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
Share a credit account? Then you share credit report information too. Sharing finances can mean you’re more linked than you think, as lenders will often look at both of your credit reports when assessing your credit.
If and when you apply for credit together, lenders will be able to see your partner’s financial information too and may use this when they make a decision about you when you next apply for credit. So we’ve put some tips to help you get up to speed with shared finances and credit.
Five top things you need to know about love and money
Financial association means thatyour credit reportcan become linked to someone else’s through joint financial activity. This could be applying for a mortgage, opening a joint credit account, or in some cases even being on the same broadband or utility contract.
Your credit report will only contain your financial information, but will show the name of anyone you share a financial connection with. If you share a credit application, each of you would see the other’s name in the section of your Experian Credit Report entitled ‘Financial Associations’.
This is the third of three blog posts Mrs Moneypenny (Channel 4′sSuperscrimpers) is writing for us, all about making better financial decisions in 2015 – @mrsmoneypennyft
So, you’ve met someone special. They share your taste in music, love sci-fi films, and have a lopsided smile that you find incredibly cute. But how much do they earn? How much have they borrowed and how much have they saved? What is their attitude and approach to money?
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 →
Weddings are expensive, there’s no getting away from it. While “the happiest day of your life” can be memorable, it can also put a strain on the wallet. Before and after marriage, there are often a few disagreements on personal finance, but what are they and why do they happen?
People pair up with their partner for all sorts of reasons – and one of the biggest is finances. A nationwide Experian survey of couples in relationships* asked if financial responsibility would make someone more attractive, 29% said it would, while 35% of women said this would make a male ‘much more attractive’. Continue reading →
Love is… a many splendoured thing. It’s in the air; it’s like oxygen, it’s even a wonderful colour. But when you choose to formalise your union, how can it affect your credit status?
Well, getting married in itself doesn’t change anything. If you didn’t share a mortgage, a bank account or have any other shared financial arrangements beforehand, then the mere act of saying “I do” at the altar is not going to have any impact. However, certain things are worth bearing in mind. Continue reading →