Ways to Organise and Build Savings as a Couple – Organising your spending and building your savings as a couple can be a difficult task with date nights, holidays and just about any other activity seemingly costing more and more due to the ongoing cost of living crisis.
However, saving struggles are usually caused by a lack of understanding of how you can save with your partner, which is why we’ve prepared a guide with some of the best tips for improving your savings, so that you can save towards that special item you want to buy.
So, if you’re in a couple that can’t seem to save any of your joint income, read on to discover several methods you can try to give yourselves the best chance of putting money aside each month.
Set a goal
Setting a goal can help you save money faster as it gives you something to aim for. For couples, this may be a new car or a deposit for a house. If the latter is your goal, then make sure you know how to boost your credit score too, as this will be imperative when trying to secure a mortgage with great rates.
Goals don’t have to just be for long-term purchases, however, and you can incorporate some shorter-term ones, like buying a holiday package or an anniversary meal at a swanky restaurant.
Make a plan
Now you know what you’re saving for, it’s time to create a plan. Decide on a deadline to have this money by and how you will save. Make sure you consider your monthly expenditures before creating a budget to ensure the goal is attainable and realistic. Once you know how much you need to save each month, you can start doing so.
Open a joint savings account
Opening a joint savings account is a great way to set your money aside, so you aren’t tempted to spend it. With this type of account, you shouldn’t settle with your current bank. Be sure to have a look around to find a bank that offers the best interest rates, so you can earn a little extra on top of your income. This should make it a bit easier to reach your goals without having to work any harder.