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Save together to maximise your money

A pair of couple viewing the laptop together in sofa; image used for HSBC Australia Why you should start saving for your child's education today.
When you save together, your money can go a lot further. And if you align your saving goals, you can reach them even faster! Here are a few practical saving tips that could see your relationship travel the distance.

Be transparent

This will vary for every couple, but before you start setting aside money for those big dreams, put everything out on the table. Think income, assets and debts. Who knows? You might find some extra spending money you didn't realise you had.

Set goals

Where you see life taking you might not be the same as your significant other. To make sure everyone's happy, why not broaden the scope? Look at where you both want to be in 5 years, 10 years.

Can you be smart with your planning, so that your goals include both adventure and stability? Have a conversation about it and set goals accordingly.

Couples Budget

Look at your budget in two ways: a Daily Spend and monthly (or annual) budget.

Daily spend: Break down the costs. Think about the cost of day-to-day living, including meals, transportation, entertainment and incidentals.

Monthly budget: Be guided by the lower income-earners' budget. It'll avoid any unnecessary financial pressures and help guide decisions.

Avoid 'money' talk

This is not to say you should never talk finances. Those are important conversations, but if they happen too often it can sound nagging and worrisome. If you have big conversations and make sure everyone has a good understanding of the plan, you can avoid constant reminders and chats (or arguments) about money.

Technology can also help. Setting up autopay to cover your bills, or to make regular transfers to your high-interest savings accounts are great ways to relieve stress.

Use the right accounts at the right time

When you're saving for multiple goals, it can help to park your money in several different accounts. Be sure that everyone is on the same page as to which account is used for what.

For day to day purchases, or if you need to make overseas payments, it might make sense to use the award-winning HSBC Everyday Global Account, which lets you avoid overseas ATM fees1 and lock in a great exchange rates.

Decide how to split the costs

You've mastered the fine art of negotiating bill splits at a restaurant. So why make it any different for home life? Couples with similar earnings might be happy to go Dutch, but for a lot of couples there might be a larger discrepancy between earnings. If this is the case, consider what is fair for both parties. After all, you both deserve that long-earned break.


Ok, so this tip is key to any relationship and not just about money. Maybe your car breaks down and you'll need to replace it sooner than you'd planned. One of you might want to go brand new top of the line, while the other just wants a reliable ride from A to B. Keep an open attitude and listen to each other's needs when you're dealing with unplanned costs along the way.

And our final tip? Enjoy life together!

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1No ATM or transaction fees are charged by HSBC or Visa. Some ATM operators and merchants may charge a separate fee.

This article doesn't take into account your objectives, financial situation or needs. You should consult appropriate professionals or experts before making any financial decisions. This article's content or any copy of it cannot be altered in any way, transmitted, copied or distributed to any other party, without the prior written permission from HSBC. Issued by HSBC Bank Australia Limited ABN 48 006 434 162 AFSL 232595.