As soon as my wife and I moved in together, we started crushing it financially. And itâs not just because we had no kids at the time and split living expenses⊠We found out how to work together as a couple, which helped us save more money and fast tracked every area of our financial life.
They say that âtwo average people working together â will outpace one genius working soloâ. I firmly believe this to be true, especially when it comes to wealth building!
You and your partner might be very successful as individuals. But if you can figure out ways to complement each other even further, itâll push you both to a whole new level.
Here are a few ways power couples crush their money game.
1. They set team goals
The cornerstone of kicking butt financially as a couple is sharing your hopes and dreams with each other. Regularly.
The more often couples discuss and hone in on specific goals, the clearer the next steps and action items become.
Having joint goals and shared priorities makes it far easier to say no to financial distractions or waste money on crap that doesnât actually matter long-termâŠ
âHoney, Iâm getting an extra $2,000 bonus check! Want to celebrate big time in Napa this weekend?â
âNah, letâs buy two expensive $50 bottles of wine instead and celebrate at home. Then weâll put the remaining $1900 into our down payment fund. Remember, weâre going to move closer to the beach in a few years.â
If you and your partner are not on the same page financially, start the process now! I promise, itâs way more productive â and more FUN!
2. They budget together
I know what youâre thinking â budgets are boringâŠ
But the opposite is actually true! Budgets help couples eradicate the useless crap from their spending and funnel that money towards more exciting stuff that they love. Budgets are surprisingly awesome!
My wife and I share an Empower app login. Itâs a free budgeting app that connects to our credit cards, bank accounts and investment accounts⊠It tallies up our joint financial profile.
We use this to track every dollar we spend, so thereâs no duplicates or unnecessary waste in our spending. It shows how much we spend in specific budget categories, too. So we are both made aware of when we go overboard on spending.
Best of all, it calculates our joint net worth. A number we are determined to grow higher and higher over time!
If you and your partner want to up your financial game, start budgeting together. Seriously, it cuts out the waste and fuels wealth building.
Pro tip: If you want to keep separate spending accounts, thatâs fine too! Having guilt-free splurge money is important â just set some parameters on how much to spend.
3. They consolidate debt (and crush it!)
Power couples donât just admire the strongpoints and highlights of their partner⊠They take responsibility for the shortcomings and downfalls of their teammate too.
And that means stepping in to help with high interest debt.
The quicker a couple can squash bad debt (no matter who originally incurred the debt), the quicker they can start building a massive pile of wealth together.
Credit card debt, car loans, and variable rate debts are all wealth killers. If your partner is struggling or feeling held back by debt, itâs in your best interest to help free them.
My sister married a guy with a ~$30,000 high interest car loan. And although she was annoyed at his past financial decisions, she got over it and decided to help out.
Instead of making him suffer with monthly payments alone, she realized that helping him pay off that debt would help bring him to a position where he could positively contribute to their joint goals.
As soon as the car loan was paid off, they both started doubling-down on retirement contributions and other investments. This catapulted their finances because they were able to invest earlier and with bigger amounts!
4. Friendly money competitions
Power couples push each other to be the best versions of themself. Not just in personal growth and happiness, but also in their careers and finances.
The other day I bragged to my wife, âI just changed our insurance carrier and saved us $300 for the year. Beat that!â
Well, she did beat it. Challenge accepted! She negotiated a discount that netted us $600 off our family trip to Mexico. No kidding!
My wife and I encourage each other constantly, leading by example. We donât keep score or compare ourselves directly to one another. Itâs just a friendly way to nudge each other to be better with money, for the good of us both.
Here are a couple fun challenges you might want to try with your partner:
- No eating out challenge: Try cooking all meals at home for 30 days. No lunches out, no restaurants. Save all that money for a team goal!
- Ask for a discount challenge: Who can get the bigger discount this month? Ask and negotiate wherever you both spend money.
- Sell your stuff challenge: No doubt youâve both got useless possessions lying around your home that you never use. See who can sell the most items and make cash from their excess stuff.
Pro tip: Be careful not to antagonize or belittle your partner. Youâre on the same team! Donât act like a competitor â encourage like a teammate!
5. They maximize work benefits & tax breaks
Married couples have a handful of financial advantages that single folks donât get.
For one, couples filing taxes jointly get to balance income across a single tax bracket, which typically lowers the tax burden for higher income earning partners.
Choosing the right employee benefits can save a lot of money too. For instance, one spouse electing to enroll their partner in family coverage with their employer might mean paying less for healthcare individually.
Having double access to tax-advantaged retirement accounts helps too. If one partner fully funds their 401k or IRA, any excess income can overflow to help their partner max out their accounts too.
Spousal IRAâs are a great example of maximizing two retirement accounts. They allow a working spouse to contribute to an IRA (or Roth IRA) of a non-working spouse. It doubles the tax benefit for the couple, even though only one partner is earning income.
If you and your partner havenât compared work benefits or researched potential savings, get on it asap. You might find meaningful savings opportunities!
6. They side hustle together
Power couples support each otherâs entrepreneurial efforts and desires to make extra money.
When one partner picks up a side hustle or starts a new business venture, the other partner helps out. They either get directly involved or help by picking up any slack in their personal life.
House hacking is a great example of a very lucrative side hustle that couples can do together. Buying a home, doing renovations, and managing tenants is way easier when both partners are actively involved.
Any extra money earned (or expenses saved) helps the partnership financially.
7. Thoughtful gift giving
When I first met my wife, I wanted to shower her with presents. I thought that spending money on her would show her (and others) how much I liked her.
Oh, how naive I was back then đ€Šââïž I wasted a lot of money.
Thankfully, after a while I got smarter. What my wife truly values in gifts is the thought and effort behind them. Not how much money they cost.
Instead of wasting money on âHis and Her Porschesâ for each other, financially smart couples give gifts that are tied directly to their shared hopes and dreams.
Donât get me wrong, spending money on your partner is important! But instead of chasing a single happy moment, think about giving gifts that are meaningful long term.
8. They celebrate money wins
Celebrating financial wins as a couple is really important.
When you take the time to acknowledge your achievements together â anything from paying off debt, reaching a specific savings goal, or simply finding a $20 bill on the ground â it strengthens your partnership and reinforces the idea that youâre a team.
Letâs be honest. Money can be a stressful topic, especially when youâre a young, broke couple starting with nothing!
Taking time to celebrate milestones creates a positive atmosphere around money. It boosts morale and encourages more open communication about future goals.
If you havenât done so recently, take a moment to celebrate you and your partnerâs victories. Youâve come a long way! These are important steps on your journey.
Pro tip: Savvy couples celebrate with day-time dates, vs. night time dates. They cost way less! đ
9. Cheap and frugal hobbies
If you want to save more money as a couple, finding low cost hobbies can be a game-changer.
Spending time with each other doesnât have to mean pricey outings or splurging on new activities. There are so many free and cheap things to do in your city â you just need to find them and try them.
Start with the great outdoors⊠Hiking, biking, walking, picnics, beach time, or watching sunsets are all refreshing and budget-friendly activities. Joining co-ed social sports leagues is super fun too!
My wife and I live in Los Angeles, so sometimes we drive over to the fancy Beverly Hills or Brentwood neighborhoods and just walk around random streets. We admire the multi-million dollar mansions, manicured gardens, and ridiculously expensive stuff that wealthy people buy. Itâs a completely free activity for us, like a free museum!
For couples that are more indoorsy, DIY projects like cooking together or crafting things can be fun. Plus, you get to unleash your creativity!
Oh yeah, letâs not forget about game nights! Hosting a fun night in with friends is way cheaper than meeting out at bars or restaurants. And itâs a lot more FUN!
The best memories come from the time couples spend together. Not the money you spend on entertainment or hobbies.
10. Using a joint credit card strategy
Combining credit card strategies with your partner can unlock some really cool perks.
It can also help you earn bigger rewards on a faster timeline.
By combining both your spending on a single card, youâll earn points and miles much faster than using separate cards. Youâll also easily qualify for welcome offers by reaching minimum spend requirements faster.
Travel perks are better for couples too. Like earning the Southwest Companion Pass â which lets you bring your designated partner on all flights for free for an entire year. Some lounge access credit cards get you and your partner into exclusive airport clubs and bars!
Teaming up on your credit card strategy can also help both of your credit scores. But you MUST pay off all your bills each month, on time, every month.
Hereâs an article I wrote about the best travel credit cards for couples, which includes tips to maximize the benefits together!
The Bottom Line:
Teamwork makes the dream work. Tackling finances as a partnership is not only more efficient, itâs more fun! By working in lock-step and combining your personal strengths, couples can save more money and reach financial goals faster.
The key to successful money management lies in understanding each otherâs values and priorities, as well as regular communication. Merging budgets, challenging each other, and celebrating milestones together will not only lead to bigger financial success, but also a richer, more fulfilling partnership.
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