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It doesn’t matter whether you’re a new couple or you’ve been with your partner for decades, saving money together can often be a challenge. Sticking to a budget can be hard enough as an individual. When you add another person to the mix, even someone you love, managing money and meeting financial goals often becomes more complicated.
Money is a major source of stress for couples in the United States, according to the
1. Identify Shared Financial Goals
Saving money typically requires sacrifices—saying no to purchases you’d like to make now in order to make more important financial priorties possible in the future. But, of course, sacrifice isn’t always fun. That’s why it’s important to start out your savings journey together by writing down your shared financial goals. (Think, keep your eyes on the prize.)
Some examples of shared savings goals might include:
Emergency Fund - Retirement Savings
- Education Savings
- Adoption
- Fertility Treatments
Downpayment for a Home- Travel Fund
- Freedom from Debt
- Start a Business
Once you identify the reasons you and your partner are working together to save money, it should provide you with more motivation for the next steps in your financial journey.
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2. Create a Joint Budget
After you decide why you want to save money as a couple (aka your financial goals), it’s time to create a plan for how to use the money you earn. In other words, you need a joint budget.
The goal of a budget isn’t to deprive you of the joys in life. Rather, it’s a way to ensure you can afford the financial priorities that matter most to you and your partner.
There are several ways to approach budgeting as a couple, and none of them are “right” or “wrong.” Instead, it’s important to find the right balance for you and your partner.
Some couples prefer to maintain separate bank accounts and divy up household bills—either down the middle or according to the amount of income each partner earns. Other couples may opt for a hybrid approach, keeping their individual bank accounts but also open a
Whichever way you choose to budget as a couple, it’s important that both partners are comfortable with the plan. You can also use a
3. Choose the Right Savings Tool
Another tip that could make it easier to tuck away extra cash with a partner is to choose the right account to match your savings goals. For short term savings goals like a travel fund, holiday savings, or other cash you might need to access sooner rather than later, a
Recommended High-Yield Savings Accounts
Bank Account | APY | Features | Learn More |
---|---|---|---|
|
5.00%
*Annual Percentage Yield (APY) is variable and is accurate as of 10/29/2024. Rate is subject to certain terms and conditions. You must deposit at least $5,000 to open your account and maintain $25 to earn the disclosed APY. Rate and APY may change at any time. Fees may reduce earnings. |
$5,000 min. deposit |
Open Account |
|
4.57%
UFB Direct breaks balances into five tiers, but, currently, there is only one interest rate. |
No minimum deposit |
Open Account |
Member FDIC |
0.50% - 4.20%
SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.20% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 10/31/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet |
No minimum deposit |
Open Account |
|
4.70%
Earn 4.70% APY on balances over $5,000. Balances of less than $5,000 earn 0.25% APY. Annual Percentage Yield is accurate as of September 25, 2024. Interest rates for the Platinum Savings account are variable and subject to change at any time without notice. |
$100 minimum deposit |
Open Account |
On the other hand, if you know you won’t need to access your cash savings for several months or years, you might want to check out the
Of course, if you’re saving money for long term goals like retirement you may want to take an entirely different approach when it comes to investing your money. In the case of retirement savings, it may also be wise to consult with a trustworthy financial advisor to come up with the best plan of action for joint
11 Savings Accounts That Make It Easier to Reach Your Savings Goals
4. Think Outside of the Box
If you and your partner want to save more cash, it goes without saying that you need to find ways to earn more money or spend less. Often a combination of these strategies is best. Yet there may be more ways to earn more income or cut spending than you realize.
Here are several out-of-the box strategies you can use to boost your savings with a partner.
- Negotiate Your Bills: Cutting expenses can be a great way to free up more cash to save toward joint financial goals. There are even
bill negotiation apps that can cancel unwanted subscriptions and attempt to lower recurring bills on your behalf. - Pick Up an Online Side Hustle: Working a side gig could be another great way to earn cash for joint savings goals, especially if you can earn extra cash from the comfort of home. These days there are plenty of side gigs available for people looking to
make extra money online . And if both you and your partner can pick up additional online work, you might be able to boost those extra savings even more. - Bank and Credit Card Bonuses: Banks and credit card companies compete with one another for business. As a result, many financial institutions and credit card issuers offer bonuses as a way to market to new customers.
Bank bonuses are a low-risk way to earn extra money that you can use for various savings goals. Andcredit card bonuses can often provide you with access to additional cash back, points, or miles that you can use to enhance your savings or totravel for free.
Bottom Line
When you and your partner work together toward common financial goals, saving money can become more exciting. Yet no matter how you choose to manage your money and savings together, it’s important to keep the lines of communication open. Consider having regular money dates to go over your finances together. And don’t be afraid to update your budget or adjust other strategies if something isn’t working for the two of you.