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
The summer months are often when love can bloom as people enjoy the sun and fun. People pair up with each other for all sorts of reasons, but is it true that one of the biggest is the way they manage their finances?
Well, could it be that most women prefer a man who’s responsible with money to a George Clooney lookalike with a degree?
A nationwide Experian survey of couples in relationships in 2014* asked if financial responsibility would make someone more attractive. 29% in total said it would, while 35% of women said this would make a male ‘much more attractive’.
However, 3 in 4 of women (75%) said they rated financial prudence more attractive than appearance, education or background, and on a par with intelligence (74%).*
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?
Valentine’s day may be long gone, but the quest for love and harmony goes on all year!
We decided to look at how well people know their partner’s attitude to finances – money and relationships. It only takes a minute to do this fun, interactive quiz to find out!
Your Experian Credit Scoreis a guide that will help you understand how your credit history is likely to be viewed by lenders. It can also help you both understand if one partner’s credit report needs a little work before any joint credit applications, such as a joint mortgage, are made.
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 →