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Saving together

Saving as a couple is a big decision. Whether you’ve got a goal in mind, such as buying a home or car together or planning a holiday, or you’re just ready to take the next step in your relationship, combining your savings  can make practical sense. To help you with the process, here are some tips on setting ground rules, creating a savings goal and achieving it.

The first step is to have an honest discussion about your respective financial situations, so you can work out how much capacity you have to save. Here are some things to discuss:

  • Will you save equal amounts, or will each person’s contribution be relative to their salary?
  • Will you each get a monthly 'play' allowance?
  • Do either or both of you have existing debt? If yes, it’s wise to make paying it off a priority.
  • Will bills be split evenly?
  • Are there separate financial responsibilities that need to be taken into account and who will look after them?
  • What about responsibilities from prior commitments, like loans, children from previous relationships or other challenging subjects?
  • Will you set aside extra money for emergencies, so you won’t have to dip into your savings if an unexpected cost comes up?

Set your 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. If you have an amount in mind that you would like to save by a certain date, try our savings calculator to see how much you’ll each need to save regularly. Next, assess your financial situation, by looking at your incoming and outgoing expenses to see how much you can realistically afford to save. You can also try a budget calculator, to give you a more detailed insight into your cashflow. You’ll quickly see where your money is going and where you can save.

Start working towards your goal

Once you’ve got a plan in place, consider opening a joint savings account so you can both manage and watch your savings grow. There are many options, depending on how you plan on accessing your money, so do some research first.

Regular savings plans are a great way to help you reach your goals. Scheduling them to coincide with when you’re paid takes away the temptation to spend. Before you know it, you’ll start to have a healthy savings balance.

If you already have money saved, or you get a healthy balance in your savings account, you might want to think about a term deposit – you’ll get a fixed rate of return for the nominated term, so you know exactly what your investment's worth.

Staying on track

Watch your balance grow and see how much interest you’ve earnt by regularly checking your savings account which you can do 24/7 via the Commbank app – it’s a great way to motivate you both to keep going. In NetBank, you can even name your savings account something to remind you of your goal.

Acknowledge when you’ve achieved certain milestones and finally, remember that regular and honest communication is the key to saving together.

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Things to know before you Can: 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.

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