How to Save for Goals as a Couple
There are so many advantages to enter into a long term relationship with someone that you love. In the beginning, it’s all heart eyes and the kind of memory montage filled with romantic nights and laughing in the car while your favorite songs play. The longer that you’re in a relationship with someone, your everyday normal life and goals will evolve as the two of you do.
And that’s normal. Once you’ve settled into a routine and are comfortable with each other, you start being more open and sharing more things, as well as being more vulnerable with your partner.
One advantage you can enjoy within your long term relationship is that you will be able to create goals together, and then work towards and save for those goals together.
It can seem difficult when there’s someone else participating with you, but here are a few tips to save for goals with your significant other.
Setting a budget
Saving, whether it’s with your partner or by yourself, is a difficult task. It seems easy, at first. But then, as you begin the execution, you realize that it’s a little bit harder than you think. The key to saving for anything, is to first set a budget.
Make sure that you don’t overspend. Set limits and prioritize with your partner on where your money should be going. This is an attainable goal whether you share finances or not.
If you share finances, you can agree on what amounts of the money in your joint account will go to certain places. If you don’t share finances, you can still meet these budgetary goals. What’s important is just that you sit down and take a look at your expenses.
Set savings goals
Probably the best place to start, is to have a monetary goal for your savings account. Do you want to save $1,000? Do you want to save $10,000? Whatever the monetary goal is, set it together and do what is necessary to set those goals.
Whether you’re saving for a rainy day, or you are seeking an emergency fund, just make sure that you have a clear idea of what your goals are.
Investing
Investing is something that is often misunderstood, and far more intimidating than it needs to be. There are dozens of easy ways to invest, whether you have a professional handle the hard stuff for you, or if you use an app to easily invest your money.
Investing is one of the most effective ways to save your money. Not only is your money being saved and set aside, but it will expand and grow, multiplying your money with very little effort on your part. Talk with your partner to set goals for investments together.
Investing can get really complicated, but the key is to start and learn as you go. It’s important for you to understand some basics, like the power of compounding interest, and what exactly stocks are.
Resources like this article are a great place to start. If you need help, contact a financial specialist at your bank, or at an accredited institution.
Setting spending goals
Setting your savings goals is the boring part. No one really wants to do it, but it’s a necessary evil to get to the part where you get to spend said saved money.
One of the best ways to keep yourself on track with your savings, is to have plans and goals with what you’ll do with your saved money. If you’re the kind of couple that gets motivated just thinking about saving money for an emergency or medical fund, then that’s great and you can save for that.
If you need a beach vacation to envision and look forward to in order to put 10% of your paycheck into your savings account, then work with that goal instead.
What’s most important is that you find the goal that works for you, and then become unified in that goal. By working together towards the same goal, you’re able to join not only your money, but your forces, and get things done much quicker.
Your savings goals won’t work quite as well if you don’t agree on what your goals are, because one of you will be significantly more passionate than the other about what you’re saving for. Talk and brainstorm until you find the ideal savings goal that you’re both excited about.
Category: Family Finances
