Partner Article

Money Management Tips for Couples

Whilst being in a couple might present its difficulties: waiting on text messages, numerous restaurant bill discrepancies and arguing over does the hoovering, new research shows that it’s actually better to have a partner – at least financially.

Cohabiting couples, married or not, are over £1200 better off per year than their single counterparts. The study showed that the 65% of the population that are living with a partner had a disposable income of £307 per person, vs £256 among singletons, making them £102 better off each month.

Those going it alone also said that they were less likely to treat themselves, with 34% saying they could not afford nights out, regular holidays or gym memberships compared with just 23% of cohabiting couples.

With that said, it’s important to be careful when managing your finances in order to best reap the rewards of being together. Here are some top tips:

Planning is key – you and your partner should take the time to discuss your finances honestly. Get everything out in the open, and that includes ugly credit histories.

Compare budgets– if you’re thinking about committing to a joint account it’s vital you familiarise yourself with your other half’s spending habits so there aren’t any shocks when you sign on the dotted line. Alternatively, you could trial a joint account that’s just for bills first.

Create a joint monthly budget - Make a list of your expenses (bills, food etc), and your incomes. Decide who will pay what - if you’re on a much higher salary than your partner, considering pro-rata might be fairer.

Decide who’s in charge - Are you both going to do the admin or is one of you better suited to this? Avoid

Set goals and consider saving - Perhaps talk about where you’d both like to be financially in the next five years, and open a savings account to help you achieve your aims.

Source: It’s good to be together - research

This was posted in Bdaily's Members' News section by Fianancial Confession .