Starting the conversation

Many couples find it difficult to talk openly about their finances. It’s especially difficult if one of you is a big spender while the other is more restrained.

Before you start to save together, here are some questions to ask your partner about money so you start off on the same page and choose the right savings account.

Set a goal

You’ve opened a joint savings account and have agreed on how, as a couple, you’ll manage your money. Now you need a plan. A good savings plan should include long and short term goals to keep you both motivated to save.

Once you know your goal and how much you need to save, use a budget planner to see where you're spending most.

This is important for three reasons:

  1. Identifies areas you redirect spending into your savings
  2. Makes your target more achievable
  3. Helps you during the inevitable moment when one of you lapses into shopaholic tendencies and needs reining in.

Struggling to work out how much to save? Try our savings calculator.

Control your spending

Your joint savings will suffer if either one of you persistently overspends.

There are ways we can help you control your spending in the CommBank app.

You can also set yourself up for success by scheduling a regular transfer from your transaction into your savings account. Ideally just after you’ve been paid, so you avoid the temptation to splurge.

Before you know it, you’ll start to have a healthy savings balance.

Build an emergency fund

At some point, you will both need an emergency stash of cash so your savings aren’t drained when the unexpected happens. It’s a good idea to set a small amount aside each month or factor this into your overall savings goal.

Remember to keep your goals realistic and flexible – you’ll be less likely to keep to your savings plan if your target is too hard to reach.

Try our budget and saving tools

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Things you should know

This article is intended to provide general information of an educational nature only. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product advice. As this information has been prepared without considering your objectives, financial situation or needs, you should, before acting on this, consider the appropriateness to your circumstances.