How To Save Money Without Your Spouse Knowing

How To Save Money Without Your Spouse Knowing – Knowing how to save as a couple creates financial stability and leads to the most important experiences. (Credit: Shutterstock)

Raising children or managing a large household can make discussions about money difficult. Half of the success for a couple is open and honest communication, especially if you have different ideas about ways to save money.

How To Save Money Without Your Spouse Knowing

One way couples practice transparency is to track monthly income and expenses in a spreadsheet or budgeting program. Both are powerful tools to help assess individual and family spending habits. It’s important to use these tools for both personal and joint accounts to get a complete view of your finances.

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Now that you have all your financial information on the table, you can start talking about prioritizing your financial goals, budgeting, and how to invest your savings. Here are some practical tips to get you started.

According to MoneySense, Singapore’s national financial education program guide, any financial goal should be specific, measurable, attainable, realistic and time-bound.

“Evaluate your goals by identifying a timeline, target amount, available savings, and action plan for each goal.”

Create a budget for your gross income (after taxes). Probably the most popular percentage-based method is the 50/30/20 rule from the book Your Whole Worth: A Lifetime Money Plan. Using this method, it is necessary to emphasize:

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This method makes it convenient and easy to track your spending when you have a new financial goal, like saving for a house or preparing for a baby.

Depending on the age of your children, this budget can also help them understand your family’s financial priorities. This is a great way to introduce children to what are considered needs and wants.

According to the Save Smarter 2021 survey, the pandemic has caused more households to prioritize an emergency fund as a top savings goal (Credit: Getty Images)

If you don’t already have one, set up an emergency savings fund for your main financial goal. A typical emergency fund contains about three to six months of living expenses.

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With this in mind, personal financial advisor Ramit Sethi, author of I Will Teach You to Be Rich, encourages people to save more. It recommends 12 months of living expenses to ease concerns about financial security amid a global pandemic and fluctuating inflation.

Additionally, couples may want to set up a separate emergency fund for dependent family members. If the unexpected happens, having two emergency cash reserves avoids the extra effort of rebuilding emergency savings from scratch.

Set aside savings for household health insurance. Explore life insurance plans that act as savings products. These policies provide you with an annual dividend that you can choose to take in cash. Some policies allow you to earn interest if you let the money accumulate.

Life insurance can provide an additional source of income after retirement so your children don’t have to worry about your future financial well-being.

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Automating your finances ensures you pay your bills on time and avoid costly delays. Do the same for your savings. Arrange automatic transfers with your bank from your paycheck to an emergency or retirement savings account.

Financial experts offer “robo-advisors” for novice investors who don’t have the time or resources to regularly manage their investments. A robo-advisor is a digital platform or service that automates most of the tasks performed by a financial advisor. It uses algorithms to build and manage your investment portfolio based on information such as financial goals, income, time horizon and risk tolerance. It’s also more accessible than a human financial advisor.

“[Robo-advisors] typically have very low minimum investment requirements, low fees, regular and automatic portfolio balances, and automated investing, and in many cases they allow you to buy fractional shares,” writes Bola Sakunbi in Clever Girl Finance: Zoom . his money.

However, Bola notes in his book that robo-advisors cannot discuss “unique life circumstances or investment goals.” Most robo-advisors also provide human advisors for an additional fee.

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Creating a joint savings account is a personal decision. Whether or not you have one depends on how you choose to manage your finances as a couple. (Credit: Shutterstock)

A joint account can lead to a better conversation about money. However, couples must agree on its purpose and how the account will be managed.

Certified Financial Education Instructor Bola (CFEI) writes on her blog, “Part of having joint accounts means discussing it with your spouse often (or at least forcing it). When you both contribute to funds, it can make it easier to save for shopping, vacations and more.”

Discussions about money can be tense and anxiety-filled. Some couples are good at expressing their views on money, while others find these conversations difficult and avoid them altogether. Also, talking about money can be awkward and difficult with extended family, depending on how much they contribute to the family’s income.

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Avoid flattery to have productive conversations about finances, personal finance experts advise. To put your partner at ease, maintain an honest but friendly tone and restrain yourself if you are talking more than listening. You may also consider having a family friend or financial advisor act as a mediator if money talks cause conflict.

Couples making money decisions may benefit from different preparation. Psychologists Dr. John and Julie Gottman, known for their research on relationships and families, suggest “warming up before conflict.”

First, find a place to distract yourself and put your phones on silent. Start the date by taking turns sharing five things you appreciate about your partner. Finally, express your appreciation for what your partner has shared. According to Gottman, couples in long-term relationships often forget this courtesy as they prepare for conflict.

A pre-conflict warm-up designed to acknowledge and thank you will help defuse any tension. This opens the door to productive dialogue rather than being defensive. Most importantly, it creates a space where both partners feel heard and understood, so conversations about how to save money become a true “we” effort.

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Choosing the life you want starts with a strong financial foundation. On this episode of The Voice, financial expert Anna Haatanta shares six steps to financial success.

Voices is a community of influential and enlightening voices from across Asia talking about life, health and well-being. A platform to educate, motivate and inspire people to make positive behavioral changes towards health and wellness. Enabling communities in Asia to connect, collaborate and learn from each other. By 2030, we aim to engage one billion people to live healthier, longer and better lives.

John Wiley & Sons, Inc. Bola Sakunbi. 2021. Smart Girl Finance: Grow Your Money [Offline] [Accessed 20 Jul 2022]

Smart girl finances. 2022. Is It A Good Idea To Open A Joint Bank Account? [online] [Accessed 8 August 2022]

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I will teach you how to become rich. 2021. How much should be saved per month? [online] [Accessed 8 August 2022]

Gottman Institute. How to strengthen your relationship with the state of the union congregations. [online] [Accessed 8 August 2022]

This is general information only and is not intended as financial, health, medical, nutritional or other advice. You should seek professional advice from a financial advisor or medical professional regarding your personal circumstances.

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