15 May How to start your couple savings today?

Tips on how to plan your budget and expense together to save money for your future

Both of you are planning for marriage and living together. But have you decided on managing the finances yet? Apart from the patriarchal system still existing, we live in a modern era where we carry out independent expenses. If you are planning to marry soon, here are a few tips you should implement to manage your couple savings:

Talk about Expenses


Yes, you are no more alone. Soon you will be living together and having a family. Talk to your better half about how are you both going to spend. For instance, let your spouse know that you expect purchases over a 1000 bucks to be discussed with you prior.

Let your Bank Accounts be transparent.

If you are sharing a life together then what is the point on being skeptic about sharing your bank status with each other. Being transparent about your financial status will only make your relationship strong and understanding.


Open a joint Account



This is the most effective way to plan a secure future. Contributing equal amount of money will help each of you to feel equally responsible for your maintenance. You will become more careful while making an expense.

You own a credit card? Don’t use it!


Using this piece of plastic can have dangerous consequences on your budget. While it also has reward programs with it, having a loan at the end on the month is not quite pleasing, is it?

Get Rid of Debt and Stay away from Debt!


While Credit card is a No-No, Staying away from any other forms of debt is also very important. We understand that by moving in together, you might have to take some property loans. If you have any loans that are feeding on your bank balance, make it a priority to settle it so that all that Interest money is utilized by you otherwise.

Emergency piggy- bank


Have an emergency fund ready is a top priority, if you don’t have one make sure you put in at least your 6 month expense savings to create one. This money should be set aside so that in case an emergency arrives i.e. if you lose your job, if someone is ill in the family, or major home repair. Have a med claim policy and remember to renew it. This fund will bring you a financial security and protect your relationship in the case of any disaster.


Take Cheaper Vacations


Try not spending lavishly on expensive hotels if the next three months you are going to regret it. Try compromising for a 3 star instead of a 5 star hotel. Try packing up efficiently to avoid unnecessary expenses. Opt in for camping at suitable locations for a day or two to save on Hotel bills.


Design a Budget and keep a track on it


Set a budget in the start of each month and see how you both perform to it. The budget comprising of segregation of expenses priority wise i.e. Necessity, Entertainment, Luxury. Measure how your income is spent and in the right way. Making a budget is not enough, Keep a track of it throughout the month so that you stay debt free till the end of the month and end up saving as targeted.

This will let you both make wiser decisions regarding expenses and savings later.

Start thinking about retirement


We know that you’re young now and you think it’s silly to worry so soon about the future. But whether you’re married or not, you need to make sure you are financially set for that time of your life. This means you need to start saving now. Invest in an insurance policy wisely, have a foresight. Keep a track of your PF and Bonuses. As its all compound interest, time is as important as money when it comes for long period retirement funds, so don’t delay.

Have Goals



Set goals for each phase. For instance, you want to buy that TV set for your living room? Include that in your budget as the “Goal for the month”. Having such goals will help maintain the excitement behind actually implementing the budget. This will in turn also help in keep your marriage healthy.

Have weekly meetings


Choose a day to set aside an hour for discussing how the budget is actually doing, if you both have any upcoming bills, how are you doing with the goals, how the budget looks, or anything related to money. This will also help you to stop worrying about the money matters as you know that will be dealt on that day.

Be an understanding couple


When it comes to finances, sometimes some touchy topics can create differences between you both. If one of you is overspending, stay calm and talk it out. Be honest, that’s the most important thing so that your spouse trust you. Give your 100%, put full efforts towards maintaining your budget. Learn from each other, understand that he/she is doing best towards achieving the goals you both have set.  Trust each other, don’t be a spy in the course of saving money, learn to let go small mistakes that doesn’t matter a lot.

What do you think about the above article, do comment your suggestions and if we like it, we’ll add it here!


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