You and your partner are working together to complete your goals in life, and that invariably means you will need to have a financial plan in place. You may be looking to buy that perfect home to begin your family, to treat yourself to a dream vacation, to save up for your wedding. Perhaps you’re even starting a business together. For you to achieve these goals, most importantly you need to work as a team. Additionally, try implementing some of the following to ensure your finances are in tip top shape for the future:
1. Create a Rough Budget Plan Together
Budget plans help you to stay on track, and can be completed easily using Excel, specialized apps or even old-fashioned pen and paper. Try and estimate your combined incomings, expenses and how much you can save as a couple. If you create a monthly combined budget you can see where you might be able to save, see what you could be wasting money on and figure out how long it will take you to reach goal.
2. Be Cheap Dates
Of course we want to keep romance alive and show the person we love how much we care, but those fancy dinners out can add up. There are plenty of ingenious and thoughtful ways you can have date night without breaking the bank. Check when your local movie theater has offers on, go for walks, look for free/discounted events in local newspapers, learn to cook, play sports together…the list goes on and on. A little bit of imagination can go a long way and you can still have fun without the huge price tag.
3. Consolidation is Key
If the time is right, move in together. You can consolidate your bills which can leave you with more disposable income to save. This isn’t just on rent and utilities; cellphones, subscriptions like Netflix etc. can all be combined to decrease your outgoings as a couple. Creating a joint account can help you stay on budget and be more aware of your finances as a whole. As a couple, you may be able to get a discount on insurance, gym memberships – you may even be eligible for better tax breaks.
4. Be Smart With Your Expenses
There are numerous articles on how to save money as an individual which you can use when you’re in a couple too, just make sure you both stick to them! Buy second hand furniture, go to thrift stores, keep on top of the best offers at supermarkets, sign up to apps/services that send vouchers.
5. Finally, Communicate and Review
It is vital that you regularly communicate and evaluate your finances together so you can stay focused on your goals as a team. Have frequent discussions about your aspirations so you can plan accordingly.
1. Create a Rough Budget Plan Together
Budget plans help you to stay on track, and can be completed easily using Excel, specialized apps or even old-fashioned pen and paper. Try and estimate your combined incomings, expenses and how much you can save as a couple. If you create a monthly combined budget you can see where you might be able to save, see what you could be wasting money on and figure out how long it will take you to reach goal.
2. Be Cheap Dates
Of course we want to keep romance alive and show the person we love how much we care, but those fancy dinners out can add up. There are plenty of ingenious and thoughtful ways you can have date night without breaking the bank. Check when your local movie theater has offers on, go for walks, look for free/discounted events in local newspapers, learn to cook, play sports together…the list goes on and on. A little bit of imagination can go a long way and you can still have fun without the huge price tag.
3. Consolidation is Key
If the time is right, move in together. You can consolidate your bills which can leave you with more disposable income to save. This isn’t just on rent and utilities; cellphones, subscriptions like Netflix etc. can all be combined to decrease your outgoings as a couple. Creating a joint account can help you stay on budget and be more aware of your finances as a whole. As a couple, you may be able to get a discount on insurance, gym memberships – you may even be eligible for better tax breaks.
4. Be Smart With Your Expenses
There are numerous articles on how to save money as an individual which you can use when you’re in a couple too, just make sure you both stick to them! Buy second hand furniture, go to thrift stores, keep on top of the best offers at supermarkets, sign up to apps/services that send vouchers.
5. Finally, Communicate and Review
It is vital that you regularly communicate and evaluate your finances together so you can stay focused on your goals as a team. Have frequent discussions about your aspirations so you can plan accordingly.