You share the cooking, the washing and the cleaning without too many arguments, but when it comes to money, the conversation can be much trickier, especially if one of you earns more than the other.
Relationships on Female First
We asked financial adviser Jane Clack, the 'Fairy Debtmother' of free debt advice provider PayPlan, how you can manage your money when the numbers don't balance out.
Relationships often come with a certain amount of sacrifice and while you might be happy to split the chores 50/50, sharing out financial responsibilities can often lead to one half feeling hard done by.
Money is a very personal subject, we conducted a survey and found that almost half of respondents said that money was the number one cause of fighting in their relationship. Even if it makes you feel uncomfortable, being honest with each other about money is incredibly important. Whether you're comfortable or just getting by each month, knowing where you stand will help to build a better financial future for you both.
If you decide to split the bills, you should both sit down and write down your separate expenses, from the big bills to the morning takeaway latte - don't skip anything out! This will not only help you to see what you might be able to share, it will also highlight any money draining habits you might have that could be sorted out.
Talk honestly and calmly about how you both feel about money; the majority of problems are caused when one person takes it very seriously and the other is more carefree and impulsive. See if you can find a middle ground and agree to regularly go through your finances together to avoid slipping into troubles that might strain your purse and heartstrings.
However the saying goes, not all is fair in love. This is especially true when money is involved and you will probably find that what you both think of as 'fair' is very different. There are a lot of ways that you can look at splitting bills, if one of you earns more perhaps you could split the bills in line with your salaries. For example, if one of you earns 75 per cent of your total household income and the other 25, could you split bills like this? 50/50 is always a tempting and easy option but it will undoubtedly leave one person far worse off, something that's likely to result in an argument.
Of course, one person earning a lot more is a better problem to have than discovering one of you has serious debts. At PayPlan, we see this quite often and, as always, honesty is key. From the same survey, we found that 80% of people wouldn't tell their partners how bad their debt was because they were embarrassed. It may be understandable, but it's also vital to be upfront about your finances and reach out straight away to one of the many debt management companies that can help you back on track. Working as a team to improve your wealth won't just leave you with a brighter future, it will also bring you closer together in the long run.
For more information on finances and debt, visit www.payplaniva.com.
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