How to save money together: tips for a joint savings account

Although it can be challenging, saving money on your own tends to be straightforward. You control what you save and spend, including whether you really need that new jacket. But when you're saving with a partner, things get a bit more interesting. You're not just thinking about your own spending habits and financial goals – you're building something together. 

That shared commitment can actually make it easier to stay on track. A shared savings account gives you joint accountability, so it can help you work towards your goals as a team because you’re both accountable to each other. 

In this guide, we'll walk you through using your shared savings account to reach your savings goals – and how Monzo can make the whole process a little smoother.

But remember: ownership of a joint account or joint savings account is split equally between the two account owners – so it's important to make sure you're saving with someone you trust.

What are shared savings goals?

A shared savings goal is a specific amount of money you and the person you’re sharing the account with decide to save together for something you both want. It could be the deposit on your first home, a big renovation project, a trip to New York, or simply building an emergency fund that gives you both more peace of mind.

The key thing about shared savings goals is that they're not just about the money – they're about agreeing on what matters to you both and making a plan for how to get there. With Monzo’s Savings Pots, you can set specific savings goals and watch your progress as it happens. It's a visual reminder of why you're both making those small sacrifices along the way, like cutting down on takeaways or cancelling subscriptions.

Reaching your joint savings goals

Setting a shared savings goal is the easy part – actually hitting it takes a bit more thought. The right approach can make things easier for you though, so here are our top tips:

Create ambitious, but realistic goals. It's great to dream big, but your savings target needs to be something you can actually reach. There's no point setting a goal that's so lofty you'll never hit it – you want to build momentum and celebrate wins along the way. Start with something that feels achievable and build from there.

Start small and grow over time. If you're new to saving together, don't put pressure on yourselves to save huge amounts straight away. Begin with a monthly target that feels comfortable for both of you. As you get used to the routine and see your savings grow, you can gradually increase the amount you're putting away. Saving is a habit, and like any habit, it gets easier with practice.

Both partners need to contribute responsibly. This is where it’s important to have an honest conversation. How much should each of you put in? Some couples split everything 50/50, while others contribute based on their income. There's no right or wrong answer – it's about finding what feels fair and sustainable for your situation. The main thing is that you're both pulling your weight and being open about how you want it to work.

Make changes together. Saving for a big goal usually means cutting back on something – maybe it's fewer takeaways, or holding off on those new trainers you've been eyeing up. But it's crucial that the sacrifices are shared. If one person is cancelling all their subscriptions while the other has Spotify Premium and Apple Music, that's probably going to cause tension pretty quickly. Make sure you're both making adjustments and that the end goal is genuinely worth it for both of you.

Check in regularly. Money conversations aren't always easy, but they're needed when you're saving together. Set aside time every month or so to look at your progress, celebrate how far you've come, and adjust your plan if things aren't working. Maybe you need to up your contributions, or maybe you need to give yourselves a bit of breathing room. Either way, keeping the lines of communication open will help you stay on track.

How Monzo joint accounts can help grow your savings

If you're going to save together, it helps to have tools that make the process a little easier. Here's how our Joint Instant Access Savings can help you hit your shared savings goals:

• Keep your goals front and centre. Our goal-setting feature can help you see exactly how much you've saved and how much further you've got to go. There's something satisfying about watching that progress bar fill up, and it can keep you both motivated when you see your hard work paying off.

• Earn interest on your savings. Our interest rate means your savings are working that bit harder for you. Even if you start small, over time the interest adds up – which can help you reach your goal a little faster.

• Automate your contributions. Features like Salary Sorter, let you automatically move money into your Savings Pot as soon as you get paid. You can also turn on roundups, which rounds up your joint account purchases to the nearest pound and moves the spare change straight into your savings. So you can save without even thinking about it.

• Stay organised with separate Savings Pots. You might have more than one savings goal on the go – that New York trip plus a house deposit, for example. With Joint Instant Access Savings Pots, you can keep everything separate and even give each Pot a name and picture, so you both know exactly what each chunk of money is for.

Aim high with savings goals

Saving money together isn't just about hitting a number – it's about building trust, staying on the same page, and working towards something that matters to both of you. Whether it's a life milestone or a financial safety net, shared savings goals give you a reason to keep going even when it's tough.

A shared savings account is a simple but powerful tool to help you make it happen. It can make things more transparent, keep you both accountable, and turn saving from a solo effort into a team sport. And with features like goal tracking, automatic round-ups, and earning interest on your savings – Monzo's got plenty of useful tools to help you stay on track.

So set those goals, have those conversations, and start building your future together.

Ready to get started? Find out how to apply for a joint bank account.

You’ll both need a Monzo current account. UK residents aged 18+. Ts&Cs apply.

Questions? Answers.

What are shared savings goals?

Shared savings goals are specific amounts of money you and the person you share a joint bank account with agree to save together for a common purpose. This could be anything from a house deposit to a holiday, to building an emergency fund. The idea is that you're both working towards the same financial goal as a team.

Are shared savings goals managed by Monzo?

No, Monzo doesn't manage your savings goals for you – you're in control. But Monzo gives you tools to help, like Joint Instant Access Savings Pots, where you can set a target amount and track your progress. You decide what you're saving for, how much to save, and by when, and Monzo's features help you stay organised and on track.

Can you save money with a joint bank account?

Yes, you can save money with a joint bank account. The difference with a joint savings account is that you can also earn interest on your savings. When you have a joint bank account, you can open a joint savings account (at Monzo we call this a Joint Instant Access Savings Pot) to save together.

A joint savings account is a great way to save together because it helps make everything more transparent and keeps you both accountable. You can use it to pool your money for shared goals, set up automatic savings, and track your progress together. Plus, with Monzo's interest-earning Pots, your savings can grow that bit faster.