In an attempt to impress and make the Big Day the most memorable of your life, many couples start martial life with huge debts. Here’s how to have the greatest day of your life without falling into the red.

1.       Avoid debt

Whilst having a mortgage is often a necessity, racking up credit card debts and loans can add unnecessary strain to a relationship. Struggling financially can cause arguments and living an unaffordable lifestyle through credit cards simply stores up problems, which have to be addressed in the future.

2.       Have both joint and separate bank accounts


Maintaining a joint bank account for household spending and separate individual accounts for personal shopping is a good way of jointly managing money in a relationship whilst retaining some financial independence. View your pension as an individual saving plan, and acknowledge the differing amounts saved by each partner. Whilst you may decide to pool your pensions when you reach retirement, taking a fair and balanced view to saving now is worth considering.

3.       Keep earning and retain your independence

Money is a great power shifter in a relationship. Most couples are happiest when there is a balance of power and by continuing to earn money independently can be a good way to maintain this.

4.       Agree spending boundaries when it comes to big purchases

Talk about spending and budgeting with your partner and agree upfront about your buying behaviour within your relationship. Be honest and realistic about your personal strengths and weaknesses when it comes to managing money. Consider setting a spending cap, so major purchases over a certain amount have to be jointly decided.

5.       Make plans and invest in each other

Being in a relationship increases your financial stability, can reduce your living cost as you share a home and bring more income into your lives if both people work. Don’t allow money to consume your life, so have some fun and make sensible plans. Saving can facilitate a holiday, a ‘date’ night out or a glorious piece of furniture for your new home.


Words: Rory Stuart a wealth manager for Sanlam UK