Finance should be a partnership
WHEN we’re in close proximity, we can find all sorts of things to argue about, but at a time when our finances have been affected by the crisis, money is one of the key flash-points.
We all have different attitudes to money, so you’re highly unlikely to be with someone with exactly the same approach.
Sarah Coles from investment firm Hargreaves Lansdown says there are five key questions to ask yourself...
CAN YOU TALK ABOUT MONEY WITH YOUR PARTNER?
IF you’re living together you should have a budget, to ensure bills are paid. Those in long-term relationships may have joint savings goals, a joint mortgage and should be planning pensions together. Your financial future is tied together – if you don’t talk about it, you could have a nasty surprise further down the line.
ARE YOU BOTH AWARE OF WHAT’S GOING ON?
IF you leave money matters to your partner, you can’t be sure everything’s on track. Even if it’s all working smoothly, death or divorce could leave you having to deal with issues you’ve never considered before.
DO YOU TRUST EACH OTHER WITH MONEY?
PEOPLE do keep money secrets from partners. A joint account for everything makes it difficult to hide, but you could still only know about a poor financial decision when it’s too late.
DO YOU HAVE TO LIE ABOUT YOUR SPENDING?
IT’S perfectly possible to get along when one is a spender and the other a saver. If you’re lying about major unaffordable outlays, you can cause problems for both of you. If you feel the need to lie about affordable and reasonable spending, you may need to question why.
DO YOU LIE ABOUT DEBT?
YOU might think you’re protecting your partner from the horror of being in debt, but it’s much easier for things to get out of hand if you hide problems, and it could land you both in financial difficulty.