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.

Couple Money Cohabitation Finance

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“Our finances is great. Hahaha”The Money Shot by Ashley MacKinnon, on Flickr.  This work is licensed under a Creative Commons Attribution 3.0 Unported License.

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.

Clear Accounting

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.

saving strategy for couples

Takmeomeo / Pixabay

Declare Debts

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.

Joint Investments

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.

Tom
 

Arnel Ariate is the webmaster of Money Soldiers.

Click Here to Leave a Comment Below 2 comments
Imran @ Xomba - November 21, 2013

Communication is key I guess, you’re right about burying your head in the sand, it leads nowhere. I would be careful with joint accounts though, if financial discipline is not at the same level this could lead to annoying confrontation about spending. Budgeting is the most important thing and could help you get out of the hole.

Reply
    Arnel Ariate - November 22, 2013

    Good points, Imran. Personally, I’m a little bit afraid of joint accounts. 🙂

    Reply

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