Tips to Save Money and Handle Finances as a Couple

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Did you know that a recent survey conducted by Ramsey Solutions showed that money fights come second in the list of common causes behind infidelity and divorce? It also proves that a significant amount of debt and a lack of communication are common factors behind anxiety and stress surrounding household money matters. The following article is dedicated to providing valuable tips to save money and manage finances as a couple. 

It’s not always easy to feel like you’re in the best place. Sometimes, life throws a lot of different curveballs at you, and that can have a serious effect on your mental health. While that may not always mean that you suffer from depression, even feeling a little blue from time to time is not good. Nor is anxiety or too much stress. You deserve to feel good and enjoy stable mental health levels. Sometimes, you can feel like you have no hope – that you’re stuck in this cycle forever. But you don’t have to be. As scary and as bold as it can seem, you can work on taking your mental health into your own hands by scheduling a mental healthcare appointment and looking into to learn whether you qualify for compensation eligibility. If you are working with a doctor right now, make sure you stick to their program. However, if you are feeling a little blue, then these simple tips might help you take the first step.

Start budgeting

One of the ideal methods of saving money and managing finances is to establish a budget. Setting a budget can be the solution to a couple of financial problems. One of the most important things for setting a budget as a team is to communicate. Communication is vital if you want a happy marriage. So, sit down with your spouse and discuss your financial goals. Below are a few steps that can make budgeting easy for you:  

  1. Make a list of your financial goals: Discuss your financial goals as a couple. Maybe you want to buy a house, a car or go on a trip together. Brainstorm about what you both want to accomplish financially in the coming year. Setting goals will keep you both motivated to save money and help you steer clear from any impulse purchases.
  2. Determine your income: The second step is to determine both your monthly payments combined.
  3. Determine your expenses: Now, review your receipts, bank statements and chequebooks and calculate your costs.
  4. Divide your expenses into subgroups: Now divide your expenses into different subgroups such as flexible expenses (food, clothing), fixed expenses (rent, fuel, debt repayments) and also include other costs such as taxes and insurance.
  5. Create your budget: Now that you know your expenses, create a budget accordingly by cutting out unwanted and useless expenses such as magazine subscriptions or impulse purchases. Your main aim when creating a budget should be to save as much money as possible.

The saved funds can then be utilized to pay off any debt and accomplish financial goals. 

Consider keeping your finances separate

Many couples who have been married for years keep their finances separate, as they find it easier to manage. It is best to have a conversation with your partner and decide if you both are comfortable with this decision. If yes, then you can start by calculating your shared expenses. Then all you have to do is divide them equally and deposit them in a separate bank account each month. This way, your finances will stay independent and the chances of any fights or misunderstandings in terms of the shared expenses will be below. 

Divide shared expenses by a percentage of each person’s earnings

Another great way to decide how much each person will contribute to shared expenses is to take a percentage of each person’s salary, and the person making more money has to pay then slightly more than the person who might be earning less. 

This splitting of shared bills will help make sure that both individuals have equal privileges and eliminate the chances of arguments regarding who will contribute how much. Moreover, when it comes to paying for leisure activities such as dinner dates you could take turns, split the bill, or one could pay the bill, and the other could tip. 

Set an allowance for personal spending

If you have joint accounts, a great way to avoid fights regarding personal discretionary spending is to set an allowance. By doing so, you both can spend that money on whatever you desire without explaining it to the other person. This will give you a sense of financial independence whilst having joint accounts. Moreover, if you want to splurge on a fancy item, then make it a point to seek advice and communicate with your partner before making the purchase. 

Make joint investments 

Investments are a great way of multiplying money. Open up a joint investment account with your partner and come up with an investment strategy. Look up the list of stock trading apps and choose a reliable app with the lowest commission. If you are new to the trading world, Binomo is an ideal option for you as it charges no commission. 

Furthermore, there are many investment opportunities out there, including real estate, bonds and gold etc. 

Make a separate account for an emergency

Plan by making a separate account for any family emergency and depositing a small amount of money to it every month. By doing so, you will be prepared for any future emergencies where you might need to spend a large amount of money. Life is unpredictable. You never know when you might have to deal with property or vehicle damage due to a natural calamity or go through an unfortunate accident that results in need of ample amount of medical expenses. Making a separate account for this purpose will help you ensure that none of you can access those funds for daily use or any impulse purchases. 

Apply for insurance and a retirement plan

Insurance might be expensive, but buying insurance can be extremely important once you start a family. By doing so, you and your family are financially protected and ready to face any types of curveballs that life might throw at you. Deciding what kind of insurance depends on you both, so having a conversation and doing some research by visiting a reliable insurance company should be your first step. 

In addition to insurance, applying for a retirement plan is also crucial for every couple. There by, you both will be securing your future and making sure that you have a significant amount of savings that allow you to make that choice when you are ready to stop working.


Every couple is different, and coming up with a personalized method of saving money and managing finances is one of the best ways to avoid any issues and have a happy marriage. So, incorporate the tips mentioned above into your daily lives, create a personalized financing strategy, and secure your future. 





Melissa is a young and energetic writer, a mom to a sweet little boy, and a fur-mom to two perfect pooches. Before becoming the Associate Content Director for Project Female, she was a journalist specializing in topics related to women in politics and policy affecting women.

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