5 Ways To Manage Money In Relationship

Money is a very emotional topic it’s a subject that people tend to completely avoid discussing when they get together. We tend to make assumptions about who pays for what without sitting down and saying anything about it. But couples need to have a chat about money as early as possible. When you’re coupled up, addressing the issue of money can be hard. Dishonesty in any sense does not make for a healthy relationship, so we spoke to experts about the best ways to manage money as a couple.

* Discuss money like you’re in a business meeting

Relationship psychologist Mutanda advises couples to take emotion out of the equation when discussing money and instead approach it like you would a business meeting.

* Hold monthly ‘money chats’ outside of your house

Couples to book in regular slots outside of the home to sit and talk about money: whether that’s in a coffee shop, restaurant or other public space.

* Make financial decisions together

A general tip for all couples is that from the start of your relationship you should make decisions together and, if you do move in together, share the bill-paying and application for financial products. If you are both responsible for different things, it will share the load and reduce arguments, rather than the pressure being dumped on one person.

* Be wary of joint accounts

It’s worth noting that if you go for a joint financial product, such as a joint bank account, you will become financially linked with your partner so if they have a poor credit score this could affect yours and so in this case it’s better to keep your finances rigidly separate to help maintain access to good credit for you.

* If in doubt, double up on bank accounts

Mutanda says if you desperately want a joint account, it’s worth keeping your personal account too so you’ve got your own pot of money. With joint accounts, she advises ring-fencing a certain amount of money for the account each month - for things like rent, food shopping and bills. Then you’ll be left with a sum of money in your personal account which you can either choose to save or spend.