Saving for Unmarried Couples

Written by Amelia Josephson

Edited by Marie White, CEPF®

Updated on May 22, 2025, 5:31pm ET

Just because two people haven’t officially tied the knot doesn’t mean they don’t have shared expenses and financial goals they want to achieve. So, how should unmarried couples handle saving money? Some of the best tips apply to married and unmarried couples alike, but others are specific to the unmarried set. This is what you need to know about saving 101 for unmarried couples.

A financial advisor can help you determine ways to save so you can meet your long-term financial goals.

1. Get the Lay of the Land

America is home to an estimated 17 million cohabiting unmarried couples, and that number only continues to grow. If you and your partner are serious but have not gotten married, you may be wondering how best to navigate shared finances.

The first step is to get the lay of the financial land. That means sitting down with your significant other and sharing your financial details, such as your income, assets, credit scores and debts. That can help you decide how to share the burdens of both covering the bills saving.

If your salary and net worth are twice that of your partner’s, it might not make sense for the two of you to split the rent 50-50. Likewise, if you are saving up for a trip or a down payment on a home, you might want to divide the savings goal according to your respective incomes.

There are joint bank accounts for unmarried couples that are exactly the same as joint bank accounts for married couples. You might consider opening a joint account that lets each of you make automated contributions from your individual checking account. That way, you won’t have to write each other checks or send a Venmo every time you have to pay for housing costs or groceries.

In most cases, budgeting for unmarried couples is similar to budgeting for married couples in that you’ll want to ensure you’re contributing to shared expenses and savings goals in a way that feels fair to you both. The difference is that if you’re not married, it’s a good idea to keep some things separate from your partner.

2. Be Specific

If you are not married, (and even if you are) having a separate account can be a great way to protect yourself financially and retain some financial privacy. Plus, you can buy your partner’s birthday gift without him or her getting wise.

But what about the finances you do want to combine? One approach is to start a shared checking account. Once you’ve determined how much each of you should contribute, you can start paying into that shared account. You can then use that money to cover rent, expenses and savings for things like travel, big purchases or emergencies.

It’s a good idea to specify what the shared money is for. That way, each of you can maintain individual retirement savings and still feel good about the money you are putting into the shared pot. If you are just amassing money in a joint savings account without a plan for what to do with those savings, you could be missing out on gains you could have earned by investing that money.

You may decide that a joint credit card is right for you. The idea of a joint credit card for unmarried couples is somewhat controversial, simply because having a shared credit card with anyone leaves you vulnerable. If the other person does not use the credit card responsibly, your credit score could suffer.

Opening a shared credit card account is riskier than getting a shared checking account. Before you take the plunge, it is best to make sure you and your partner are on the same page. You should be specific about what you will pay and when to consult one another before making a purchase.

3. Decide on Property Rights

A couple having coffee on their porch with their dog.

Some couple go beyond just sharing rent, utilities, groceries and entertainment expenses. If you are not married but are venturing into the realm of shared property, there are some extra steps to take.

If you and your significant other decide to acquire valuable property like an art investment, it may be a good idea to get a lawyer on the case.

If you and your partner buy a house together, but your name is not on the deed, you could find yourself without a roof over your head. You will also need to consider the division of equity based on your down payment and mortgage contributions.

This is where a real estate lawyer can help. Together, you can draft an agreement that covers the contingencies and details of your shared property arrangement. The same goes for a valuable car or painting. If you and your significant other co-own an asset, it is a good idea to stipulate the terms in writing with the help of an attorney.

4. Protect Yourself

Even if marriage is not a priority right now, it’s still affords you important rights in the eyes of the law. If you are not married and you and your partner split up, you will not have the same kinds of property rights that you would have if you tied the knot.

The lack of legal standing for unmarried partners means it is important to protect yourself and your assets, even if your relationship is rock-solid. Hope for the best, plan for the worst.

If you are not married, it is a good idea to keep your own emergency funds and retirement savings in a separate account. It is also wise to have at least one debit card and one credit card in your own name, so that your access to cash and credit, as well as your credit score, aren’t completely dependent on your partner.

5. Protect the Kids

When there are kids in the equation, it’s even more important to align your savings and budgeting goals with your significant other.

The first issue is custody. Because a legally-binding co-parenting agreement can protect your rights, this is especially important for men. If you’re saving for kids’ expenses or college, it’s best to follow the rules above to make sure you have a fair proportion of your income in an account you both can access.

If you’re coming into the relationship with kids from a previous partnership, you’ll have to decide what you want to do. Do you want the savings you accrued before you met your current partner to go to your kids or your partner if you die? If you combine all your assets with your partner, what will any kids from a previous relationship inherit?

Answering these questions is particularly important for high earners who are embarking on later-life relationships. A lawyer can help you make sure your will aligns with your wishes when it comes to passing on your savings.

6. Don’t Forget About Insurance

Many companies allow an employee’s partner to join company health insurance. If you decide to do this, you may want to work out an agreement with your partner that details what will happen if you break up. If your partner has money deducted from his/her paycheck for your health insurance and you go your separate ways, you don’t want to find yourself scrambling for coverage.

If you have a big shared expense like a mortgage or kids, don’t forget to make sure you have enough life insurance coverage. Even if you’re just renting, you might need to take out a life insurance policy with your significant other as the beneficiary. The policy doesn’t have to be huge, but it is a good idea to have enough insurance to cover funeral expenses and your half of the rent for several months.

How to Set Shared Savings Goals as an Unmarried Couple

Setting shared savings goals as an unmarried couple starts with identifying what you are saving for together. This could be a future home, a vacation, an emergency fund or a large purchase. It is also important to talk about your individual priorities—like student loans, retirement or building personal savings—so you both know what matters most to each person. Clear communication helps you align on shared goals while respecting individual financial needs.

Once you’ve agreed on your savings goals, decide how much each person will contribute. Some couples split contributions 50/50, while others base it on income. For example, if one partner earns more, they may cover a greater share of the savings.

Whatever you decide, it should feel fair to both of you. You can then open a joint high-yield savings account specifically for your shared goal and set up automatic transfers to make saving consistent and easy.

Keep track of your progress together. Use a shared spreadsheet, budgeting app or set regular check-ins to review the account balance and update your savings plan if needed. Life and income can change, so it is helpful to be flexible. By working together on shared goals and staying transparent about your finances, you can build trust and financial stability as a couple — even without being legally married.

Bottom Line

Remaining unmarried may seem like the less complicated choice, but if you have shared expenses there are plenty of complications to consider. Without the legal status of marriage on your side, it is a good idea to maintain your own savings for retirement and emergencies and take steps to protect your rights to your property and your kids. Once you have the legal and financial scaffolding in place, you can relax and enjoy your relationship.

Consider enlisting the help of a financial advisor who can help you structure your joint financial accounts toward your savings goals.

Tips for Managing Your Finances

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