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How Can We Save Money Together?

Saving money is not always easy. As you can imagine, we are frequently asked by couples how they can save money together. Here are three common questions and answers married couples ask about saving money.

My spouse and I struggle to save money. What is one simple step we can take to start saving?

Set your savings goals together. The most effective way to do this is to have a conversation on a Money Date, which is scheduled uninterrupted time together to discuss money. Take these three steps toward saving as a couple as you approach your money date.

  1. Choose a place where you will not be interrupted.

  2. Find a time where you are least likely to be stressed and decision fatigued, which is usually the morning of a weekend.

  3. Have financial information on hand to review how much you can realistically save with each paycheck.

Start the conversation with the end in mind. What do you both want to save for? Emergencies, a vacation, a car? Whatever it may be, you must both be passionate about the future purchase.

Research shows that couples who plan to save are twice as likely to succeed. Conversely, failing to talk about personal finances with your partner could contribute to a failed relationship.


Money Marriage U Save: A course for couples who want to spend a little time learning to save a lot of money together. Subscribe to the Modern Husbands Newsletter to receive helpful tips twice a month and receive Money Marriage U Save as a gift.


My wife and I want to save for our first home. How do we go about setting up a system to reach our financial goal? 

You can save the most by setting it up so that you automatically pay yourself first. The process is simple. Let me take you step-by-step through the process.

What to do with a financial institution:

  • In the event of windfalls like extra paychecks or tax refunds, schedule one-time automatic savings or transfers to savings.

  • Open at least one savings account at a different financial institution from where you primarily bank. Ensure that it offers low or no fees and high annual percentage yield options.

  • Make sure you sign up for "round up" services with your financial institution if they are free. Consider third-party services if they are not offered.

How to choose a financial institution for saving money:

We do our primary banking at Chase. However, Chase and other banks could be better, so we recently started using Raisin for our savings.

We earn 5.28% APY with no minimum balance using the Raisin program.

Take a moment to check and see what you earn. With interest rates so high and while working toward a long-term savings goal, it is certainly fruitful to find the highest yield savings account you can.

Click here to learn more about Raisin.

What to tell your employer:

Using direct deposit, you can save a portion of your paycheck automatically. A direct deposit form is shown below. It is completed when you get a new job, and you can change it at any time.

Example direct deposit form

Splitting a direct deposit

You should already have accounts at multiple institutions by this point. It is a good idea to have your account numbers and routing numbers handy before you contact your HR person at work. Direct your spending money for that pay period into your checking account and your savings into your savings account at a different bank or credit union.


Related: Check out our page Home Buying and Renting - Money tips and resources for spouses to choose a home to buy or rent.


Tips to save the right amount:

Retrieve your savings goal. During your Money Date, you should have discussed your savings goal with your spouse.

Do the math. Make sure you save enough per pay period to reach your savings goal.

Do not oversave. You'll have to dip into your savings more frequently and may incur overdraft fees if you do.

Communicate. The amount and account to which you will save must be discussed with your partner.

We do not have an emergency fund. How much should we save after we set one up?

It is our responsibility to plan for the unexpected as a spouse or parent. It is inevitable that we will face unpredictable challenges and emergencies as we age.

Unexpected expenses

An emergency fund helps your family weather the storm in case of a sudden medical expense, unexpected home repairs, or a job loss. 

The purpose of savings is to provide a buffer between your family and financial risk. The greater your savings, the more secure you are financially. 

A minimum of six months of savings is recommended if you are the sole source of income for yourself or your family. There are other experts who recommend saving a year's worth of expenses for emergencies.

You might get away with three months of expenses saved if your spouse works. 

Unexpected expenses

Learn More

Couples who learn more, save more, and spend more on what is important to them.

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For engaged and recently married couples who want to manage money and the home as a team.


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