How to start saving as a couple.

photo-couple-sitting-at-tableSetting up a saving plan with your significant other to achieve a joint goal like buying a home is an important step.

We’ve put together some helpful tips so you can successfully navigate this joint venture and achieve your end goal.

Establish clear ground rules

Prior to setting up a joint savings venture, you and your partner will need to have an honest conversation about what you can realistically achieve.

This will include discussing things like;

  • Your individual financial situations.
  • How often will you contribute to the savings? Weekly? Fortnightly? Monthly?
  • Will you contribute equal amounts to the savings or will this be respective to salary amounts?
  • Do either of you have existing debt or financial responsibilities to factor in?

Be sure to discuss these issues with absolute transparency. It’s imperative you’re both aware of all the potential variables that may impact your savings goal.

Set a target

Once you’ve established ground rules, you then need to figure out how much you’re aiming to save and in what time frame. It can be easy to lose your motivation if you don’t have a clear, defined target, so be specific.

You’ll need to clearly assess your financial situation, look at your incoming and outgoing expenses and decide what you can realistically afford to save.

Don’t paint yourself into a corner by setting targets that are too ambitious. Placing extra financial strain on yourself will do more harm than good and you’re more likely to lose motivation and stray from your plan. Be realistic and make sure your target is readily achievable so that you remain strident with your savings.

Put your plan into action

Once you’ve firmly established all the parameters of your savings plan, it’s time to put that plan into action.

You might want to consider opening a joint bank account to keep track of the money you’re putting aside.

Setting up an automatic withdrawal process is also a good idea as you’ll remove the risk of forgetting to put money aside making it easier to stay on track.

Finally, speak to your bank of choice to find out what options they have available. Some offer savings incentives that may appeal to you. Do your research and find a plan that best aligns with your goals.