Saving is easier when there is a deep motivation, such as traveling as a couple, building the house we will live in after getting married, or having a better future together.
For this reason, it is very useful to have good financial and spending control habits when we have a stable relationship with another person and want to make plans for the future.
In this blog, we are going to share with our partners and clients some tips to create the habit of save partner.
5 easy steps to start saving as a couple
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Before finding a solution, make a diagnosis.
Setting a budget of your own income and expenses and both is a good starting point. Consider the sum of the wages and subtract household expenses for rent, loan payments, other debts, utilities, food, etc.
This will allow us to really know how much saving capacity we have and what expenses we can reduce in the short and medium term.
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Set realistic, time-bound goals.
Identify the financial habits of your partner and yours, pay attention to the fulfillment of your responsibilities and the way in which both of you handle your debts. Subsequently, set yourself simple goals to meet and with specific deadlines.
For example: Save 5% of your monthly income to have, let's invent, 1 million colones saved next December.
In that sense, you have to be careful: if one of you is a saver and the other a spender, it is important to create a balanced budget that allows both and is fair to both.
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Modify lifestyle habits.
It is possible that to start saving it is necessary to change some habits such as stop eating out so much or not buying online. If they have a strong motivation, making those modifications will not be so difficult.
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Create an emergency fund.
Being clear that sometimes contingencies occur in our lives that warrant spending what we have saved, it is important to abide by two things: 1. Have an emergency fund with the amount that would cover at least your cost of living for about three months, in case someone becomes unemployed or suffers from a health problem. And 2. Be persistent. Saving sometimes requires starting to save money over and over again.
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Seek financial advice with a trusted entity.
There are many ways to save (sight savings accounts in colones and dollars, installment savings and certificates are only 3 of them). Seek support from experts who can guide you on the fastest and safest way to save.
Contact us if you have any questions, we would love to support you and your partner to improve your financial situation and build a life project together.