Don't let money take over you relationship
Money is often the root cause of tension, stress and arguments between couples. Try to avoid these regular spates by working together to tackle your finances.
Here we have tips from Experian Credit Expert on how to ensure you keep your finances as happy as your relationship
Audit your financial outgoings
a) Direct Debits
When you first move in together, make sure you’re not doubling up and paying for the same thing. For instance, have you both got direct debits for internet services and TV licences and subscriptions to magazines and online movies? If so, agree on the ones you both need/want to keep and cancel the others.
b) Insurance and debt
Investigate your options for insurance payments. Many providers offer ways in which you can consolidate these costs, meaning that you can end up paying less if you are paying as a couple.
Discuss your finance goals & develop a system that works for you both
a) A joint back account
Contribute equally, or contribute an amount proportionate to your individual incomes, into a joint account, to pay for bills, direct debits and household items. Deposit any surplus into your personal account.
b) Agreeing a financial structure
Try to set aside time for regular “financial meetings”. Use these meetings to discuss any issues, how to solve them and to agree financial structures eg. who will pay which bills, who will be responsible for household payments, weather if one of you plans to stay at home that person will receive a ‘salary’ from the working partner?
Think about how your borrowing affects your other half
a) Dealing with Debt
When you share financial services, your credit reports will become linked, so it’s important to ascertain whether a previous or existing debt, incurred by your other half, affects your credit rating, and vice versa.
b) Mortgages
Make sure you agree a suitable budget and stick to it. It’s important that this budget is one which allows you to live somewhere you will both be happy but does not overwhelm you financially.
When choosing a mortgage you should first look at how to reduce your outgoings, such as loans, and remove existing debts, this way you will be more able to obtain a mortgage and maintain payments.
Choosing the right kind of mortgage is also important. If you have a joint mortgage you will both be held responsible for repayments no matter what happens in the relationship. Speak to your financial advisor to discuss the best mortgage options for you.