How to master your shared savings goals
From dream vacations to homeownership, here’s how to achieve It all with shared financial goals
5 min read
Having shared savings goals as a couple can strengthen your relationship and help you build towards your ideal future. Whether you’re aiming to buy a house, save for a child’s college fund, or plan a dream vacation, working together towards these goals can bring you closer and foster a deeper connection. So, if you want to make the shift from solo to joint financial planning without losing sight of your personal savings goals, here’s where to start.Saving together isn’t just about money—it’s about building a life as a team. When you discuss your financial goals, you open up important conversations about your values and dreams, helping you both get on the same page. This can make decision-making smoother, plus, setting goals as a couple means you can keep each other accountable, making it easier to stick to your budget and hit your targets. Having mutual financial goals can also simplify long-term planning, whether you’re dreaming of buying a house, starting a family, or saving for a round-the-world trip. Clear goals can help you picture and build the future you want together, and working towards these goals can bring you closer as you share a sense of purpose. Talking about money with your partner can be tricky, but it’s key to a healthy relationship. When money conflicts arise, they usually aren’t just about the numbers. Often, they point to deeply held beliefs and feelings about early experiences with money. Maybe one of you grew up saving every penny while the other enjoyed spending freely. Knowing how each of you learned about money can explain a lot about your current habits. Recognizing your differences can help foster empathy and reduce conflicts which is essential to achieving shared financial goals! There are several important points to consider when creating a shared savings goal. For example, how will you handle income disparity—will you split your savings contributions evenly or contribute based on your individual earnings? It’s also crucial to recognize and value unpaid labor, such as household chores, planning social events, and childcare, and to decide how these contributions will be acknowledged.Additionally, it’s important to address debt management by determining if each person will be responsible for their pre-existing debts or if you’ll tackle them together. Finally, it’s wise to set some ground rules around how much transparency you’ll have regarding each other’s personal expenditures. Setting clear expectations and boundaries can help maintain trust and help keep a relationship harmonious!Before creating a shared savings goal, it’s important to understand where you’re at with your individual savings goals. These might include paying off a student loan, investing in a hobby, saving for a pension, or starting a small business. While contribution amounts may have to alter slightly, it’s important that neither of you sacrifice your individual savings goals for the shared goal.Instead, it’s important to celebrate and validate the steps your partner takes to achieve their goals. But remember, your partner’s goals are theirs, not yours. While being supportive and invested in their success is wonderful, giving them the space to achieve their goals in their own way is key. Avoid taking over or offering unsolicited advice. They need a supportive partner and a safe space to land when they face setbacks, not a manager or financial advisor.As you discuss and identify your shared financial goals, it’s a good idea to put these into two categories: short and long-term goals. While short-term goals like saving for a holiday or home renovations provide quick wins and help maintain momentum, long-term goals, such as saving for a home deposit or a child’s college fund, require more planning and patience. Saving for both a short and long-term goal simultaneously can give you the best of both worlds as you get the satisfaction of achieving some goals in the near future while saving up for some of those big-ticket items in the background. When creating a shared savings goal, it can be worth considering whether a joint savings account would suit you. However, whether you choose joint accounts, separate accounts, or a combination of both, it’s crucial to set clear guidelines on what the different accounts are to be used for. This clarity can prevent misunderstandings and ensure smooth financial management. Additionally, consider keeping personal debts separate to maintain individual credit standings, only taking on joint debt when necessary for major expenses like a mortgage. Make the most of each other’s strengths when working on financial goals. For example, while one partner might excel at planning and budgeting, the other might provide a balance by encouraging some careful spending on things that can bring joy in the present moment. In this instance, combining the strengths of a saver and a spender can create a well-rounded financial strategy. Being open to identifying each other’s strengths and weaknesses can help you create a more robust approach to saving that caters to your individual gifts.
N26 Shared Spaces give you maximum flexibility and help you reach your savings goals jointly with other people. And the free, all-digital joint account puts you both in control, so you can easily make day-to-day payments from your smartphone or with your card. Thanks to Insights, you’ve also got a clearer sense of your income and outgoings — so you can make even better plans for your future together. Open your account today and start loving your bank.
The power of shared financial goals
Understand your differences
Set some ground rules
Support each other’s personal goals
Identify your short and long-term targets
Decide whether to combine finances
Play to each other’s strengths
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