Mummy says …’Relationships can be tough. ( I should know!) and we all have to admit that any relationship comes with its ups and downs.
To ensure that your relationship remains in the best possible place, it’s crucial that you communicate and discuss all the important things, however daunting that may seem.
Did you know that money is one of the main causes of breakups within relationships? It might seem surprising but, when you think about it, dealing with our own individual finances can be stressful enough, so when you bring someone else into the equation, it’s easy to see how tensions can flare.
This is why it’s so important that you ensure that your relationship is financially sorted, and that it stays that way. Luckily, Mrs Moneypenny from Channel 4’s Superscrimpers has shared her expert advice on money and relationships
Here are some of Mrs Moneypenny’s tips that are really useful when ensuring that your relationship is financially sorted…
1.Establish your attitudes to money
As with anything, it’s only natural that you and your partner will have slightly (or significantly!) different attitudes to money. And, as with anything, to avoid this becoming a major issue, it’s important to figure out where you agree and disagree, and how you can both take each other’s attitudes into account in order to form a united approach.
2.Be honest and open
So you’ve had a few financial issues in the past? You’re certainly not alone. The most important thing is that you are open and honest about your financial situation so that you are able to tackle any problems head on, together. It might sound scary, but it really is essential.
If one, or both, of you does have any areas of concern, you should be aware that, if you enter into any financial commitments, such as joint bank accounts, they will impact on both of your credit reports.
For this reason, Mrs Moneypenny suggests that it’s a good idea to actually take the time to sit down together and go through each of your credit scores. As well as providing the perfect opportunity to identify any issues or potential problems, it will also give you an idea of how likely you are to secure joint credit when it comes to applying for mortgages, loans, etc.
4.Establish ground rules
It might sound extreme, but when you have joint financial responsibilities, it’s no longer acceptable to splurge on a new designer bag, or a last minute holiday, whenever the mood strikes. Now you’ve made a financial commitment to one another, your actions have an impact upon each other, and so you must consider each other’s feelings and opinions.
Something that is a good idea to introduce, as suggested by Mrs Moneypenny – money advice, is to agree a spending limit. Anything that comes under this figure, whatever it may be, can be bought by you or your partner, without needing to consult the other one. If, however, you are tempted to buy something over that limit, it has to be discussed and a joint decision has to be made.
As well as spending, your ground rules also need to outline responsibilities in terms of bills. Which bills will be split? And which will remain one person’s responsibility? It may seem straightforward, but when you really start to think about it, it’s not that clear cut.
Do you have any other tips to add?