Making smart money choices as a couple

From discussing your money goals to covering everyday expenses – how do you handle money as a couple? Could you potentially save more? Whether you're married, in a civil partnership or sharing your life with a loved one, here are some tips to help you make the most of your finances.

Managing money as a couple can be a bit tricky at times. But with some teamwork and a few smart strategies, you could refine your approach to handling everyday expenses and manage your money with ease.

Make the most of tax allowances

If you’re in a civil partnership or marriage, you could take advantage of some tax allowances. Marriage Allowance lets you transfer £1,260 of your Personal Allowance to your husband, wife or civil partner. To transfer any allowance, you must earn less than the income tax threshold (which is £12,570) and your partner or spouse must be a basic-rate taxpayer.

Create a joint budget

Managing household expenses could be simpler if you tackle them together. Sit down and list all your monthly expenses, from rent or mortgage payments to groceries and utilities. Having a clear picture of your outgoing expenses could help you identify areas to cut back on your spending or put money aside.

Decide how you want to split the bills. Some couples prefer a 50/50 split, while others might divide expenses based on income. Every couple is different, so find a method that works for both of you.

Consider opening a joint account for shared expenses, which could simplify bill payments and ensure transparency. It's also a good idea to keep some personal accounts for individual spending.

Talk openly about financial goals

When it comes to money, we often keep tight-lipped, even with our loved ones. While you don’t need to go into detail about every penny, it’s worth sitting down with your partner to chat about your financial goals.

Do you want to save for a house, a holiday or to build up your emergency fund? Would you like to invest more? Understanding each other's short- and long-term priorities could help align your saving strategies.

You may want to talk about your personal and shared values around money. Are you a spender or a saver? Do you prefer to splash out on experiences or material things? Knowing more about your partner’s views could prevent misunderstandings and help you find a middle ground.

Save together, spend together

Saving money as a couple doesn't mean you can't have fun. Setting joint savings goals may be a great way to bond:

• Set up a savings plan. Decide how much you want to save each month and set up automatic transfers to a savings account. Watching your savings grow together could be motivating.
• Celebrate milestones. When you reach a savings milestone, celebrate! Whether it's a fancy dinner or a weekend getaway, rewarding yourselves is valuable.
• Be flexible. Life happens and sometimes you might need to dip into your savings, which is why an emergency fund is essential. Just make sure you and your partner agree that the expense is necessary.

Be wary of financial pitfalls

Be cautious of common financial pitfalls. Here are a few to watch out for as a couple:

• Try to live within your means and avoid taking on unnecessary debt. If you do need to borrow, make sure you have a plan to pay the money back if needed.
• Stay informed. Keep up with financial news and updates. Knowing about changes in tax laws or new savings opportunities could help you make informed decisions.
• Seek professional advice. If you're unsure about any financial matters, seek advice from a financial adviser.

Saving money as a couple is all about teamwork, communication and a bit of planning. By talking openly about your goals, you could move closer to building a stronger financial future.

Whatever you decide to do, look after your money. Although Chase does not currently offer joint accounts, Chase's easy-access saver account lets you start saving with as little as you like.

18+, UK residents. A Chase current account is required to open a saver account.

Recommended reading

• How to throw a memorable wedding on a budget
• The pitfalls and joys of living together
• Could financial therapy help your bad money habits?

Disclaimer: The Hub is intended as a knowledge portal to provide information on a range of topics, including financial products. Articles may reference products and services that Chase UK does not currently offer. This article is for information only and does not constitute financial advice. Tax treatment depends on your individual circumstances and may be subject to change in the future. We do not offer any tax advice.