Are you ready to start splitting costs or combine savings with your partner? Sounds serious!
Use our top tips to help you share, spend and save money together, for a financially-happy future.
Talk about your money goals
We all have different priorities when it comes to money, so it’s important to be open and honest with each other about your money goals.
Take away the awkwardness by turning your money planning into a date. Grab a coffee, or perhaps a pizza, and take time to make sure you’re both happy with the goals you set.
Need a little help getting started? Try asking some of these key questions:
• How is your relationship with money?
• Do you have any worries about your finances?
• What are your saving goals right now?
• Do you have any big-picture money goals for the future?
Learn each other’s spending habits
Understanding each other’s spending habits is key to helping you set realistic budgets and goals that won’t lead to arguments later on.
Make a list of your expenses and decide which costs you want to share and which you want to keep separate. If you have individual money goals, take these into account – remember, you don’t have to share everything to make your money work together.
Set your budgets
Deciding on budgets will help make sure you both have enough to spend on day-to-day things like food and travel, while still leaving enough for your shared expenses.
Connect all your accounts through the Yolt app and set individual budgets to help keep you on track. You can even set up nudges to let you know when you’re getting close to reaching a budget, so you never leave yourself short.
Balance the books
Splitting the bills is all very well, but if you’re on different salaries, or one of you has more expenses than the other, splitting things down the middle might not be the fairest way to do things. That goes for saving too.
It’s important to make sure neither of you feels under pressure to set aside more than you’re comfortable with, so be sure to be transparent when you start your money talks. This has to work for both of you, after all.
Money in and out isn’t always constant. Regular check-ins will help keep your money goals on track and save either of you from struggling in silence.
Set a date once every couple of months to keep the conversation flowing and support each other towards your shared money goals.