How to save when you are a couple?
Saving is good. Saving together is even better! Saving allows you to put money aside (and to make it grow thanks to the interests!), for a future real estate project, to organize a wedding with great pomp, to prepare your retirement between lovebirds... Some savings products like savings books and life insurance present a low level of risk. It is thus advantageous for couples! Let's go: we explain how to save for two.
SAVING AS A COUPLE: HOW TO GET STARTED IN 6 STEPS?
- Discuss it with your partner and put it on the menu for dinner tonight. Maybe your other half doesn't want to or can't afford to save money right now. You might as well put your cards on the table. This is also the time to discuss finances and clarify the couple's banking situation. Does one of them have debts, the other one a credit to pay back?
- Find a good reason to save to motivate you. Buy a property together, put aside money for a round-the-world bike trip, supplement your retirement with additional income, deal with a washing machine that's giving up the ghost... Each couple has its own projects!
- Estimate the joint monthly budget you want to devote to your savings. List your expenses and calculate the money you have left at the end of the month.
- Whether you're in a civil partnership, cohabiting or married, check the rules that apply to your matrimonial regime.
- Compare savings vehicles. Is the money immediately available? Do you have to pay fees in case of withdrawal? What is the interest rate? What about the level of risk? What are the withdrawal conditions and the taxes applied? What is the return? What is the minimum initial or monthly payment?
- Schedule monthly transfers and withdrawals once you have found the savings vehicle that suits you! The ideal when saving or investing is to be regular. It's more efficient and it also limits the risks. If possible, try to diversify your investments.
Quelles sont les solutions pour épargner à deux ? WHAT ARE THE SOLUTIONS FOR SAVING FOR TWO?
Good to know: most savings books are individual and cannot be opened by two people. You can therefore each open one. This also allows you to find savings vehicles that are adapted to your situation, and that are not always suitable for your spouse.
With its low risk rate, life insurance is one of the preferred savings solutions of the French. Some insurance companies and banks offer life insurance policies in the names of both spouses (joint membership). The condition necessary for the opening of this type of life insurance? To be married. If you are in a civil partnership or cohabitation, there is nothing to prevent you from opening an individual life insurance policy and mentioning your spouse as a beneficiary.
The best thing is to combine two life insurance contracts: one joint and one individual.
Saving accounts (A, sustainable development, PER, PEA...)
Put your money in an individual savings account. There are several, so see which one suits you best.
In 2023, the Livret d'épargne populaire (LEP) has the highest interest rate (6.1%)! It is accessible under conditions and if you are not eligible, maybe your spouse is!
A common bank account
It is not a savings product, but opening a joint account simplifies the daily management of your expenses. It also allows you to have a better vision of the money you can invest each month.
Always keep your personal bank account and your personal savings account if you have one. And keep adding to it.
PROTECT YOUR SAVINGS AS A COUPLE AND ANTICIPATE A SEPARATION
Before saving or investing as a couple, always remember to check your matrimonial regime and the rules that apply! This directly impacts the distribution of pooled savings (and not only that 😬 !) in case of separation.
Because even if it is you who fed the savings book opened in your name but intended for a common project, in case of separation and if you are under the legal regime of the reduced community of acquests (the most common and the one that applies in case of absence of marriage contract), you are likely to leave 🪶 and euros there!