How to manage as a couple
A shared finances study by Ocean Finance has revealed that 72% of couples argue regularly about money. The biggest causes are budgeting and spending habits (60%), debt management (40%), and saving for the future (35%). Managing finances together can be tough, but planning ahead helps avoid conflicts.
Have ‘the money talk’ early
Many couples avoid discussing money, but financial honesty builds trust. Over half (52%) don’t talk openly about finances, and 15% avoid the subject entirely. Sit down together and discuss income, debt, and financial goals. You don’t need to agree on everything, but understanding each other’s views sets clear expectations.
Choose a system that works for both of you for shared finances
Every couple handles money differently. A third (35%) disagree on how to manage finances. Some merge all income into one account, while others prefer separate accounts. A popular option is the ‘three-account method’ – one joint account for shared expenses and two individual accounts for personal spending. Find a method that suits your relationship.
Create a joint budget and stick to it
Budgeting as a couple helps avoid overspending. Start by listing shared expenses like rent or mortgage, bills, and groceries. Then, agree on how to divide costs fairly. A budget ensures both partners contribute equally while allowing financial freedom for personal purchases.
Plan for unexpected expenses
Life is unpredictable, and financial setbacks happen. A worrying 34% of UK couples have no emergency savings. Having a financial cushion reduces stress if sudden expenses arise. Try to set aside three to six months’ worth of essential costs.
Be honest about debt
One in five UK adults has hidden financial issues from their partner, with debt being the most common secret. Hiding debt can lead to bigger problems later. While your partner doesn’t need to take on your debt, they should be aware of it so you can plan together.
Agree on big purchases in advance for shared finances
Impulse spending often leads to arguments. Around 30% of couples say they’ve had disputes over ‘secret spending’. Set a spending limit for major purchases – for example, any expense over £100 should be discussed first. This prevents conflicts and ensures both partners feel involved in financial decisions.
Plan shared finances for the future
Long-term financial planning makes life easier. If you’re saving for a house, start a joint savings plan. If retirement is on the horizon, discuss pension contributions and future financial security. Planning ahead reduces stress and keeps your financial goals aligned.
For expert advice on managing money as a couple, visit: www.oceanfinance.co.uk/blog/category/money-management/.
About Ocean Finance
Ocean Finance has helped UK consumers make smart financial decisions for over 30 years. From credit cards to personal loans, Ocean Finance provides clear, jargon-free advice.
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