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Managing Your Money in A Relationship
June 1, 2017● 3 minute read●
Written by - Jacaranda Team
Managing your money in a relationship can be a complicated feat.
Have you been stung by a previous partner in regards to your finances? If so, and even if not, you likely want to make sure that doesn’t happen in the future.
Even if you aren’t necessarily out of pocket from such a situation, there are ramifications to be aware of.
Of course, in an ideal world, you wouldn’t have to face issues due to poor money management in a relationship in the first place. Familiarising yourself with how money is affected by having a partner is a crucial first step. Jacaranda Finance investigates.
Understanding Why To Manage Your Money In A Relationship
Finances and bills can be a daunting subject if you haven’t previously had to deal with the monetary side of things. Now is an excellent time to get your hands dirty and find out the facts!
It is the best way to keep you and your partner in the know, on the same track and help avoid potential arguments over money.
Being out of pocket isn’t the only money management concern. If a partner hasn’t paid any shared bills or loans on time, this could, unfortunately, impact you. Are you worried about bad credit affecting your ability to get future loans? See what your options are with Jacaranda Finance.
Bills and Managing Money In A Relationship
Have you ever been in a situation where a bill or payment was missed, simply because it wasn’t communicated who was paying it, and when? Now you’ve got a bill due you weren’t expecting, without the cash to pay it.
To avoid a potential infringement on your credit report, you can contact the company to see if it is possible to arrange a payment plan or extension. Alternatively, and if the former is not an option, you can apply for a cash advance with Jacaranda Finance that could be approved within 60 minutes*!
Better yet, it is advisable to sit down with your partner and work out a payment plan or budget. Figure out your recurring expenses and what this looks like each week. It may also be a good idea to set up BPAY for recurring bills where possible, so they don’t get missed due to simple human error.
Handing Assets, Property and Money In A De Facto Relationship
Another common issue that arises with money in a relationship would be the division of assets if you were ever to separate. You should know what your rights and responsibilities are when it comes to relationships and living together. And remember, just because you aren’t married doesn’t mean your property and assets won’t be affected after a split.
If you are living together on a “genuine domestic basis” you are deemed to be in a de facto relationship. You can still be considered to be in a de facto relationship if either or both of you are married to another person. If you are in what would be considered a committed relationship, regardless of whether you live together or not, you could be considered to be in a de facto relationship.
One option you may want to consider is a binding financial agreement. Couples can enter into a binding financial agreement at any time during their relationship that is similar to a pre-nuptial agreement. Couples could nominate and decide on how property and other assets would be sold or divided if they were to separate.
One of the best ways to avoid monetary stress in relationships is to plan your financial future. This starts with a conversation about your financial position, strategies and goals. Is it a comfortable conversation? Not often. But it is an important one.
If you find yourself in a situation where you may have been burned financially and require a quick loan, Jacaranda Finance may be able to help you out.
Scroll to the top of this page and use our handy online calculator to see what your weekly, fortnightly, or monthly repayments could look like and begin your application. If you apply during AEST business hours, we could even have an outcome on your application within 60 minutes*.
Are you keen to get involved in the share market but don’t know where to start? Jacaranda can show you the way!
Written by Jacaranda Team