Saving Money As A couple. How To Get the Most Out Of Your Joint Finances

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As a couple, money should never be a cause of friction between you or your partner. But it can get that way when there is no control over spending, no shared decisions and no control exerted on spending by anyone. Couples can and should be looking to save money in ways that don’t detract from their ability to have fun and that doesn’t hinder them from enjoying life. But how can you do that successfully as a couple?

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Talk together openly about money

Even before you enter a relationship with another person you must be willing to discuss about money openly, if you are to take the relationship anywhere financially. Some couples make financial agreements part of their marriage and if you both truly feel that it is in your best interests then maybe you can look into how to get a prenuptial agreement. But if you are to go anywhere you must be able to discuss financial shortcomings, disagreements and spending with one another in order to build trust between you. Without an open floor for discussion, you won’t get anywhere. Seta budget out once finances start to become a much more joint endeavour and stick to it. Discuss the budget together and make sure you both agree on it.

Save money together

Save together, save forever. If a couple has any goals in life to aim towards, be it a holiday, house or even marriage then they should both be saving for that singular goal. Common goals are critical to a successful relationship and sharing the financial burden should be an equal endeavour. Of course, both should save within their means, but as long as both contribute it is a good start.

Make your decisions together

No one person in the relationship should be making a major financial decision without including their partner. Again this shared responsibility promotes trust between you and prevents anyone from making rash or dangerous financial decisions that can damage both partners. Again this is where an open floor for financial discussion between both parties comes into force. If one partner wants to approach the subject of a major financial decision that should be made, they should feel comfortable in doing so.

Stop spending as much together

Stop spending as much is a concept easier said than done. While saving has already been discussed, couples should also look to not spend as much as they normally do, whenever possible. Try going on dates that cost little to no money, such as picnics, hikes or movie nights in. Once you start to realise how much cinema trip is costing you, it can be guaranteed that you will no longer want to do it as often. Of course, this doesn’t mean don’t enjoy yourself. Take the money you save and put it to one side in an emergency or rainy day fund. Every now and then use that money to fund a fun day out for you both to enjoy. Saving money doesn’t have to suck the enjoyment out of life. Don’t sacrifice too much, just for the sake of it.

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