How to boost your finances as a couple

Whether you’ve just started going out with someone or are quite settled into life with your partner, talking about money remains one of the trickier topics to openly discuss – by Alexandra Price

There are several ways that couples can manage their finances; separately, jointly, or a combination of the two. While there is no strict right or wrong answer to how you manage your finances, good communication is key to making sure you’re on the same page about such things as your life goals and how you can afford them. Alexandra Price, Director of Financial Planning at Charles Stanley, shares her top tips to help boost your finances as a couple.

1. Have a financial date night

 
Communication is key to any relationship and having regular, open discussions about your finances is no exception. Whether this is talking honestly about your own financial views, experiences, strengths, or weaknesses, it’s important to be honest with your partner.  Though it might not sound glamourous, it’s worth setting aside time to have a financial date night where you can discuss anything from your future goals together, property plans, starting a family, or even your next holiday. Doing so helps to ensure you’re on the same page to help you reach your goals together and avoid any surprises down the line.
 

2. Couple up with a joint bank account

 
Depending on the stage of your relationship, it may be worth setting up a joint bank account for your bills and day-to-day spending.  Paying an equal amount, or a share that you think is appropriate, into an account is a good way to split your finances equally.  However, it’s also important to maintain your financial independence too so you can stay in control of your own finances.
 

3. Protect each other

 
It’s not a topic many of us like to think about, but as a couple there are financial products that will help your financial resilience.  Life insurance and income protection, for example, will offer some stability should you, or your partner, be out of work.  It’s also worth taking advantage of your ISA allowances.  Each couple has an allowance of £20,000 a year, which means together you can put away up to £40,000 per year tax free.
 

4. Share your thoughts

 
If you have concerns about your finances, or even your partner’s, don’t suffer in silence. Make sure to address your concerns with your partner and see if you can sort any issues together.  Speaking to each other will help alleviate some of the worry and stop it from snowballing into a bigger issue.
 

5. Plan for your future

 
It’s well known that your employer can pay into your pension, but so too can your partner. Your pension pot is a great asset to have, and comes with tax benefits, so it’s important to make the most of it.  If one of you isn’t working for any reason, such as taking maternity leave, you can use the other’s income to top up your pension savings.
 
Alexandra Price is Director of Financial Planning at Charles Stanley