5 Tips for Setting Savings Goals as a Couple

Just as Cupid's arrows inspire love when they hit their mark, focusing on a shared savings target can help couples achieve financial success with similar precision and effectiveness. But saving money as a couple when spending habits are out of sync can seem like an impossible task. Couples often disagree about how to spend their hard-earned dollars when they have different priorities.

Here are five money-saving tips couples might want to review before their next date night.

1. Be honest.

Exchange more than chocolate with your sweetheart. Share money goals, spending habits, and financial priorities. Openly discuss where your money goes each month and what you want to achieve as a couple. Don’t assume you share the same vision of your financial future.

2. Set shared goals.

Establish short- and long-term financial goals to help create a clear roadmap for your money. Agreeing on your destination helps ensure you both take steps today that will lead you down the right financial road. Setting goals gives you direction and purpose, motivating you to make informed financial decisions and take proactive steps towards shared objectives.

3. Save for emergencies.

While money can’t buy happiness, it can lead to financial peace of mind. Commit to setting aside savings for unbudgeted costs, such as large medical bills, home or auto repairs, or loss of income from a job change. Set a long-term goal of building an emergency fund equal to six months of living expenses.

4. Know each other’s spending triggers.

While you might know your partner’s heart, do you know what makes it hard for them to stick to a budget? Review recent bank and credit card statements to highlight frivolous spending that might be interfering with your ability to save money. Doing this as a couple might help you better understand your partner’s relationship with money.

5. Check in regularly.

Commit to regular financial check-ins. It’s during these brief sessions that you should measure your financial progress. Doing so encourages you to stay faithful to the savings plan. Plus, it allows couples to reevaluate their savings strategy and make adjustments as needed. For example, if you aim to save $500 each month but regularly fall $100 short, decide together to reduce your entertainment budget to compensate until you align with your original savings target.

Clear communication and compromise are the starting points for aligning financially as a couple. Working together to adopt an effective strategy could improve relational harmony and your savings account balance.