Saving Money Together: Financial Tips for a Strong Marriage

The Importance of Financial Responsibility in Marriage

Money issues are one of the leading causes of stress and conflict in marriages. Financial problems and debt put an enormous strain on relationships. When couples are not on the same page about how to manage their finances, it inevitably leads to fights, resentment and can even cause divorce. However, being smart with money and budgeting wisely as a team can actually bring spouses closer together.

Saving money together and getting out of debt requires open communication, compromise and setting shared goals. By making financial responsibility a priority, couples can strengthen their bond and work together towards a more secure future. Disagreements about money do not have to ruin a marriage if you and your partner learn how to have constructive discussions about spending, saving, bills, and financial goals.

Communicate About Money Matters

The first key is to talk about money regularly in a thoughtful, respectful way. Do not avoid the subject just because it makes you or your spouse uncomfortable. Bring up financial topics before issues turn into major problems. Get on the same page about budgeting, spending habits, savings goals, and how you plan to handle debts.

Schedule money talks where you can both review expenses and income, discuss any concerns, and make joint decisions. Be open about your respective financial attitudes and backgrounds. Compromise where you differ. When having these conversations:

• Avoid blaming, shaming or making assumptions
• Listen actively to understand your partner's perspective
• Express thoughts and feelings calmly
• Find solutions together; it's you and your spouse vs. the problem

Planning regular money talks keeps communication open and sets you up to tackle any financial challenges as a team.

Follow a Joint Budget

One of the best things couples can do for their relationship is create a budget together. This allows you to align your priorities and spend consciously as a united front. First, look at total monthly take-home income for the household. Then make a list of recurring expenses - rent/mortgage, utilities, insurance, debt payments, groceries, gas, etc.

Subtract those essential costs and set aside a portion for retirement savings. With whatever remains, determine reasonable amounts for discretionary spending and savings goals. Develop a shared tracking system and meet periodically to fine-tune the budget as needed. Following a budget you crafted together keeps your partnership grounded when money issues crop up.

Split Shared Expenses Fairly

Determine a reasonable way to divide housing bills, utilities, insurance, and other routine expenses. Some couples split costs 50/50, while others distribute the load proportional to earnings. There is no one right formula. Choose a method you both feel good about. The key is to agree on shared obligations and uphold your part consistently.

Failing to pay your portion leads to resentment. Conversely, showing you take household expenses seriously makes your partner feel secure. Splitting bills equitably and punctually prevents money from driving a wedge between spouses. It demonstrates you are in this together.

Allow for Some Personal Spending

While couples should budget and save diligently for mutual goals, it is healthy to also have a bit of discretionary money in your budget. After joint expenses are covered, you and your spouse can each decide how to spend a set personal allowance.

One may use fun money for hobbies, the other for lunches out. Giving each other leeway with a modest amount of spending money avoids nitpicking over every little expense. It shows trust and respect for individual interests.

Chip Away at Debt Together

If debt is straining your marriage, make paying it off a team effort. List all debts by priority - mortgage, credit cards, student loans, car payment, medical bills, etc. Make an aggressive debt repayment plan together. Transfer high interest credit card balances to lower rates when possible.

Pay more than the minimums due on loans and cards. Consider side jobs to bring in extra income. Review progress monthly and adjust the debt pay-off plan as balances shrink. Climbing out of the red together builds unity, trust and momentum that carries over to other shared objectives.

Savings Strategies for Couples

Saving money is challenging when living expenses eat up your whole paycheck. But with some effort and creativity, couples can find ways to set aside funds that will greatly enhance their future. Make saving a habit now and it will benefit your marriage for years to come.

Start an Emergency Fund

Aim to build up an emergency savings fund with enough to cover 3-6 months of living expenses. This protects you from racking up costly debt when unexpected costs come up, like car repairs or medical bills. Determine a monthly amount you can squash into your budget to put into emergency savings each month until you reach your goal.

Open Joint Savings Accounts

Open a separate joint savings account that is different from your regular checking. Agree on a set amount to automatically transfer into joint savings each month. Even if you can only start with $25 or $50 per month, make it consistent. Watching your dedicated savings grow keeps you motivated.

Save for Big Purchases

If you and your spouse want to buy a house, a car, appliances or anything else major - start saving up now. Calculate how much you need to save monthly to reach the target amount. Identify areas you can trim spending to funnel more towards this shared goal. Saving up together brings you closer to milestones.

Invest for Retirement

Investing for retirement is one of the wisest things couples can do to protect their future. Take full advantage of employer 401k matching if available. Look into opening Roth IRAs or other retirement accounts. Set a target for retirement savings and invest automatically each month. Your future selves will thank you.

Seek Out Deals

Being thriftier day-to-day frees up more money to pump up your savings. Take advantage of sales, coupons, loyalty programs, discounted gift cards and cash-back apps. Develop a nose for deals and share money-saving tips with each other. Seeing who can hunt down the best bargains can even turn money saving into a fun couples activity!

Avoid Financial Pitfalls

While building healthy money habits together strengthens marriages, some behaviors can wreak havoc. Steer clear of these detrimental mistakes to keep your relationship happiness a priority.

Live Below Your Means

Couples get into deep trouble when they take on more debt than their income can sustain. Avoid inflating your lifestyle beyond what you can realistically afford long-term. Tame impulsive spending habits and differentiate between wants and needs. Live modestly and within your means.

Do Not Hide Purchases or Accounts

Secret spending or financial infidelity erodes trust. Do not hide expenditures from your spouse or open credit cards they do not know about. Share bank statements and be accountable. Deception and secrecy about money risks destroying the relationship.

Do Not Make Large Purchases Unilaterally

No matter how much you may want something, do not make significant buys without your partner's input. Splurging on expensive items without mutual agreement undermines teamwork. For big outlays, make joint decisions.

Avoid Fighting About Money

Do not let spats over spending spiral into relationship-damaging fights. De-escalate money arguments before they get heated. Be willing to compromise. Seek outside help from a financial advisor or counselor if needed. Letting money drive a wedge between you loses sight of what matters most - your love.

Enjoy Low-Cost Activities

A fun perk of budgeting and saving diligently as a couple is getting to enjoy free and low-cost activities together guilt-free. Get creative with free or cheap dates to build your bond without draining your wallets. Here are some money-saving ideas for couples to try:

• Pack picnic lunches and go hiking or to a park
• Visit local museums with free or discounted admission days
• Try DIY crafts or cooking new recipes at home
• Exercise together with yoga, jogging, cycling, etc.
• Play board/card games at home
• Research free concerts, festivals or special events
• Have movie marathons using rental services or streaming
• Swap giving massages and back rubs

Saving money together lets you focus more on simply enjoying each other's company. You build closeness trying new experiences, laughing, talking, and making happy memories - without putting your finances at risk.

In Summary

Money issues can make or break a marriage. Couples who communicate about finances openly, budget thoughtfully, save consistently and steer clear of debt are far more likely to go the distance. Teamwork and planning for the future cements your partnership.

Set money ground rules and work towards shared goals. Compromise and be accountable to each other. Cultivate openness, fairness and transparency around finances. Instead of fighting about money, let responsible saving and spending bring you closer together.

FAQs

How can we stop fighting about money?

Schedule regular money talks to get on the same page. Listen to understand each other's perspective. Express your thoughts calmly. Find solutions together rather than blaming or arguing.

What percentage of housework should each spouse do?

There's no set formula, but aim for an equitable split based on your schedules and strengths. Talk through a division of tasks and responsibilities that feels fair.

How much should couples budget for discretionary spending?

After covering essentials, aim to budget 10-15% of take home pay for personal discretionary spending for each spouse. Adjust as needed.

What are fun free dates for couples on a budget?

Picnics, hiking, cooking together, game nights, exercising together, visiting museums with free admission days, and researching free local events.

How can newlyweds build savings?

Start an emergency fund, open a joint savings account, save for big purchases, maximize retirement contributions, seek out deals, and spend below your means.