7 Ways To Be Independent With Your Money

7 Ways To Be Independent With Your Money

Amid the rose-tinted haze of romantic nights out and cosy nights in, it can be easy for even the most self-sufficient to lose sight of financial independence and start spending for two. So before you take out that joint bank account or become too comfortable always letting your other half pay, debt experts Creditfix have some tips for staying in complete control of your cash.

1. Be Clear On Your Stance

Of course, there’s nothing wrong with some old-fashioned flattery. You should absolutely allow your partner to buy you that drink for an occasional treat, and there’s no harm in returning the favour when there’s something to celebrate. However, problems start to arise when such favours become habit, and almost expectations from each other, especially further down the line when costs such as holidays, food shops and even rent come into the picture.
If you’re in a strong relationship, having a frank conversation about finances is a must. Explain how you value your independence and respect his too, and set some boundaries from the start.

2. Keep Your Own Account

There’s no denying money can be confusing, even for the most intelligent highfliers. This is no reason to leave your funds in someone else’s pot, though – having your own bank and savings account is incredibly empowering, and key to keeping financial control. If you’re not sure where to start then speak to your bank, or call an advisory company such as the Money Advice Service to get your feet off the ground.
With a little guidance your hard-earned cash will soon stack up, and you’ll finally be able to splash out on your dream buys in no time.

3. Budget & Be Fair

Armed with your bank accounts, creating a weekly budget every month is a great way to ensure you’re in control over your spending. This way, you can know exactly what you can and can’t afford and won’t be left depending on others to keep you afloat or pay your bills until payday. Encourage your partner to do this too, so neither of you are left in an awkward situation.

4. Go For That Promotion

If you’re relying on your high-earning partner to afford the lifestyle you desire, it can lead to a toxic and controlling relationship. Never lose sight of your career ambitions and work hard to meet your own professional goals, all while helping your other half climb the ladder too – celebrating is much more fun when you’re doing it together.

5. Know Your Financial Limitations

Whether you hope to save for a house or raise funds to feed your wanderlust, we all have different financial aspirations – and your partner will too. What’s more, you’ll both have personal limitations such as debt to pay off, unavoidable household expenses and certain commitments that will dictate how soon you reach these goals.
Something like this may seem small, but discussing these early on into the relationship can help you both to align your ambitions, and be aware of each other’s financial circumstances.

6. Take Responsibility For Your Debt

Naturally there may be occasions when you or your partner struggle with cash and falling into debt is more common than many think. It can be tempting to call upon your other half to bail you out during difficult times, but this can lead to tension, and even bigger problems if you break up. There are lots of safe, secure ways you can seek help for debt independently if you do fall into the red.  

7. Save For Rainy Days

Whether you’re living together and sharing the rent, or are simply used to splitting your weekly food shopping bills between two, sometimes everyday costs can work out cheaper when you are in a relationship. Consequently, breaking up can cause a shock to your finances and an upheaval is needed on your spending, with double the outgoings to adjust to on just one wage.
Having a savings account and keeping it topped up with cash for a ‘rainy day’ can help to ride you though the storm if your sunny times together do turn gloomy.

For debt advice visit CreditFix.co.uk or call 0808 156 7728 

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