Tips to saving together

Deciding to merge your money is a big decision. It not only makes practical sense but also demonstrates the underlying trust and faith you have in your relationship.

However even for the most financially savvy people, money matters can be fraught with awkward moments and unspoken feelings. Try out some of these simple steps to ensure your financial merger goes smoothly.

Starting out

Considering joint accounts is a smart financial decision. Not only do you cut back on bank fees, but you also reap other rewards such as joint goals, savings and achievements.

The key to success is to set clear ground rules early on. Will you get a monthly play allowance? How much do you need to contribute to the bills pot? Are there separate financial responsibilities that need to be taken into account and who will look after this? Discuss all these realities up front to ensure no misunderstandings down the line.

Keep talking

In any relationship, communication is crucial. It’s the same with finances. Have a regular check in on the status of your accounts, make joint plans on how to use or save the cash and ensure there is a division of responsibility when it comes to money management to help you stay on track.

What's yours is mine and ours?

It’s best to get this squared early on. Banking together doesn’t have to be an all or nothing affair. Some couples mix it up – joint savings, super and credit cards but separate everyday banking. Chat through the options with your partner and make the best decision for your circumstances.

Louise, a young professional and homeowner, says, “When I met Ryan I was already a homeowner. I made some smart decisions in my early twenties and now they’re starting to pay off. I wanted to protect that investment, but not alienate my partner. We had a very up front and frank conversation. In the end we decided to rent out my home and buy a new home together. Starting afresh with a new project gave us a great goal.”

Set a monthly budget

You are now managing two incomes and outgoings. It’s important to set a budget, monitor and then feedback on it to ensure it’s right. Remember beauty or clothes might be important to you, or games and sport to your partner. Try and find a good balance so that everyone feels they are getting their share.

Plan for a rainy day

It’s an old saying but emergencies do happen. Burst tyres on cars, unexpected bills. When that day comes it’s great to know that there is a “rainy day” pot just waiting to be activated.

Saving together

Having a joint goal or milestone is a great way to save those all important dollars. Not only do you travel the course of saving each month, but you get to enjoy the fruits of your labour together.

Claire, who has recently moved in with her partner, says, “We decided to open a joint savings account so that we could plan, save for and enjoy things together. We opened it late last year and we now have $4000 from our dual income. We have just decided to go on our first trip to Thailand in July. It’s really exciting to have things to look forward to equally.”

Managing your finances together is an important but necessary step. With two different ways to managing and handling money there are bound to be bumps. The trick is to keep going, communicate and save for those unexpected hurdles.

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• Important information
  The advice on this website has been prepared without considering your objectives, financial situation or needs.  Because of that, you should, before acting on the advice, consider its appropriateness to your circumstances. Please view our Financial Services Guide.