- September 20, 2021
- Posted by General Electric Credit Union
- 4 read
Get in the End Zone: Smart Money Tips for Couples
You and your partner are a team – and that’s how you should approach money matters! The right plays will help you score a touchdown, together. From securing an industry-leading checking account to establishing open communication, there are many things you can add to your playbook.
Get creative with date night
Date night doesn’t have to mean going out to an expensive restaurant or dropping hundreds of dollars on concert tickets. If you’re currently trying to cut back on spending, brainstorm some free or affordable ways to spend time together. Plan a picnic, make dinner together, or have a home movie night with all the trappings (yum, popcorn!).
1. Make more off your money
See what products and features your bank or credit union offer. Some have high-yield checking accounts that allow you to earn more interest on your money the higher your balance grows. Opening one as a joint account both partners contribute to, may mean a higher balance and an opportunity to take advantage of the tiered system.
2. Set your eye on saving
Round-Up programs let you put saving on autopilot by rounding up your debit card purchases to the nearest dollar, then dropping the change into your savings account. This method of saving really requires no adjustments or changes by you since the benefit is made off purchases you were going to make anyway!
Tip: Take advantage of General Electric Credit Union’s (GECU) Round-Up program – all you need is a savings and checking account to enroll.1 We’ll even match 5% of your rounded-up funds every month, up to $350 a year!1
3. Build a budget
The best credit unions also offer budgeting tools so you can gain visibility into your finances and track goals. Reviewing spend by category will highlight areas where you or your partner could rein in spending. You may be surprised how much you spend in certain categories, like meal delivery, so this can really serve as a wake-up call as well!
If you have a goal for the future – such as saving for a home renovation or even a new family member – you can check in every step of the way to keep you motivated. If you have debt to pay down, you can see all of it in one place and learn methods to pay it off faster.
Both you and your partner should be involved in financial decisions. Doing so will deepen your trust in one another. It will also help you avoid any feelings of resentment if one party feels they weren’t given a voice during decision making.
If you or your partner aren’t comfortable handling money matters, it’s important to seek education so you both become comfortable. While it’s difficult to think about, one partner may end up responsible for everything in the event of death or incapacity. For this reason, both parties need to feel confident in their skills.
Put a monthly meeting on the calendar to review how you did the previous month, discuss what you’ll do better the next month, and identify anything you need to save for.
An open line of communication keeps everyone on the same page and gives you an opportunity to share needs or wants. Having a plan in place and working toward goals alongside one another will make successes that much sweeter!
Are you and your partner not a member of Cincinnati’s best Credit Union yet? Becoming one is easy! You’re eligible for GECU membership if you live, work, worship, or go to school in Southwest Ohio, Northern Kentucky, or Southeast Indiana. Our online application makes the process simple and quick, so you can start enjoying the perks of membership. From feature-rich checking accounts to free tools like our Money Management budgeting dashboard, you’ll wonder why you didn’t make the switch sooner!