Banking on Love: Finding the Perfect Financial Balance as a Couple

Managing money as a couple involves more than just saving for the future, it’s about handling debt, structuring finances, and ensuring both partners feel financially secure. Finding the right balance between saving, managing debt, and choosing a financial setup that works for both of you is key to a healthy financial future.

The foundation of any strong financial partnership is alignment on goals. Open conversations about money early in a relationship can help avoid misunderstandings and ensure both partners are on the same page.

Consider setting time aside to review your finances together, here are some thought starters on what you may consider discussing as a couple:

• What’s something we’ve always dreamed of doing or buying? How can we work towards this goal?
• How do we currently manage our daily expenses? Is there a better way we can do this?
• Should we regularly catch up and have a ‘money date night’? To check if we’re on track, and meeting our goals?
• What’s our biggest financial worries as individuals or as a couple, and how can we prepare for it together?
• How do we want to manage our savings going forward?
• How much should we save towards an emergency fund?
• How should we plan for future costs? i.e. having children, travelling, purchasing a home, and retirement.

Discussing financial priorities, whether it’s buying a home, building an emergency fund, or planning for retirement, allows couples to set shared savings goals while also maintaining personal financial independence.

The key is striking a balance between joint and individual financial responsibilities so that both partners contribute fairly based on income and financial commitments.

Debt can be a challenging topic for couples but managing it together can strengthen financial trust. Transparency is crucial, as hiding debt or avoiding conversations about money can lead to tension. Couples should discuss whether to tackle debt individually or together and decide on a repayment strategy that works for both. The snowball method (paying off smaller debts first) and the avalanche method (paying off high-interest debts first) are common approaches. Working with a financial adviser can help you assess your financial situation and recommend the most appropriate approach, helping you take out the guess work.

Some couples may choose to combine debts for a more streamlined approach, while others prefer to keep them separate but contribute to each other’s payments. The right approach depends on trust, financial habits, and long-term goals.

Deciding whether to combine finances is another important step in a relationship. Some couples prefer to merge all finances into joint accounts, while others opt for a hybrid approach of maintaining individual accounts for personal spending while pooling resources for shared expenses. Others may choose to keep everything separate but coordinate budgets. Each approach has pros and cons, and there’s no one-size-fits-all solution. What matters most is clear communication and mutual agreement on financial responsibilities. Using budgeting tools and apps can help couples stay on track and manage money efficiently.

It’s important to assess your views on money together, as individuals, you may have different views. A financial adviser can help you make sense of your money goals to find the perfect middle ground.

Smart saving strategies for couples

When it comes to saving, consistency is key. Setting up automatic contributions to a shared savings account can make reaching goals easier, whether it’s for a future home, a dream holiday, or retirement. To make saving a joint effort, couples can:

• Set clear savings goals and timelines together.
• Automate savings contributions for consistency.
• Use budgeting apps to track joint expenses and savings progress. Apps like Buddy, or Good Budget work well for creating a budget that’s easy to follow and update as needed.
• Reward milestones with fun, budget-friendly celebrations.
• Revisit financial goals regularly to stay aligned.
• Pay yourself first: Prioritise saving by setting aside a fixed percentage of your income before covering other expenses, ideally through automated transfers, to consistently build wealth over time.

Money can be a source of stress but can also be a great motivation. When couples approach finances with transparency, shared goals, open communications, and a system that works for both partners, they build a stronger foundation for their future.

Third-wheeling isn’t so bad when it’s your financial adviser! Let us handle the numbers while you focus on making memories. Book an appointment today.