Financial Planning for Couples

Dear Kristin, My husband and I opened a joint checking account when we got married. I also wanted to start a savings account together, but he thought it was a waste due to low interest rates. Now, years later, we still don't have a savings account together. He believes saving is pointless because of our student loans. I believe saving is crucial and have been saving on my own. Is saving really a waste, and should student loans prevent us from planning for the future or emergencies? Am I overreacting? -Nancy

Dear Nancy, No, you're not overreacting. While regular savings account interest rates are indeed low, it's important to save for unexpected expenses that may arise. Emergencies can quickly lead to debt if not prepared. Having an emergency fund can help cover these costs without financial strain. Savings can also help achieve financial goals like buying a home, going on vacation, or starting a business. It's essential to get your husband on board with saving and show him the benefits of having a financial cushion. By creating a budget, you can pay off debt and save simultaneously. Consider discussing high-yield savings accounts, which offer higher interest rates. Stay calm but firm during this conversation, as having savings is crucial for financial stability. -Kristin

Note: My Two Cents has become Making Cents, but the advice remains the same. Feel free to submit any money-related questions for Kristin to address in future columns.