Money and relationships

It is great to feel like you have your personal finances under control. However, if you’re in a relationship, your personal finances are only part of the equation.

13 Jun 2019

Over the years as an experienced financial advisor, I have seen that a mismatch of spending habits can cause significant pressure on even the most enviable of relationships. 

Here are some things you could do as a responsible partner/spouse to ensure you avoid this: 

  1. Check your attitude 

    Firstly, get to know yourself. What’s your attitude to money and spending? Are you a saver, spender or investor? You can ask and seek feedback from your close family as they are more likely to be honest with you.  This will segue into understanding your partner’s spending and coming up with balance.  

  2. Talk money with your partner

    Understanding your partner’s approach to money/spending will make it easier for you to find harmony and make it easier for you to plan your financial future. Early in the relationship, it will be good to allocate or share responsibility of financial control—e.g. mortgage repayments, savings plan, credit card payments. I recommend that you put both names on utility bills as you will be equally responsible.

  3. Be alert

    You are generally liable for any documents that you have signed, and that may be the case whether you’ve read the content or not. Do not sign anything before reading and understanding what you’re signing. You may not be able to use ignorance as a defense.
    If your mortgage/personal loan/credit card is in joint names, this does not necessarily mean that you are only responsible for half the loan. If your partner defaults on the loan you may be liable for the whole loan (including related costs) even if the relationship ends. 

  4. Work together

    No matter what your financial goals are, you’re more likely to achieve them if you both work together. Work out a budget together, and keep track of where you are with all your finances. Store all financial information in one place so you both know where it is. Ensure you keep your Wills and powers of attorney up-to-date. 

If you don’t know where to start, you might want to get informed by seeking professional financial advice. One part of receiving advice is to really uncover your financial goals—a useful exercise for you and your partner!

The MoneySmart website has a wealth of information about money and relationships. If you would like to read more, head to

Any financial product advice provided in this document is general advice only and has been prepared without taking account of your personal objectives, financial situation or needs. Before acting on any such general advice, you should consider the appropriateness of the advice, having regard to your own objectives, financial situation and needs. Any advice in this document is given by Serhan Mackey as an authorised representative of Guideway Financial Services Pty Ltd (ABN 46 156 498 538, AFSL 420367).  Guideway is a licensed financial services business providing CSC financial planners with support to provide members with specialist advice, education and strategies.  Guideway is not a related party of CSC.

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