How To Manage Savings With Your Spouse

When you realize that you're not saving enough or you don't have enough freedom towards your finances then maybe it's time to make changes on how you handle your savings.

My wife and I both work and recently we've been thinking of ways on how to effectively manage our savings. We've found a few effective ways that I want t share on how to manage our money, who should manage it and when are we allowed to spend on our wants only.

1. The Manager - The most common setup with savings and money management in the house is by letting your wife do all of that. Even my grandma once told me to give all my salary to my wife and let her handle the budgeting. The thing is as much as I trust my wife, I like being involved with our finances so this one isn't really for us. It's been tested and proven through with various generations since even my mom and dad do it this way and they seem to be doing pretty well with their finances.

2. Individual Savings - We have our own savings and joint account. I thought why not take it to another level? We both give 50% of our monthly salary on our joint account for expenses like the kid's school tuition, food, and utilities.  Part of whatever is left on our join account is considered as our savings. What we do with the other 50% is up to us. We can have 25% of it into our personal savings and the rest for our personal wants. This way we wouldn't have to be bothered no how silly or how often one goes online shopping. My wife didn't like this idea since she wants a more connected idea of managing our savings together.

3. All Access - This is currently how we manage our savings since we both like being involved in managing our money. We both have individual accounts that we use to receive our salary. We leave a bit of fund on it to maintain the accounts but most of it goes into our joint account. We can both see how money goes in and out. It's pretty easy to spot when she ends up giving in to the temptation of online shopping. I always try to talk her out of spending but secretly don't mind her buying a few things here and there since she's been managing our money responsibly.

Managing our finances can be easy as long as we work together on it. Giving all your salary to the one who's more responsible with money is also considered working together since it's an effort and initiative to make sure you don't spend unwisely. Having individual accounts might look uncooperative but it's one way to also make sure finances are being managed responsibly as a couple. Both of us having access to a joint account where most if not all of our salary is placed seems to be the one that works best for us.

All in all, there's no one way fits all when it comes to managing your money as a married couple so it's definitely up to you to try and know other ways on how to responsibly manage your finances.

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20 Comments

  1. I so agree with you, Infact I feel if we work together as a couple any thing can work out, be it finance or any other problem ! Lovely post

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  2. the number 1 momsh,since im not working naman..i managed our expenses nalang

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    1. Cool! Same as my mom, the manager haha.

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  3. interesting thoughts. i think i would agree more with your wife about wanting to manage savings together.

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    1. I agree too. We both like being involved on our finances.

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  4. This works as long as both people are working together with it, even with one primarily managing the budget. In that case, your advice is spot on!

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  5. Great thoughts! Me and my wife all have our individual accounts, but we spend a portion in that for our together account which will then divided into some of the sections in the portfolio for our spends together.

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  6. Interesting tips. I am still single, and do everything myself. Some things to think about when I do get married.

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  7. we save together as its easier for us to do it this way , neverless your tips are really helpful - kind regards pati robins @ style squeeze blog

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  8. My husband and myself save together and put what we have left at the end of the month into a joint account. its worked really well so far

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  9. Hhhhmmmmm....I don't entirely agree with your first idea. I think it is because I have done this for myself, by myself for so long that I don't know otherwise. Otherwise, saving up as a couple is so dope!

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  10. Those are some great tips to keep in mind. It's good to think about this things and learn to manage your finances better.

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  11. By managing your savings with your spouse, it can really help plan fun and exciting things to do together, as well as enjoy life without the added stress fo financial burdens.

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  12. It takes discipline to save up. You need to really talk with your spouse regarding managing money and how you will save it.

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  13. These are great financial tips for marriage. I believe highly in a joint account and helping with savings.

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  14. There is some really sound and sensible advice here that is for sure. Always best to make a team with two x

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  15. those are great tips. it's hard when one is a saver and one is a spender. that's how it was with my ex. i save and he spent the sec he had an extra few bucks.

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  16. Anonymous8/14/2020

    Saving as a couple takes communication and collaboration. How they choose to save will make a difference if they discuss it openly and agree on the terms together. It's a balancing act.
    Elizabeth O

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  17. Love and trust is wonderful. But I think that each of you should have your own personal bank account and other, joint accounts. Better to have the money redistributed. Good luck!

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