How Couples Can Avoid Money Worries in Their Relationship

Managing money as a couple depends on your personalities, goals, and comfort levels, but open conversations are the foundation of every healthy financial partnership. Talking early about spending habits, budgeting styles, debts, and savings goals helps prevent future arguments and keeps both partners aligned as the relationship grows. Counselling service Relate notes that financial stress is the biggest source of strain in relationships, yet “a large proportion of us feel unable to actually talk about money with our partners”. Writing things down separately and comparing your thoughts can help get the conversation started. Any plan you create should be reviewed regularly, especially if either partner’s income or circumstances change.

Living together also brings financial adjustments. Shared streaming and subscription services can cut costs immediately, and some gyms offer couple discounts. For utility bills, partners can split costs equally or in proportion to their income. Some companies allow both names on the bill, which means both partners become liable for any unpaid balances. This works well for couples who want equal responsibility for household expenses.

Should Couples Consider Joint Accounts?

Deciding whether to open a joint current account is a major step. Relate describes it as “an act of serious trust”. Andy Webb of Be Clever With Your Cash explains that “having a joint account means your partner has the right to spend whatever’s in it, no questions asked”. Both partners share responsibility if the account goes overdrawn, making trust and transparency essential. Joint accounts also create a financial link, which means your partner’s credit history could affect your future borrowing.

If you choose to open one, clarify its purpose. Some couples combine all income and expenses in one place, while others keep individual accounts for personal spending and use the joint account only for bills or shared goals. MoneyHelper notes that “you’ll both have control over the money, and you’ll both be able to see what the other person is spending”. You cannot open a joint credit card, but one partner can request a supplementary card. The primary cardholder remains responsible for all spending made on both cards.

Webb warns that relying only on a joint account is risky because situations can change. “You might not feel the need to have separate funds, but relationships can go wrong, from breakups to financial abuse, so it makes sense to have access to your own money should you need it,” he says.

What Other Ways Can Couples Save or Protect Their Finances?

Some couples choose to pool savings. Revolut recently introduced joint savings accounts that offer up to 4.5 percent interest, designed for partners working toward goals such as travel or large purchases. Webb notes that a joint savings account does not affect your credit file, but “you still need to be confident that the other person isn’t going to empty the account without your permission”. Joint accounts also double deposit protection limits, giving couples a higher level of security.

For major financial commitments such as buying a home, many couples apply for a joint mortgage to increase borrowing power. Lenders evaluate both credit histories when assessing affordability. Adding your partner to your car insurance can reduce premiums because insurers classify couples as lower risk. Joint life insurance is also typically cheaper than two separate policies due to longer life expectancy trends among married and cohabiting partners.

Marriage or civil partnership brings additional financial benefits. Leaving all assets to a spouse is free from inheritance tax, and unused thresholds transfer to the surviving partner. You can pass your home to your spouse without incurring inheritance tax, and most pensions also pay out to a surviving spouse. Unmarried partners should complete a nomination of beneficiaries form to ensure pension benefits are transferred according to their wishes.

By Modester Nasimiyu