Trying (and failing) to save money as a couple?
For some reason, there’s a whole taboo around talking about money with your significant other. Probably for this very reason, not talking about money is a huge factor into why people break up.
We’ve been saying budgeting is sexy for years. Mastering the art of saving money as a couple can lead to a stronger, more secure partnership.
So here’s your roadmap to finally building savings with your partner. Plus a little on how you can maximize your savings with AI.
Before we jump into the nitty-gritty of budgeting and saving strategies, let's talk about the most vital aspect of any relationship: communication. Couples saving money successfully requires open, honest, and respectful conversations about finances. Money is a huge source of shame and anxiety for a lot of people, so it's not about pointing fingers or laying blame; it's about being a team and understanding each other's financial goals and habits. If you need a little help getting started, Cleo can help you break through that first awkward conversation. Just type “roast me” in the app, and she’ll break the ice for you.
Set Shared Financial Goals
When it comes to couples saving money, having shared financial goals is like having a GPS to guide you on your journey. Sit down together and discuss what you want to achieve in the short term and long term. Maybe you want to save for a dream vacation, buy a house, or build an emergency fund. Whatever it is, make sure you're on the same page and work together to achieve those goals.
Make your goals SMART: Specific, Measurable, Achievable, Relevant, and Time-Bound.
Ok, budgeting doesn’t scream sexy. But trust us, having a budget doesn't mean you can't enjoy your favorite date nights or splurge on something special. Instead, think of it as a tool to help you prioritize your spending and save money more effectively. Allocate a portion of your income to essentials, like rent, bills, and groceries, then set aside money for entertainment and savings. Sticking to a budget will bring financial discipline and reduce unnecessary stress.
Or, get an AI money app to do this for you. Cleo can categorize your spending, so you can see where it’s going, and then make a personalized budget tailored to your specific situation.
Track Your Spending
Now that you have a budget in place, it's time to track your spending. This step is crucial for couples saving money because it shows where your hard-earned cash is actually going. Use apps, spreadsheets, or old-fashioned pen and paper – whatever works best for you both. Review your spending regularly and identify areas where you can cut back to boost your savings.
Again, Cleo can make this easier for you. After setting spend limits on each category (that you can customize, dw), Cleo will send you a friendly DM when you’re about to hit your limit.
Be Smart with Credit and Debt
Couples saving money should also be smart about credit and debt management. If you have outstanding debts, work together to create a plan to pay them off. Avoid taking on new debt whenever possible and be responsible with credit cards. High-interest debts can drain your finances and put unnecessary strain on your relationship. If you wanna know more about paying off debt, check out our article by our resident financial advisor, Anna.
Remember that shared financial goals we talked about earlier? Well, it's time to put them into action. Approach saving money as a team effort. Set up a joint savings account and contribute regularly to reach your targets faster. You could even automate your savings, so there’s no fighting about who did or didn’t contribute this month. Type “autosave” into the chat with Cleo to see how she can help with this.
Plan Affordable Dates
Yes, luxurious dates are pretty great. But you know what’s not romantic? Being broke by the end of the month because of all your romancing. You can still spend quality time together without spending a ton - whether that’s hiking in nature, or just putting some time to have a coffee together at home.
Prepare for the Unexpected
Life is unpredictable, and sometimes unexpected expenses can throw you off track. You don’t wanna let this destroy the progress you’ve made with your savings as a couple. Build an emergency fund to handle those unforeseen circumstances without derailing your financial plans. Aim to save three to six months' worth of living expenses in a separate account, just in case.
Celebrate Your Progress
Lastly, don't forget to celebrate all the hard work you’re doing. When you achieve a savings milestone or successfully stick to your budget, take a moment to acknowledge and celebrate your progress. The great thing about having a budget is you can make room to treat yourself without financial guilt hanging over you. Remember, it's not about depriving yourselves of enjoyment; it's about making mindful choices that align with your goals.
*Cleo Plus is our subscription service, which offers eligible users cashback on your money, information on your credit score, and access to cash advances (”Cash Advance”). Advance amounts will vary based on eligibility. If you don’t want to subscribe, you can also apply for cash advance by contacting our customer service at email@example.com. To learn more about eligibility, repayment, and overall terms, please visit: meetcleo.com/terms.
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