What to do When Your Spouse Doesn't Care About Saving Money

If there is anything that causes stress between two people in love, it's money. According to marriage psychologists, more than 30% of spouses head to divorce courts due to financial conflict.

Yet saving money as a couple can help solve many financial issues. You can save and reach various financial goals, such as housing, health insurance, and emergency funds. It can be problematic if your spouse doesn't see the need to save money or the related benefits. 

Reasons Your Spouse Might Not Care About Saving Money

Some people have a genuine reason why they can't save money. It might be inadequate income or a lack of understanding of the money concept. But if your spouse has sufficient resources or earning power but still doesn't care about saving money, it's a cause for concern. Here's why they might be reluctant to save:

• They would rather spend because they don’t know about delayed gratification.
• They might have a sense of entitlement and prefer to let tomorrow take care of itself.
• They subscribe to YOLO (you live only once), living for today.

 Read Also: How Can I Budget When My Partner is a Spender?

6 Things to Do If Your Spouse Doesn't Care About Saving Money  

You might wonder how to deal with a spouse, especially if they do not care about saving money. Here are some actions you can take: 

1. Talk About The Importance of Saving Money 

The first step to understanding a spouse who doesn't care about saving money is to hold an honest talk. People have different attitudes and money stories based on their upbringing towards cash. 

While yours is geared towards savings and achieving financial goals, your spouse might be the typical spender. They may not care much about savings due to their different backgrounds. 

But perhaps the difference isn't about attitude but income, where one of you earns higher than the other. It can be beneficial to find ways to manage these differences. You can candidly talk to your spouse about savings and their importance for family growth.

Honest money discussions can help remove any guilt and arguments. But it also enables you to learn more about your partner. Some of the lead questions to use for this open discussion include:

• What is the meaning of money to you? 
• Do you prefer to live in the moment?
• Do you think it's essential to track your expenditure? 
• Can you track your monthly income?
• Do you make a list of things to buy, or do you buy on impulse?
• Are you open to talking about finances?
• Can you make adjustments during a difficult life change?
• Can you do without non-essentials when situations demand?

Please note this initial conversation might be initially tricky, especially if your spouse doesn't care about saving money. They might even resist the mere mention of money. So go slow and make it easier for them to stock up on any information before you can proceed to the next money subject.

Read Also: For Richer for Poorer: 9 Money Conversations to Have With Your Partner Before Getting Married

2. Create Specific Savings Goals

You may become disillusioned when your spouse doesn't care about saving money. But that doesn't have to happen if you create particular savings goals that aim to improve both of your lives.

A combined effort with your spouse is also what it takes to bring her on the money-saving board. They become motivated and aren't overwhelmed doing it alone. as a family.

You can identify short-term and long-term financial goals that motivate them to save. It could be that vacation they have longed for or a family car. If your spouse has a specific financial plan they can't meet, you can encourage them to make it a team effort.

Deciding and implementing goals requires a realistic budget where both of you can see the amount of money they can comfortably stash into the savings account. 

It's a gradual process that teaches and ingrains a savings culture. They'll also start to see the significance and value of setting aside money to achieve various financial goals without straining.

Read Also: Financial Goals to Set for Your Family

3. Create a Joint Savings Account 

So your spouse still doesn't care about saving money? The answer would be to

create a joint savings account with them. It can be exciting for your spouse that you do not just share love but finances too.

A joint account is also a brilliant way to manage money, especially if one of you is savings-averse. The financially savvy partner, in this case, can keep tabs on every expenditure, making sure things are on track. 

Other advantages to a shared joint account are:

• Sharing almost all expenses, including household, utilities, and even groceries.
• A joint account creates a sense of responsibility and accountability, helping each spouse to do their bidding.
• Budgeting becomes easier as you know the exact needs for the recurring months.

Read Also: Is Opening a Joint Account a Smart Money Move for Spouses?

4. Create a Separate Savings Account

Even though your spouse doesn't care about savings, it can be refreshing for them to assume a different level of responsibility with their separate savings account. Remember, everyone has the right to financial independence.

A separate savings account might be what it takes for them to achieve that self-identity and empowerment. It removes any level of control from one partner regarding expenditure. It also eliminates unnecessary arguments about money.

A separate savings account can nudge your spouse into stashing away the necessary percentage of money, especially if you agree to split various financial responsibilities.

Irrespective of the account types you and your spouse pick, the key is open and frequent communication about finances and savings. It allows you to remain on the same page and moderate any issues quickly.

5. Involve an Unbiased Third Party

It can be tricky if your spouse doesn't care about saving money or discussing the subject. If you value your relationship, yet your efforts need to make an impact on the money front, a third party might come in handy.

An impartial financial advisor, colleague, or even family member whose neutrality you both value can speak to your spouse. A financially knowledgeable advisor can assess your spouse's money attitude. They can also help create a financial plan with a realistic savings budget.

Be cautious, though, as a financial advisor might only touch the tip of the iceberg. They may not know the exact root of the money issues in your relationship. If they can't bring you and your spouse on the money savings board, marriage counseling might help. 

6. Hold Routine Financial and Money-Saving Discussions With Your Spouse

Many couples shy away from the money talk starting from the first day they meet. It continues to be a taboo subject that can affect the entire functionality of the household.

If you often have romantic dates, it's about time you created money dates too. You can schedule monthly or even biweekly money meetings where you review each other's journeys and progress on savings.

While it's advisable for such meetings to be brief, say an hour at the top, use the time to talk about any current money worries. You can also initiate talk about future housing, education, and investment goals.

Within these regular talks, you can also trigger a joint long-term plan that helps bring you closer and more committed. Take time to listen to your spouse. They may feel more valued and, in turn, appreciate your contribution.

Wrapping Up

Saving money with your spouse has enormous advantages, including a combined income to reach myriad financial goals. But it can only be possible if you are on the same page. It takes loads of talking and honesty to approach the money topic. 

Other than that, outline to your spouse the importance of saving money. Let them know how a joint effort can help resolve the most challenging financial and, to an extent, marital/relationship issues in your life.