If both of you work do you think it would be a good idea to spend half of the income you make and save the rest? That obviously would work better if you trust each other. To limit the risk of losing all your money in case of anything you could open a joint account so that in case of anything no one gets to keep all the savings. Would this be a good way to save?
I think having a joint account is a good way for couples to save together and have a sense of transparency when it comes to money matters. At the start of our marriage, my husband and I decided to open a joint account. he's earning more so he's the one who contributes more when it comes to depositing on that account.
I am not a spender although I don't save that much - half of the income. My husband and I had the same principle of thinking of the future but enjoying the present. It is not good to scrimp and save to the extreme when the present is being neglected. We want to spend for what we need and we don't spend too much. With the savings, we invest more on the real estate like the house we have now that we are still paying for the mortgage.
I think it is a great idea to save half of the money that you earn if you can afford to do that. It would be great to have that much of a cushion. My OH does not know how to save a penny to save his life and so I am the one who manages all of the money in our household. It is exhausting, but at least I will know that I have money at the end of the day.
Having two sources of income and living on one while saving the other is a great way to build a savings. This would be a great way to save for a large investment, such as the down payment on a house or a new vehicle. In my household, one works full time and the other works part time, so our situation does not really make it possible to save all of the part time income, but at least some of the part time income goes into savings. Having a joint bank account would help with this type of savings. Also, the savings account could be linked to the checking account so that a certain dollar amount is deposited into the savings account every week or ever two weeks, so that the savings is automatic. This way, you do not even have to think about transferring funds, the money is being saved automatically.
My partner and I are very open when it comes to our finances. We keep each other informed of purchases we want to make that would decrease our savings in a large way. We both go over our weekly income and talk about what we would like to do with the money that week. I am personally against joint accounts due to a horrible experience I had with my ex-husband cleaning me out, but I do think if you trust one another, you should definitely have one together and some investments wouldn't hurt either.
I think having a joint account is a good idea for couples who want to save together and not go out of budget. I think couples would be very well overcome financial challenges if they plan out their budget and make it a point to allocate a portion of their respective incomes to their joint account. They can use what they deposit in this account for future projects such as house renovation or purchasing educational plans for their children.
