Managing your finances and your relationship can be quite a balancing act. Share a credit account? Then you share credit report information too.
It can mean you’re more linked than you think. If you have applied for credit together, lenders will usually look at both of your credit reports when working out any future credit applications, even if it’s only for one of you.
To mark Valentine’s Day, we asked some of our favourite finance, family and budgeting bloggers to share with us how they’ve managed to balance love and money, and what their tips are to make shared finances – and sharing outgoings in general – as harmonious as the day Cupid’s arrow first arrives.
Joint finances, joint decisions
Emma from EmmaDrew.Info: “My husband and I earn significantly different amounts which we really struggled with. We now put all of our earnings into our joint bank account, which covers our joint spending. What really helped us was that we now both withdraw the same amount of “pocket money” from the joint account, meaning that we have a level footing. This has made such a difference to how we feel about our money and I would recommend it.”@emmadrewinfo
Over half of those who responded (53%) said they use their credit card at least once a week – with over one in four (27%) saying they use it every day. Just over one in five (21%) said they use it monthly, while just over one in four said ‘other’.
We also asked How much of your credit card balance do you pay off every month?**
41% said they pay off the full balance of the card , while 18% told us they make sure they pay the minimum payment. A further 29% said they pay only what they can afford.
Finally, we asked What’s your priority when deciding to switch or compare cards***. 43% told us that reducing the interest they pay was the biggest priority, while 32% said that it depended on which rewards and benefits were available.
A wide range of responses such as this could mean that different credit cards may suit different people. Think about what you actually want a credit card for. Is it for doing the weekly shop? Making a large purchase? Or paying off a current debt at a better rate? Continue reading →
That’s right – the Experian Credit Score, which shows you how lenders may view you, and can be a useful thing to know when you are thinking of applying for credit.
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