If you're buying a home together or getting married, here are some tips from the experts to save money.
Whether you're about to move in together or you've been married for years there may be some straightforward steps you could take to improve your finances.
There may be many different reasons why you and your partner got together, but I bet it isn’t because of his or her uncanny ability to maximise their ISA allowance or to keep an eye on your spending. Most of us would rather spend as little time as possible sorting out our finances. But there are some steps you can take that won't cost a fortune (and may not cost you anything at all) but could save you money in the long run. Here are some tips from SavvyWoman's panel of experts.
You and your partner might have similar ideas about many things, but be poles apart on investments
If you and your partner are thinking about investing money, make sure you don’t opt out of the decision as you may have different priorities and attitudes to risk.
How you invest your money is a personal decision. You might be the type of person who loses sleep every time the FTSE index falls – even if you don’t have any money tied up in the stock market. Or you could be as cool as a cucumber in the face of financial meltdown. Psychologists and financial advisers say that women sometimes opt out of long-term investment decisions if they’re in a relationship - leaving it to the man in their life. But if you have very different ideas about risk, it could be a big mistake.
Over 40% of couples have a joint account, but are there advantages to keeping your money separate?
One money decision couples who live together have to make is whether or not to open a joint account. What are the pros and cons?
Many couples open a joint account when they get married, but among those who live together, it’s less clear-cut. Research by National Savings & Investments shows that 46% of men and 40% of women say they have a joint account with their partner (although some couples have a mix and match approach, with both joint and separate accounts at the same time). A joint account definitely makes the finances simpler, but what about the disadvantages - such as unravelling it if your relationship goes wrong?
