Weddings can be super stressful – especially considering most of us attend at least two or more during the summer season. According to the latest money and relationships study by Experian, almost a quarter of us have had a row with our partner over the cost of watching a pal tie the knot.
And that’s not all, one in ten couples revealed they forked out a staggering £800 on average for each wedding they attended! Over three-quarters of those surveyed chose to split the bill to alleviate the burden of busting their budget while five per cent of guests took out a loan to fund the celebrations.
James Jones, Head of Consumer Affairs at Experian, commented: “Attending the wedding of family and friends should be great fun. However, for many ‘wedding season’ has become a source of financial pressure and domestic strife.”
Managing your finances and your relationship can be a balancing act – when it comes to attending weddings, moving in together or just life in general. Banish your stress with these 7 tips and you will live happily ever after in financial bliss.
Set Ground Rules
Do you want a joint account for regular expenses and separate bank accounts for personal spending? Or would you prefer to pool everything together? It’s best to work through these glitches early on in the relationship to avoid arguing later on.
Don’t Keep Secrets
Research from Experian shows that almost one third of people in the UK discovered that their partner was keeping credit card debt from them.
Assign Tasks
The more frugal partner should ideally look after the budget, while the more extravagant personality in the relationship should be given the task of organising treats such as meals out or trips away.
Be Honest
If you have a less-than-perfect credit history, be open with your partner. This could affect both of you in the long-term if your credit reports become linked.
Make Goals
Agree on short and long-term goals and how you’re going to achieve them. Review these regularly together.
Don’t Dig Yourself Into A Hole
If you find yourself in debt, don’t borrow more in the hope of putting things right. Ask for help and be open about it with your partner
Don’t Expect A Miracle
It’s unlikely an extravagant spender will do a complete about-turn and suddenly become wiser with their spending habits. Be patient and understanding with your other half as you plan your finances together.
Image Credits via: Hidden In Her Heart Tumblr; Lia Griffith.
