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Saving together

Merging your money is a big decision. It can make practical sense and demonstrate the underlying trust you have in your relationship. For even the most financially savvy people, however, 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.

Talk about the tricky questions upfront:

  • Will you get a monthly 'play' allowance?
  • How much do you need to contribute to the bills?
  • Are there separate financial responsibilities that need to be taken into account and who will look after this?
  • What about responsibilities from prior commitments, like loans, children from previous relationships or other challenging subjects?

  • Some couples start with a joint savings account and keep separate everyday transaction accounts
  • Some couples choose to keep home ownership separate, especially if homes were purchased before the relationship

  • Together, you may want to track your spending for a week – use an app or write everything down
  • You’ll quickly see where your money is going and where you can save
  • Work out a budget
  • Remember it’s easier to stay on track if you build in some personal ‘fun money’
  • Regular communication is the key

  • Whether it’s unemployment, illness, accident or a major repair to your car or home, it’s a good idea to have a plan for unexpected expenses
  • Consider having a personal overdraft, keep a healthy credit balance free on your credit cards and make sure you have the right insurance cover for yourself, your car and your home

  • If you save together for something you both want, such as a house deposit, a special holiday, furniture or a car, you’ll find that saving becomes easier when the reward is in sight
  • A high interest savings account will help. CommBank has a number of options to choose from:
    • NetBank Saver is a high interest rate savings account with a great intro rate for new customers and instant access to your money 24/7
    • GoalSaver rewards you for saving regularly with a great variable bonus rate
    • Compare our savings accounts
    • A Term Deposit provides a fixed return for the term you select, and since break costs can apply you may be less likely to dip into your savings
    • A Cash Investment Account offers daily interest on balances of $10,000 or more with full access to your money

Keep reading

Saving for a baby

Having a baby can be costly when you consider medical expenses and set-up costs. The trick is to start early, get realistic and set a budget.

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Saving for a home

Saving for what is probably the biggest purchase you’ll ever make is daunting, so getting some guidance is essential.

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Saving for a marriage

Beginning married life drowning in money worries is not a great start, so have a look at our tips on how to get your big day without the big bills.

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Related products

Protecting your lifestyle and the people you care about is important. We can help with life insurance that covers your needs and gives peace of mind.

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Reach your savings goals faster thanks to a great variable rate.

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A high-interest online savings account that links to your CommBank transaction account.

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Important information

The advice on this website has been prepared without considering your objectives, financial situation or needs. Before acting on the advice, please consider its appropriateness to your circumstances. Please view our Financial Services Guide.

Terms and conditions for the transaction, savings, Term Deposit and investment accounts mentioned are available online or from any branch of the Commonwealth Bank.