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
Behavioural psychologist Jo Hemmings is our guest blogger, discussing money and relationships.
We’re talking about wallet size here. And not really the actual size of the wallet itself or exactly how much cash it contains. But how honest you are about how much money you have, how you like to spend it and whether you’re on the same page as your partner about how you choose to spend it as a couple, rather than as a single person.
Often at the beginning of a relationship, we are so smitten by our partner, that the dizziness of chemistry and anticipation diverts us from whether they have the same approach to spending as ourselves. Continue reading →