It’s a no-brainer that money causes tension in relationships, but what’s surprising is just how frequently Australian couples bicker about dollars and cents. Whether you’ve been hitched for years or you’re starting a new relationship, make sure you take a practical approach when managing joint accounts (and financial goals).
A new finder.com.au study asked Australians how often they argue with their partner about money and showed more than half of Australian couples (52%) fight over money at some point.
It turns out the most common frequency to argue about money is every three to six months, with 18% of respondents admitting to arguing this often. A further 16% have a financial row with their other half every two or four weeks, while 11% argue about money just once a year.
What’s really startling is that 7% of couples have weekly quarrels about money.
Whether it’s splurging or reckless spending, forgetting to pay a utility bill, or getting multiple parking fines, there are a million things that can cause a money-related row.
While money arguments can’t always be avoided, there are ways you can better manage your finances with your partner, so keep the following in mind:
Nominate who will manage the account/s.
Having joint bank accounts can make financial sense as it means you can better track joint expenditure and you can also save on the account-keeping fees that you would otherwise pay on individual accounts. However, joint bank accounts are only useful if you use them correctly. Decide who will manage the account in terms of authorising transactions and meeting account terms.
For instance, if you need to deposit $1,000 into the account and make no withdrawals for the month to earn bonus interest, decide who will be responsible for setting up an auto transfer. Also, decide who will review your statement summaries each month to make sure everything adds up.