5 Ways Couples Can Turbo-Charge Their Savings

5 Ways Couples Can Turbo-Charge Their Savings

13/10/2017

Most of the #RelationshipGoals nowadays for couples usually revolved in traveling together, eating out, going on dates, etc., but none of it shows about couples saving money together.

Many young couples today, mostly not yet married rarely discuss finances. But, if you and your partner have talked about this matter, then it’s a good start.

Whether married or not, we’ve come up with these wise tips for couples on how to save more and is a true #RelatioshipGoal.

 

#1 Stay Accountable

Be accountable saving more as a couple

This should be the first on the list. When two individuals are committed to each other, they’re going to be a great team. And being part of a couple is a great deal because both of you are thinking more about your future.

Making smart decisions on managing the finances will help you and your partner in the long run. Be sure that you both agreed on the said set budget and stick to the plan of combining your finances. Honesty is also very important in this matter because both of you need to be transparent of your spending habits, track the expenses and discuss it.

#2 Write down Short-term and Long-term Goals

Couples listing down expenses

It’s also important for couples to write down their short-term and long-term “couple goals”. Many of couples usually fight over or even ending in a break up due to financial problems and disagreements.

So, to be a financial game-changer, it should be that you jointly prioritize your financial future so you as a couple can succeed. And because accountability is the first step to succeed financially as a couple, make sure to remind each other and check on your progress as a couple in terms of your current budget and goals.

#3  Combining finances and Individual Savings

Couples Combining Finances 5 Ways Couples Can Turbo-Charge Their Savings

When you think that combining finances will make it easier to pay the bills such as rent, home mortgages, car insurance, groceries and etc., then combine finances. Make sure that both of you have agreed on this and discuss how much will be deposited from your paychecks. Also, keep each other on the loop when taking money to avoid “surprises” and over withdrawing funds.

Aside from combining finances, consider a separate savings: his, mine and ours. In this way, if you need fast cash, it’ll be easier for you both to get something out of your pockets. It’s also a good way to maintain independence because while you are coupled up, both of you are still individuals.

#4 Create a strong Emergency Funds

5 Ways Couples Can Turbo-Charge Their Savings 2

Maximise your savings even more with emergency funds. You can use this fund in situations that are important and considered as emergencies such as financial dilemma, loss of a job, debilitating health condition or major expenses.

Set aside 3 to 6 months or even a year worth of living expenses. An emergency fund can shield you from unnecessary borrowing and keep you from owing debts.

#5 Cut Unnecessary Expenses

5 Ways Couples Can Turbo-Charge Their Savings

List down the common expenses that you need and scratch off the ones that aren’t needed. Begin by scrutinizing your expenses by categorizing them from big expenses to smaller expenses. Figure out how you can trim down the costs in every single category.

For example, can you downsize your home mortgage or rent in half and perhaps live in a smaller home? If your office is walking distance, can you minimize your driving, save up gas and start walking every day for work? How about the small expenses like letting go of your simple coffee fix at your favorite coffee shop or subscriptions that you don’t necessarily need.

When it comes to making time for dates, this doesn’t necessarily need to be expensive but create a budget for it. Of course, both of you needed a break and spending time with each other will add to strengthening your relationship.

If travelling together is what you enjoy, strategise on how you can make your travel budget-friendly.

You see, cutting down these kinds of expenses will eventually create a big impact on your financial management as a couple.

With these simple ways and making changes in your daily expenses and activities, you can increase your finances faster than you may have thought impossible. Working together in saving money as a couple can strengthen your relationship and bring you both closer. Definitely a worthy #RelationshipGoal.