Handling finances as a couple


Ways to handle finances as a couple

  1. Be open and honest

Communication is vitally important. As you begin to find the best way to manage your money as a couple, be as honest and as open as possible to each other about the state of your finances. This means letting your partner know about your debts, your savings, your credit history and your goals. This will ensure that there are no surprises that could potentially jeopardise your relationship in the future. Some people will find this difficult at first, but the benefits far outweigh the potential embarrassment. It helps to be on the same page when it comes to your finances, so that you can prepare to face any obstacles together.

  1. Set financial goals together

Even if you and your partner have individual financial goals you would like to achieve, it is also really important that you create joint financial goals. Take the time to create short and long term goals — this could be to buy a home or a car, go on vacation together, settle debts or put money away to start a family. From there, prioritise these goals either by timeframe, by the cost or by their importance. Commit to keeping each other financially accountable for both your relationship goals and your personal ones. By planning your future together, you will strengthen your relationship and create enduring bonds.


  1. Budget and track spending together

While many of us know the importance of budgeting and may already be practising this in our personal financial lives, it’s vital that you also budget together as a couple. This involves drawing up a list of your expenses and allocating money towards them, as well as your goals and your savings.

Remember that a budget is only as good as your commitment to it. Track your spending. Unless you know where your money goes, you will find it a lot harder to stick to your budget and, as a result, your financial goals could seem out of reach.

  1. Let MyWORLD help you

Have you decided on how you will share household expenses? While there are many people who prefer to keep bank accounts separate, a joint bank account might work in your favour. African Bank boasts SA’s first account made to share – MyWORLD. You can use it to create up to five unique Pocket accounts that you can both use for household expenses, as well as saving for your relationship goals. Learn more about this here. Managing an account together will ensure that you work together towards your goals. It forces you to be open about money, ultimately giving you greater control over your finances as a couple.

An added benefit of MyWORLD is that you can easily do all your banking online. From tracking your spending, to saving and investing – all this can be done from your phone using the African Bank App, or from your computer. If you currently hold an African Bank Credit Card, or African Bank Investments, register for African Bank online banking on www.africanbank.co.za to manage those accounts.


How do you manage your money in your relationship? Share your thoughts and ideas with us on our social media channels — we would love to hear from you.

Up Next

Surprise your dad this Father’s Day
Sunday is Father’s Day! While many of us can’t gather around the table to share a special meal with those we call “dad”, there’s plenty of ways to make this Father’s Day meaningful. Here are some ideas.

Publish Date: 19/06/2020
Read more
Personal Loan up to R250 000 Online
Get a Personal Loan up to R250 000 from African Bank. Enjoy our low interest rates and flexible repayment schedule, with easy online loan application. We Say Yes More.

Publish Date: 07/07/2020
Read more
Tips to cut costs and save money
In a time of economic uncertainty, we could all use some tips and tricks to guide our spending. These are a few of the things you can do to cut costs and save some money

Publish Date: 13/07/2020
Read more
Protect yourself against card skimming in South Africa
Card scams are on the rise in South Africa, leaving many completely blindsided and with empty bank accounts, or debts they didn’t sign up for. How did the theft happen? We show you how in this blog

Publish Date: 16/07/2020
Read more
Why opening a fixed deposit investment account can benefit you?
Invest today with a Fixed Deposit from African Bank. Enjoy SA’s best investment rate at 12.33%, along with an easy online application. We Say Yes More

Publish Date: 05/08/2020
Read more

About African Bank

Our mission is to be a successful Retail Bank offering a wide range of products and services to the consumers of South Africa. The people who work for African Bank represent the diverse population of South Africa; therefore we are a reflection of you, of all South Africans. We seek to provide value - more than our consumers expect of us. We promise to live our purpose 'humanity through banking' in all that we do and we are confident that we can, because 'We are You'.