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Joint Finances?


piggy bank

Be honest at the start if you want this to work long term!
Tell the truth
Start the relationship how you want it to continue.  Talk openly and honestly about what you earn and what debts you have.  It’s no good making long term plans if you have debt hanging around your neck – you might be able to hide it for a while but at some point it will come out.

Saver or spender?
Finances always seem to be a bit of a taboo subject, but discuss your spending patterns and how you are with money.  This will allow for a frank discussion about how to plan and save for your future and a compromise will be found that works for you both.  Don’t say you’re a saver if money burns a hole in your pocket – you won’t be able to hide it for long!

Bank Accounts
Most couples opt for a joint account once they have decided to live together.  Use this for all your household bills and anything else you both agree on. Give the responsibility of the account and paying the bills to the most sensible person. Keep your own separate accounts so that you can both have a splurge every now and again without upsetting each other.

Dividing the bills
Unless you’re lucky there will be a difference in what you earn.  This should be taken into account when agreeing on transfer amounts.  If you take home half as much as your partner, then it’s only fair that you put half as much into the joint account – otherwise it could lead to frustration if you have no money left at the end of each month and your partner is splashing the cash around.

Secret Spending?
If we’re honest, most women will do this at some point.  That’s ok as long as you are not getting yourself into debt.  Buying those Jimmy Choos because you will die without them is not something your other half will understand when you’re pleading poverty two days after pay day!

Talk, talk, talk!
Talking about money creates tension but it’s a subject that can’t be avoided.  Get into the habit of discussing money openly and honestly.  If you feel that you don’t have enough control or that things are unfair, then you need to talk about it.  Letting resentment build up could have a major impact on your relationship and if you truly believe that this is ‘the one’, why put it in jeopardy?


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