How to encourage your spouse to save

How to encourage your spouse to save

The following events are fictional and were created simply because we love drama!

Rami and Yasmine, newlyweds in their thirties, decided at the beginning of the year that they would save enough money for a down payment to purchase a house. They made a pact to change their spending habits to achieve this goal. They agreed to stop buying coffee on their way to work and instead make it at home. They also committed to preparing meals at home instead of ordering food from restaurants to reduce their expenses.

The plan was going well until the day Yasmine borrowed her husband Rami's car and discovered evidence of his hidden spending. She was shocked when she found several empty coffee cups from coffee shops and a pile of bills from different restaurants!

If you love to save while your partner is allergic to the very mention of "saving," then you probably went through a similar situation where you took every opportunity to save while your partner was spending money as if it grows on trees!

If this scenario sounds familiar, you're reading the right article! Read on for tips to help you encourage your spouse to save.

Set common goals

It's hard to save if you and your partner don't have the same priorities. So, sit down with them and set a goal you both want to achieve, such as purchasing a house or paying off a loan. 

It will be much easier to cut back on dining out, for example, when you know the money saved will go towards a shared goal.

Create a budget that works for both of you

When you're married, you should always consider your spouse's financial needs. So, involve them in creating a budget that works for both of you.

Once you set a budget, it will become easier to identify your spending habits, know where every dinar goes, and cut back if necessary to increase your savings. 

Create a savings competition

To make saving more fun, turn it into a competition to encourage your partner to save, especially if they're competitive. Whoever saves the most money in 30 days wins and can choose their prize! It could be a dinner at their favourite restaurant paid for by the loser! 

Of course, the winner is determined based on the percentage of their income that they are able to save, not the total amount saved. 

Determine an amount for personal spending

Your partner might like to treat themselves to a new piece of clothing every once in a while without being shamed when they get home.

So, agree on a monthly amount you can both spend as you please, without feeling guilty or asking or being asked: "How much did you spend on that shirt?" or "How much did you spend on this bag?"

Talk about money

Saving requires continuous work and follow-up, and your partner's excessive spending will not disappear overnight. So, hold regular meetings with them to discuss your financial situation, upcoming commitments, and progress in saving so far.

Also, take this opportunity to express your appreciation for your partner's efforts and encourage them to continue working towards your mutual goals.

Swap roles

If you're the one handling the finances at home, your spouse's excessive spending may be due to their lack of knowledge about the bills and debts. 

Try taking turns with them to manage the finances for a while. By seeing the numbers firsthand, they may better understand the situation and be motivated to be more financially responsible.

Strengthen your partner's financial knowledge 

Maybe all your partner needs to start taking saving seriously is a little bit of financial literacy that will open their eyes to the importance of saving.

So, encourage them to read our blog frequently to learn about everything money-related. They can start by reading articles such as 10 tips for grocery shopping on a budget, Financial mistakes to avoid starting today! or 7 ways to save money as a parent if you have children. 

Also, don't forget to tell them about Bank al Etihad's podcast, Mali wa Maluk, which explores different financial and banking topics. You can listen to it here.

Finally, remember to be gentle with your partner and avoid blaming and pointing fingers. The more you remind them that saving will help you as a couple achieve your goals, the greater your chance of success.

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