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Do you two have several dreams you want to achieve, but can't agree on which ones to tackle first?
Today I'll share how you can work together to save for and reach your biggest dreams!
Marriage & Money: How to Save Together
One of the things I love about our community is how you guys keep me in the loop with how things are going.
I appreciate those e-mails tweets those messages that you send I get really fired up hearing about your wins.
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One of the things I love about our community here on Couple Money is how you guys keep me in the loop with how things are going.
I appreciate those e-mails tweets those messages that you send. I get really fired up hearing about your wins.
As you probably imagine, I tend to see certain patterns with how couples are dealing with finances in their marriage.
Every couple has their own situation and story but there are some areas where many couples are having a tough time with.
One of those is saving, specifically, how do you work as a team to save up for your big goals (travel, buying a house, starting a family).
Today we're going to tackle the three biggest hurdles to saving and achieving your goals.
In this episode we cover:
- Getting your spouse on board with saving
- Getting on the same page with your goals
- Finding money to save
Hope you enjoy!
Handy Tools and Resources to Save More Money
Here are a few of my favorite tools that make saving money much easier!
- Jumpstart Your Marriage and Your Money
- Money Tracking and Budgets: Personal Capital, Mint, and Tiller are fantastic options
- : Free tool that makes saving automatic and fun
- iBotta: Redeem cash while shopping
- Camel, Camel, Camel: Free Amazon price tracker
- Honey: Free browser extension that searches for coupon codes for you during check out
- Paribus: Checks for price drops and works to get you a refund
- Where Should Our Money Go? Prioritizing Your Goals
- 5 Easy (Yet Powerful) Ways to Save More Money
- Why Most People Fail with Their Goals
Learn to Reframe Saving: Define Your Why
Wouldn't it be wonderful to be on the same page from Day One?
For most couples (including us!), it's more like opposites attract.
And since I was the spouse that was the spender I can tell you that it is possible to work through things together.
I don't see myself as a spender now but as a doer.
Shifting not only my mindset but the process of how we approach money has made all the difference.
Saving used to feel like being a chore or punishment, now it's something enjoyable.
How did this shift happen? It began with defining our goals together.
Many times it's the process with how you come up with these goals that can make or break things when it comes to getting your spouse on board.
We weren't just saving money, we were working towards having a less stressful (and debt-filled!) life that would give us the freedom to travel and truly expl our careers.
As our lives changed when we became parents, our why shifted as well. We saved so I could be able to stay with the kids and my work could fit around their schedule.
With amount of savings stashed away and less debt, we had more options and freedom.
Create Your Budget Together
One thing that was very frustrating to me and to a lot of people that are natural spenders is that the budget isn't realistic.
If you go for that perfect budget it tends to be too aggressive. There's no room for any fun.
You're hardcore focused on that goal and that can be discouraging because none of us can keep a perfect budget.
We all make mistakes and we're frustrated. It is easier to quit than to keep things.
So my tip to you is when you create a savings goal make it realistic and then also make sure you're saving at a rate that matches the two of you.
If you're the go-to person when it comes to writing the budget out that you're both involved and you talk it over. What's realistic for the two of you?
Here's what I see with many couples:
One spouse is totally gung-ho about saving $1,000/month so you can reach your goal of $3,000 stashed away ASAP.
Mind you, your spouse has a hard time saving more than a few hundred dollars. And the most you two have ever saved together was $700.
How well do you think that will go?
Now let's say the two of you sit down and see that saving $1,000/month isn't realistic.
Instead, you two focus on $500/month. Techincally you just doubled the time, but with the slower pace, you have a little wiggle room in your budget to still have some fun.
I get that you have a big goal and you want to achieve it fast but start off slowly and build momentum as both of you become comfortable with saving.
Remember the goal is to work together to save.
Gamify Saving Money
Have you ever thought of having some rewards for when you achieve certain milestones?
Gamifying can make a big difference too especially if you have someone that naturally wants to spend and enjoy the money now.
See if you can come up with a way for both of you to feel like you're winning.
Maybe every time you save one month of expenses are necessary expenses for your emergency fund you go out on a cheap date.
By keeping it fun, you're making saving money a natural part of your conversations and your financial system.
How to Find Money So You Can Save More
The two of you are both on board and ready to build up your stash. There's just one problem – Where is this money coming from?
If you're looking for some big ways to save on your bills, here are the places where I'd start:
- Get Smarter with Your Smartphone Plans: I love my smartphone; it’s an incredible tool that I use almost every day. I don’t, however, want to pay an arm and a leg for it. There are some awesome alternatives to the big carriers such as Republic Wireless, Ting, that will give you the service and phones you love without the high price tag. If you’re not a big smartphone user, Freedompop has some incredible deals too!
- Unbundling Your Entertainment: One significant way we saved without losing out on fun is skipping on the bundle with our cable company. Today there are several great options like Netflix, Hulu, and Sling that can help you see the shows you want without the big price tag.
- Save Big on Kids’ Clothes: If your little ones are growing like weeds, chances are a chunk of your monthly budget is going to keep them dressed. Save some serious cash on consignment sites like thredUp. Grab high-quality clothes for your kids at ridiculously low prices.
If you’re looking for more ideas on how to save more, please sign up for my free 5 days to 5K course!
Support the Podcast!
Thank you so much for listening to the podcast!
- Spread the word! If you enjoyed this episode and think it can help a buddy get on the path to dumping debt and become financially free, please share.
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- Grab a copy of Jumpstart Your Marriage and Your Money. My book is designed for a busy couple to set up their finances in 4 weeks. Get tips and tools that have worked for other couples on their journey of building their marriage and wealth together!
Like the music in this episode? Our theme song is by Gentle Regime.
Additional music by Lee Rosevere and Logan from Music for Makers in this episode.