It’s common knowledge that one of the top reasons for divorce is financial troubles and stresses, yet a financially secure and transparent relationship can last and grow strong. Talking about money with your partner can help improve your odds of staying together, as does having an open and honest plan of action.
But what can you do to make sure your joint finances are strong and robust?
Always Be Transparent About Everything
Independent people, or people who have been single for a long period of time, always find it hard at first to share financial responsibility with their newfound partner or spouse. However, it’s important to realise the value of keeping communication channels with your partner always open because, “trust is a high risk, high reward commodity when it comes to finance.”
It’s also good to be constantly talking about your money and investments, reviewing their joint accounts, investments and successes.
Combine Income in a Joint Account
Having a combined account makes it a whole lot easier to pay the bills and basic household expenses. Be it you or your partner, whoever it may be can pay the bills almost immediately since they don’t have to wait for anyone to share.
That said, make sure to leverage a way to keep track of all your finances, whether it’s a budgeting tool or simple calendar, it’s always vital that you’re constantly aware of what’s in your bank account and what gaps need plugging.
Couples who invest together, stay together. Whether it’s in property or stocks & shares, it’s never a bad thing to have a couple of joint investments running simultaneously with your partner.
You can think of it as a form of checks and balances on each other, sharing your ups and downs when it comes to making investments together.
Help Your Spouse Build Up Their Credit
It’s never a bad thing to focus on building your partner’s credit.
Whether you’re buying a house together or making a significantly big purchase, building your joint credit score together actually works in your favour because you can then take advantage of things such as first-time home buyers’ schemes and programs.
Also, by helping with this, you can determine either weekly or monthly how your finances match up with your annual goals.
Trust The Debt Recovery and Finance Experts
Established over a decade, our specialist private debt recovery team are experts in their field and have seen the numerous changes and alterations to the UK payment markets including how couples manage their finances.
With over 75 years’ combined experiences in the industry, we know how to both recover any type of debt, but also help anyone struggling with their finances.
We start by listening to you, discussing your joint financial circumstances that underpin your finances. So, if you’re struggling with your finances, or are owed money and want to get it back, take decisive action and instruct Cobra Financial Solutions today on 0151 526 4222.