Everyone has their own particular way of managing their finances. This is why it can often be an issue when new couples come together with their finances to try and make it work. It can be difficult to know where to start when it comes to managing both of your financial situations – that is why our expert team at Makinson&Co is here to help.

Working on your finances together helps make budgeting, paying for bills and understanding each other’s spending habits far easier. It can help prevent future financial problems that may cause a strain on the relationship.

We have put together this short helpful guide of financial tips we feel are of use to couples! We hope that they give some insight into how to work on your finances together as a team!


1.      Be open and honest about your financial history and habits.

Talking about financial struggles and habits can often feel rather daunting. This is often due to many people feeling embarrassed, stressed or worried when discussing money. It is completely understandable however, it is highly recommended that you are open with your partner about your finances.

You may be pleasantly surprised that your partner may have the same habits or problems. They may even have great solutions that they share with you, or they could even suggest you both work together to find a way through these habits.

Identifying issues involving money early on helps reduce further problems down the line as you both can have a strategy in place.


2.      Make a financial budget and set guidelines.

Having a budget in place is a highly effective way to manage your finances as a couple. It could be that you budget your monthly outgoings for food shopping, bills or activities. It could also involve budgeting for holidays, occasions or new purchases.

Setting an achievable budget that you both can work around will help you to feel in control of your finances.

Setting guidelines and boundaries can be tricky. You both may feel as though restricting your personal spending is intrusive but, it doesn’t have to be. If you feel that there is something that as a couple you should both stop buying or buy less of, let each other know. Resentment can build up when one person in the relationship is being more responsible than the other. It is best to openly talk about guidelines and boundaries when it comes to spending.


3.      Share financial responsibilities.

When it comes to working as an effective unit, it is always good to share financial responsibilities. Everything including bills, holidays and days out should be factored in when managing your finances as a couple.

Be sure that there is a sense of equality when it comes to your shared finances. Don’t feel obligated to pay for things that your other half wants but these are outside of your shared and/or personal budget. Work together to be responsible with your shared finances so that any savings you make can be used for something you both can enjoy.


4.      Work through financial debt as a team.

As a couple, it is always good to have an open mind when talking about your financial history. Perhaps you or your partner have debt? It may be significant, or it could be a small amount. Either way, it is always best to talk and plan as to how you can pay it off.

This does not mean that you have to pay your partner’s debt off. Instead, encourage them to make responsible choices, set an achievable payment plan up and remind them that you are working through this together.


Here at Makinson&Co, we understand all the little and big details that come with finances! We have a brilliant specialist team who work tirelessly to manage, advise and help our customers with their finances. You can find out more about what we do on our financial services page, or you can always contact us directly.