Money’s Too Tight to Mention
A recent article by the BBC has again highlighted the sentiments so keenly felt by the ginger pop prince way back in 1985. Money is indeed tight in the current economic climate but, as many of us perhaps already know, burying our heads in the sand of financial insolvency, doesn’t begin to solve our problems.
This is particularly true within couples and more often than not the subject is either ignored or approached in an unconstructive manner. Talking over your personal and joint finances is often a flash point for many relationships, and is common cause of relationship breakdowns. However, when approached correctly, joining together your personal finances often provides support and security for both parties.
Here then, we take a look a few tips to ensure your relationship remains stable in the notoriously unstable world of personal finance.
Joint Bank Account
First things first, a joint bank account provides clarity and accountability for any joint bills you may have. If you’re splitting straight down the middle then decide on a figure that covers rent, food and utility bills and simply transfer your half directly each month. Any direct debits can come straight out of the account leaving you with one less thing to worry about.
We’re all subject to pangs of lust when it comes to household items such as furniture or even food. However, when you’re buying items that are to be shared, it helps to keep tabs on what is spent and by whom. Appoint an accountant in your relationship and things will run much more smoothly, especially when dealing with the inescapable world of taxes.
There can be no more a destructive force than the financial skeleton in the closet. Ensure you declare all your debts from the start and allow your partner to understand your previous commitments. That way any of those worryingly red envelopes won’t be so much of a surprise.
When it comes to investing it always pays to have more capital. Combine your savings and get more interest from savings accounts, ISAs and the like. Just think, investors in recently floated Twitter made a 73% mark up in minutes and we all know that money makes well, more money. If stock market trading appeals to the dangerous side of your relationship then ensure you keep an eye on your investments at Quotenet but remember to keep in mind the risks.