you’ll also be able to pay for only one set of utility bills, but you should also consider other rentals or subscriptions that you can roll into one shared payment—like Amazon Prime or Netflix.
- Get a Joint Bank Account – They might seem like a recipe for arguments, but, with a clear understanding and agreements between you and your partner, a joint checking or savings account can net you big dividends and save you both time and money. Opening a joint account is particularly popular among married couples, but it shouldn’t be off the table if you haven’t tied the knot. Unlike having separate accounts, a joint account forces you to have difficult conversations earlier on, often leading to a stronger, happier relationship in the long term.
- Encourage a Little Friendly Competition – Saving money doesn’t have to be a chore. Turning your savings goals into a friendly competition is a good idea if you and your partner need a little extra motivation to cut back on spending. Your savings competition could be as simple as competing to set aside the most money over the space of 30 days or trying to reach a dollar amount of savings within a set period. The winner gets bragging rights, and the loser has to buy them dinner. Insert your reward and punishment of choice to up the stakes.
2. Make Some Lifestyle Changes
Small lifestyle changes can make a world of difference to your bank balance and ability to save money. Having a partner to make those changes with you means the process is not only easier but also a lot more fun.
Plan Your Meals
Eating out is one of the few places where being in a couple doesn’t equate to automatic savings, which is why you should be aiming for home cooking instead. It’s cheaper and less wasteful and, with a couple of candles, it’s even more romantic. Sit down every week to plan your meals, which will ensure you don’t buy unnecessary groceries and keep you from defaulting to take-out as one of your more harmful spending habits.
Better yet, by opting to cook the majority of the time, dressing up to have a meal at a restaurant or ordering take-outs and watching a movie become more special, romantic, and enjoyable, instead of being just another everyday occurrence.
Be a Cheap Date
It’s only natural to keep the flame burning with a date night every now and again—but, unlike when you were trying to woo each other, you don’t need to spend lavish amounts on every night out together. It’ll be more fun (and memorable, too!) to combine your creative minds and plan something free or low-cost, yet still romantic.
Automate Your Savings
When it’s just you responsible for your savings, it may be easy to remember to put aside money for your savings every month. However, just as couples can help each other become better savers, they can also encourage each other to spend unnecessarily. To avoid this outcome, consider automating your savings.
With the help of your financial institution, arrange automatic transfers from your transactional accounts to a savings account on a specific date every month. This ensures both you and your partner maintain your savings commitments, and reduces the risk of one or both of you skipping these obligations, even if you meant well when you did it.
3. Communication Is Key
Above everything else, you need a savings plan. The only way to properly make one and stick to it is to talk to your partner. Like everything else in a relationship, communication is key. You can only work toward your financial goals together if you’re on the same page.
When you start the conversation, make sure you consider:
- Varying percentages of savings contribution if you normally earn or spend unequal amounts
- Debts you each hold and how you can help each other out
- Savings targets that you’re both comfortable with
- Ways to track spending and constructively bring up issues
Make S.M.A.R.T. Savings Goals
To set savings goals you can reach, make sure each one is:
- Specific
- Measurable
- Achievable
- Realistic
- Time-bound
The S.M.A.R.T. savings method makes sure you are both on the same page when it comes to setting and achieving goals together.
Couples That Budget Together …
Create a clear, achievable, percentage-based budget for themselves. The most popular percentage ratio is the 50/30/20 rule, where:
- 50% goes to your needs (rent, mortgages, utilities, debts, life insurance, essential groceries)
- 30% goes to your wants (entertainment, dining out, shopping, travel)
- 20% goes to savings (emergency fund, retirement, insurance)
Remember to get together regularly to review your savings progress and check in on how your partner is handling your joint goals. It’s also good to schedule check-ins so you can clear up any misunderstandings or expenses either of you may not have expected and possible points of conflict over savings and spending in the future.
Of course, don’t forget to talk about the best part too: how you’re going to reward yourselves after all that hard work!
5. Give Yourselves an Edge with the Right Account
Saving and managing your money by yourself can be hard. Saving as a couple doubly so. However, with the right approach and the right attitude, you and your partner can achieve financial freedom.
Give yourselves a big advantage for your future financial health and happiness with a Kasasa savings account from TPFCU—The People’s Federal Credit Union. With free setup and online banking, no monthly fees, and very attractive annual interest rates on your funds, this is a worry-free account that helps both of you earn every single day.
Ready to focus on romance instead of money? With the right product for every stage of your life, TPFCU can help. Contact us today to find out more!
