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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 American Psychological Association. However, there are many strategies you can use to combat financial stress with your partner, and to save more as a couple too. Below are four simple tips to help you get started.

1. Identify Shared Financial Goals

couple on vacation


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 joint savings account for shared financial goals. Finally, some partners may opt to share checking and savings accounts and keep all of their cash in the same collective household pot. 

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 budgeting app that both parties have access to for tracking any shared household spending and savings progress on a monthly basis. No one should be in the dark about shared savings goals. Transparency is important.

3. Choose the Right Savings Tool

couple reviewing finances


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 high-yield savings account or money market account might make sense. These options allow you the flexibility of withdrawing your cash on an as-needed basis, but many of the best online banks still offer higher-than-average interest rates for these types of accounts.

Recommended High-Yield Savings Accounts

Bank Account APY Features Learn More

BrioDirect High-Yield Savings Account

5.35% More Info

*Annual Percentage Yield (APY) is accurate as of 5/1/2024. 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
No monthly fee

UFB Direct logo

UFB Direct Secure Savings Account

5.25% More Info

UFB Direct breaks balances into five tiers, but, currently, there is only one interest rate.

No minimum deposit
No monthly fee

SoFi Checking and Savings

0.50% - 4.60% More Info

Customers earn 4.60% APY on savings balances when they set up recurring monthly direct deposit of their paycheck or benefits provider via ACH deposit. Alternatively, deposit at least $5,000 each month to earn 4.60% APY on your savings balance. Checking balances earn 0.50% APY

No minimum deposit
No monthly fee

CIT Bank logo

CIT Bank Platinum Savings Account

5.00% More Info

Earn 5.00% APY on balances over $5,000. Balances of less than $5,000 earn 0.25% APY. Annual Percentage Yield is accurate as of May 6, 2024. Interest rates for the Platinum Savings account are variable and subject to change at any time without notice.

$100 minimum deposit
No monthly fee

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 best CD rates and see how they compare. With certificates of deposit (CDs) you agree not to make any withdrawals for a set period of time. But banks and credit unions often offer higher interest rates in exchange for this arrangement. 

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 retirement goals. 

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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. And credit card bonuses can often provide you with access to additional cash back, points, or miles that you can use to enhance your savings or to travel 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.


Michelle Lambright Black

Michelle Black is founder of and Michelle is a leading credit card journalist with over a decade and a half of experience in the financial industry. She’s an expert on credit reporting, credit scoring, identity theft, budgeting, small business, and debt eradication. Michelle is also a certified credit expert witness and personal finance writer.