Personal finance for married couples
Whether you have been married for years, or are newly-weds (if so – congratulations!), the issue of personal finance in a marriage is rarely an easy discussion topic. You might have a large ‘to do’ list which you are both avoiding like the plague. Perhaps you need to write out thank you letters to everyone attending your wedding? You might have a stack of bills that have added up? Where should you begin? Though we know that your list might seem overwhelming, our guide to personal finance for married couples, we hope, might provide you with some solutions.
Take out a short term loan
In order to fund those urgent jobs on your list, why not take out a short term loan? Companies such as MYJAR Ltd offer financial assistance at affordable rates, allowing you to cross off some of the items on your list after receiving immediate payment.
Make an agreement between parties ASAP!
Discussing your financial positions at the earliest possible opportunity enables you to start your marriage without any confusion as to who will fund what. This will save you numerous disagreements and contribute towards a harmonious relationship. During, or shortly after the ‘honeymoon period,’ is an ideal place to make your agreement as you are likely to be in a better place to compromise, rather than 10 years down the line…
What’s the next stage for your relationship? Are you interested in starting a family? Now that there are two of you, are you able to save some money towards a new, bigger house? Even if you have been married for years, budgeting is never a bad idea because you might understand where some of your money has been misspent in the past, and this can be easily rectified by budgeting for future projects. Set realistic targets for these projects and watch your relationship grow stronger as you work together to achieve them.
Make a saving on cars.
As you are a sharing a house together, might you be able to share a car? If you decide that this is not possible, savings can also be made on car insurance when you live in the same house. For example, some companies have a ‘friends and family’ scheme whereby insurance is cheaper when two cars are at the same address.
Share saving skills.
Two people from two separate homes may have double the ideas when it comes to saving. Utility bills can often be cut when you discuss your experiences with providers. Use each other’s experiences (and compromise if necessary!) to get the best deal for you as a family.
How will income be split?
Never an easy conversation to have, but it is worth agreeing as soon as possible, as to how money will be split. Some couples opt to keep separate bank accounts, to retain their independence and spend their earnings as they wish. Other couples may choose to share a joint account, especially if one of the partners is not earning. Making this decision early is likely to save a lot of aggravation in the future.
How will outgoings be split?
Again, not an easy decision to make. However, by making an early decision, the relationship will benefit in the future. Many couples will open a joint account for the regular outgoings (shopping, utility bills, etc), and contribute to it equally each month via standing order. This removes any hassle, regardless of who physically pays the bills (a completely separate discussion…). You’ve done the dating thing successfully (you’ve ended up here!), so now is the time to be realistic and start to realise how much those dates cost you. Eating out at restaurants, late nights at bars and frequent trips to the cinema can all have a massive impact on your bank balance. Eating in can still be romantic – why not set up a candle-lit meal on the dining room table? You can also enjoy a beer or glass of wine (of equal quality) from the comfort of your own home, and at a significantly lower price. Think of the clothes and make-up expenses that went into those years of dating; now’s the time to cutback and reap the rewards. And if the next stage of your relationship is to begin a family, staying in is surely the right choice…
Combine savings accounts.
Does one of you enjoy better rates on your ISA or savings account than the other? Have you thought about changing them recently anyway, but just not got round to it? Now is the ideal time to work out if you are earning the maximum amount from your savings, and consider consolidating them. You might even decide that opening a new account is the answer? Use the motivation from the targets you have already set to invest in your future, in the most efficient way you can.
Changing habits can be extremely difficult, particularly if you have both been doing things differently throughout your lives. Acknowledge this, and, when you have a dispute, aim to compromise. Merging your finances with a partner can feel like a loss of independence, particularly if you have been managing them independently, up until you were married. Be respectful and always be prepared to compromise, regardless of how painful it might feel at the time. Although discussing finances is not one of the most romantic topics in a relationship, it is, arguably, one of the most important. Coming to an early agreement about financial decisions will save you stress and hassle in the future, allowing you the time to grow your family together!
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Two people from two separate homes may have double the ideas when it comes to saving. Utility bills can often be cut when you discuss your experiences with providers. Use each other's experiences (and compromise if necessary!) to get the best deal for you as a family.
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As you are a sharing a house together, might you be able to share a car? If you decide that this is not possible,
Savings can also be made on car insurance when you live in the same house..
For example, some companies have a 'friends and family' scheme whereby insurance is cheaper when two cars are at the same address.
Use the motivation from the targets you have already set to invest in your future, in the most efficient way you can.
Tempor incididunt ut labore et dolore magna aliqua enim adiat minim sitaie veniam quis nostrud exercitation ullamco laboris nisi ut aliquip.
Now is the ideal time to work out if you are earning the maximum amount from your savings, and consider consolidating them.