By Emily Yo, Journalist
Talking openly with your spouse about how you share your finances is taboo, even among friends.
As a result, it can be tricky to know how to approach those conversations with our spouse or what’s fairer, especially if there’s a large pay imbalance.
Research by Hargreaves Lansdown suggests that in the average couple household, 3 quarters of the income source is earned through a single person.
Even if there is a large disparity, some couples will have to pay the same amount for their expenses because they want to contribute equally.
But for others, one spouse would likely feel green with envy if they spent all their money on expenses while the other has much more to spend and lives a different lifestyle.
At what level of dating can we communicate about money?
“We have officially agreed that there is a point in a date when you start talking about young people – there is no agreed time to start talking about money,” said Sarah Coles, head of personal finance at Hargreaves Lansdown. .
Some couples may never communicate about it, leading to “unbalanced finances. ”
Coles says that if you want to stay on top of your finances with your partner, you can set a specific date in the year to spend all of this over.
“If it’s in the journal and it’s not emotional or personal, then you can convey it correctly,” he says.
“It’s not about ‘you have to do more weight’. That’s just what we agreed to, it’s the calculations and that’s how we have to do it. “
While many other people start talking about finances as Christmas approaches, Coles suggests it can be a “difficult time” for couples, so February may simply be a “less emotional time to get depressed. ”
How do you lead the verbal exchange if the existing agreement is unfair?
Peter Saddington, a dating consultant at Relate, says calling the balance “unfair” is the starting point.
You have to be fair about your position, he says, but your verbal exchange should be about negotiating as a couple what works for either of you.
Before starting the conversation, about:
Mr. Saddington says if your spouse is rarely willing to help you, read up on the reasons or wonder if there are other things in the appointments they wish to address.
If you have repeated arguments about money, he says you have opposing communication styles that lead you to “keep banging your head. ”
Another explanation for why may also simply be that there is a “big resentment” lurking in the background, and you may need a third party, such as a counselor, therapist, or mediator, to help you.
Saddington says he wishes there was a “safe space” to have those conversations and that a third party can untangle resentments about what’s happening right now.
It also suggests any of his attitudes towards money, which he believes can be shaped through his formative years and his family.
“It’s vital to perceive what influences you when it comes to cash before having important conversations about it. “
What are the other tactics to allocate your finances?
There’s no one-size-fits-all approach, but there are a few tactics to do so: readers of the Money blog reach out to us to share their approach. . .
1. Separate private accounts: Both deposit the same amount into a joint account, regardless of their income.
Paul Fuller, 40, earns around £40,000 a year, while his wife earns around £70,000.
They have separate accounts, in addition to savings accounts, but they pay the same amount (£900) per month into a joint account to pay their bills.
Paul says he will pay for the things they make a profit from or have obligations for, but when it comes to other expenses, his wife will be able to spend as she sees fit.
“It’s not for me to turn to my spouse and expect her to justify why she thinks it’s right to spend £150 on a hairdresser. She works hard and has a very stressful job,” he says.
However, its design remains flexible. His loan will soon amount to £350 per month, so his spouse agreed to pay £200 of that sum.
And if your spouse needs takeout but he can’t, she’ll say it’s hers.
“What a lot of other people go through is not being able to have those conversations,” Paul says.
2. Segregated accounts: whoever earns the most puts more into a joint account
This is a more formal arrangement than the hybrid technique used by Paul and his spouse, and many readers of the Money blog seem to be doing it one way or judging through our inbox.
There is no right or way to do the calculations: you can put in the same percentage of your individual salaries, or come up with a figure that you think is fair, or make sure you have the same amount of cash left over to spend later. every payday.
3. Everything is shared
Gordon Hurd and his wife Brenda from their spreadsheets.
Brenda earns around £800 more a month as she works full-time, while Gordon is self-employed. Previously, Gordon was the breadwinner of the family, so this is a big change.
They have separate accounts at other banks, but they can access any of them.
The remaining amount in the account – as well as its inputs and outputs – is detailed in the spreadsheet, which is monitored weekly.
Whenever they want to buy something, they can see how much is left in the account and pay from any of them.
Gordon says that “everyone knows how much cash is available” and “everyone’s cash belongs to everyone else. ”
“We’ve never had the slightest war of words in the last decade over cash and that’s because of this strategy,” he says.
Money blog reader Shredder79 reached out to us to tell us that he was taking a similar approach.
“I earn £50,000 and my spouse earns just under £150,000. We have a common bank account that our salaries go to and where all our expenses come from. Some friends can’t understand it, but for us it’s general. “
Another reader, Curtis, deposits his salary in a joint account with his spouse’s.
“After all, when you have a circle of relatives (three kids), it doesn’t matter who earns more or less!” he says.
Reader Alec goes further and says he questions “the authenticity of any long-term relationship or the certainty of a marriage if a couple doesn’t make an absolute percentage of a bank account to cover all earnings and expenses. ”
“As for earning a lot more than the other, so what? If you’re a couple or a long-term partnership, you’re a team and you just share everything,” he says.
“Personally, I couldn’t believe I would do it any other way and I instinctively wonder what issues or insecurities, whether trust-related or otherwise, are hiding behind feeling a desire to keep your finances separate from others, especially if you’re a married couple.
A reader through the lljdc call agrees and says: “I make part of what my husband makes because I paint part time. Neither of us have an individual account. We have a joint account and everything goes to that and we just spend as we want. All expenses also result from it. Sometimes I spend more, he spends more.
4. Segregated accounts: however, the higher source of income will pay an “allowance” to its partner
If one partner earns much more than the other, or if one of the partners earns for some reason, they can keep separate accounts and ask the higher earner to pay a stipend to their partner.
This would allow them to transfer an agreed amount per week or per month to their partner’s account.
Let us know how you and your spouse communicate and divide your finances in the comment box; We’ll be introducing some of the most productive ones next week.
By Jimmy Rice, Money Blog Editor
The centerpiece of a vital week for the economy is inflation data, released Wednesday morning, which showed price increases accelerated in July to 2. 2%.
Economists attribute part of this to energy prices, which have fallen this year, although at a much slower pace than last year.
As our economic correspondent Paul Kelso pointed out, this seems to be the kind of slight swing we can expect from month to month now that we’re experiencing skyrocketing prices, even as analysts expect inflation to rise further for the rest of the year. the year. . .
Inside, inflation in services, restaurants and hotels fell from 5. 7% to 5. 2%.
That’s because much of it has to do with wages, and they are a fear for the Bank of England as it charts a course for interest rates.
On Tuesday we learned that the average weekly wage had fallen: according to the latest statistics, from 5. 7% to 5. 4%.
High wages can be inflationary (1/ other people have more to spend, 2/ employers increase costs to cover payroll costs), so any easing will only advocate for a less restrictive financial policy. Or, to put it in the words other people use most, the arguments in favor of cutting interest rates.
In the markets there will be two more cuts this year; nothing has changed.
Beyond the economy, official data also illustrates the pain being felt by tenants across the United Kingdom.
The ONS said:
Yesterday we saw that the United Kingdom economy grew by 0. 6% for the three months to the end of June.
This rate of expansion is the highest so far in the G7 of industrialized countries. Only the United States made a greater advance with 0. 7%, Japan and Germany have not yet published their latest data.
Curiously, there was no expansion in June, the Office for National Statistics said, as businesses postponed purchases until after the general election.
“Across a range of sectors of the economy, businesses said their consumers were delaying strike calls until the election result was known,” the ONS said.
Finally, a thank you for this investigation by economic presenter Ian King examining what’s going on with Asda. It’s one of our most read articles this week and will value five minutes of your Friday or weekend commute. . .
We will be logging out of normal updates until Monday; however, check out our weekend reading starting at 8am. m. on Saturday. This week, we take a look at how couples earning other amounts allocate their finances.
Each week, we feature comments from Money blog readers about the story or stories that were given the maximum number of matches.
Our weekend research into the myriad reasons why pubs are definitive across the United Kingdom attracted a lot of comment.
Homeowners and activists, researchers and locals have revealed to Sky News the “thousand cuts” that are killing British alcoholics and what that attack entails.
Here’s your take on the subject. . .
I have been a publican for 19 years. This article is timely! It’s like listening to my conversations with my clients: COVID, living expenses, salaries, the classic British drunk that’s going out of style. (My place: no food, no small children).
Hello jood
I own a small craft beer bar or micropub as other people say. The current climate is disgusting for the entire hospitality sector. This summer has been ridiculously quiet compared to previous ones. Micropubs were on the rise before COVID, but that’s no longer the case today, even as we fight to survive. . .
Laurent
I am a previous owner. It’s ridiculous that you can now buy 10 cans for £10 or a pint for £5. It’s not complicated, it’s obvious: quite the opposite. Make supermarket beer more expensive than pub beer, then other people will start going out and mixing instead of coming home.
Ivanlordpars
I bought 4 pints of my same drink at a supermarket for less than a pint at our local pub. It’s a luxury to go to a pub on those days.
David Torquay
Traditional pubs are being taken over by conglomerates that do not sell classic beer, but only very expensive, foreign drinks, lagers and other similar drinks. How can we classify them as classic pubs?
bronze straw
The main explanation for pub closures is twofold!1: Rentals that giant teams qualify as off-limits to landlords. 2: Owners are informed about the inventory they would possibly have and the restrictions on where they can buy it. Strange, but maximum Of the classified ads belonged to the same teams!
A lover of pubs
There are now fewer controlled pubs and pub corporations turn them into controlled societies, putting pressure on young, eco-friendly former managers. Neighbors complain about the disappearance of their local pub. however, they don’t use them enough. Can the government hire and cost business owners beer?
John Darkins
I was a brewery tenant in Scotland for many years and was kidnapped due to my money being constantly stolen by greedy brewers who were looking for more and more. I made my pub with wonderful good luck and got penalised through the brewery.
James MacQuarrie
The only explanation for why pubs close is that locals only use them on Boxing Day, New Year’s Eve, and one Sunday a year. Also, breweries don’t want pubs, they sell enough in supermarkets!Use them or lose them.
Peter Smith
The closure of pubs is a real shame. I always stop by my booth and have wonderful memories of being at many booths in my hometown. They are important positions in society. As someone once said: “No intelligent story ever began with a salad. “
Kevin K.
It is the fiscal government that is putting an end to the announcements. £1 for each and £3 sold. A shame in general.
stef
I spend with my girlfriend, Prue, every day at my place. It is a shame what is being transferred to costs. It used to be full of people and joy but now the town is a ghost in the pub as the prices are now too high. I wish we could go back in time and find out what went wrong.
Niall Benson
Allan7777Blue
Unfortunately, the other people who have made paintings from those institutions over the years (painters) have been excluded and are paying the price.
Dandexter
Pubs are too expensive for other people to pass out like we did a decade ago. People’s priorities are survival, not leisure. Until the living wage rises beyond an inflation that wages haven’t surpassed in years, then we’ll move on to the shops. , pubs, etc. close.
J. D.
Who needs to spend their hard-earned money to move into a pub that’s almost empty? This takes away one of their greatest attractions: socialization.
Miguel
Monzo has been named the UK’s top bank in terms of visitor satisfaction, according to a primary survey.
More than 17,000 users of existing private accounts rated their bank based on the quality of the account and the likelihood that they would introduce it to friends or family.
Digital banks made up the three most sensible, with Monzo in first place, followed by Starling Bank and then Chase.
About 80% of Monzo consumers said they would go to the bank.
The online banking app said topping the charts “over and over again” is not something it would “ever take for granted. ”
The Royal Bank of Scotland (RBS) remains at the bottom of the ranking for another year.
The banks with the most productive branches were Nationwide, Lloyds Bank and Metro Bank.
The Gail bakery chain has been criticised for turning unsold pastries into croissants and promoting them for almost £4 the next day.
The store lists the “twice-baked” chocolate almond croissants in its “Waste Not” line, meaning they are made from leftover croissants that are then “topped with almond frangipane and almonds. ” conical”.
The task has been criticised online, with many pointing out that the £3. 90 value is 95p more than the original croissant.
An more than yesterday.
“I don’t know whether to be inspired or horrified by the fact that he came up with an idea to cash in on yellow-labeled products for more profit. “
However, it’s worth adding that this practice was not invented by Gail’s, and almond croissants were created in French bakeries to reuse day-old croissants and prevent them from going stale.
Taking into account the additional ingredients (almond frangipane and slivered almonds) and the baking time, the bakery chain will most likely protect the value accumulation by pointing out the additional prices incurred.
It comes as citizens of a London community signed a petition against opening a Gail’s bakery in their community.
After (unconfirmed) rumors began circulating that the chain was contemplating opening a site in the town of Walthamstow, more than six hundred people signed a petition opposing the plan.
The petition claims the village “faces a risk to its character” if Gail moves into the domain (see yesterday’s 11:54am post for more information).
Gail reached out for comment.
British stores recorded sales last month after Euro 2024 intensified and summer discounts, official figures show.
Major retailers said sales of soccer jerseys, electronics such as TVs and alcoholic beverages were strongest in the Three Lions’ race to the final.
The total volume of retail sales increased by 0. 5% in July, as reported by the Office for National Statistics (ONS). However, it was lower than expected, with economists expecting a 0. 7% increase.
This followed a 0. 9% drop in volumes in June as retail attributed the uncertainty to the previous general election and bad weather.
Liz McKeown, director of economic statistics at the ONS, said: “Retail sales rose in July, driven by higher sales in retail branches and sports equipment retailers, with the euro and discounts in many outlets driving sales.
“These increases were offset by a bad month for clothing and furniture stores, and by a drop in fuel sales, despite declining costs at the pump. “
The data showed that non-food retail outlets rose 1. 4%, driven by strong functionality through retail branches, whose sales rose 4% month-on-month, as summer sales helped drive demand.
However, clothing and footwear retailers saw a 0. 6% drop, while home goods stores also saw their volumes drop by 0. 6%. Food retailers, meanwhile, maintained strong sales during the month.
There are fears that the £2 cap on bus fares for singles could be removed after the government refused to say whether the policy would continue beyond December.
Bus companies said it was imperative that the price of their facilities be kept low so that young people could “improve their access to education and employment”.
Alison Edwards, director of policy and external relations at the Confederation of Passenger Transport, said: “Bus operators are working hard with the government so that together we can find a way back from the cliff with advertised fares.
“Research has shown that raising rates, which can be achieved in many other ways, represents the right price for cash and can achieve many of the Government’s other objectives.
“For example, keeping fares low for young people would improve their access to education and employment, while encouraging them to expand sustainable travel behavior that will last a lifetime. “
Transportation Secretary Louise Haigh said in a recent interview with the Palestinian Authority news firm that her officials were “looking at options” related to the cap, adding whether they could “better target it. “
It’s been a busy week at the front.
There has been no major update to the overall outlook: since Monday we have had confirmation that the United Kingdom economy has lower inflation and stronger expansion than in the last two years, while wages have risen faster than the overall rate of price increases.
After all this news, the pound sterling has been against the dollar since the beginning of the month, valuing at 1. 2882 dollars, and since July when buying euros with a pound equivalent to 1. 1733 euros.
Signs of a recovery from last week’s global market sell-off can be seen in the percentage of corporations indexed on the London Stock Exchange.
Share prices rose among the most valuable companies on the stock market, those that make up the Financial Times Stock Exchange (FTSE) list of the hundred most valuable companies.
However, today this UK benchmark fell 0. 19% and still ends the week higher than it started.
Most United Kingdom-based companies on the FTSE 250 (the 101st to 250th worth companies on the London Stock Exchange) also end the week above what they started.
On Friday morning, this index rose by 0. 08%.
As tensions rise in the Middle East and Eastern Europe, as Iran considers a retaliatory strike against Israel, and as Ukraine makes incursions into Russian territory, considerations have been raised about skyrocketing energy prices.
But the price of benchmark oil remained solid at $80. 13 a barrel of Brent crude.
Gas prices remained below Monday’s high of 100 pence per therm (the heating measure) and now sit at 94. 50 pence per therm.
A Cabinet Office minister said it was “unfair” to recommend that more public sector staff apply for a pay rise after the government unveiled a 15% raise for exercise drivers and young doctors.
“I think it’s also an unfair characterization,” General Treasurer Nick Thomas-Symonds told Times Radio.
“I think what is clear is that once we are once again a government that respects the promises we made in the opposition.
“We promised that we would find solutions and other people have expressed skepticism about it, but in reality that is exactly what we have done in government. “
Last month, the government and the British Medical Association reached a deal to pay young doctors in England an average of 22% over two years.
Meanwhile, drivers will vote on a new wage deal following talks between representatives of the drivers’ union ASLEF and the Ministry of Transport.
The new offer is for a retroactive salary increase of 5% for 2022/23, 4. 75% for 23/24 and 4. 5% for 24/25.
Dartford Crossing is the UK’s highest-grossing toll road, according to new data.
The Kent-Essex direction turned over £215. 9m last year, 2,159 times more than the Whitney toll bridge in Hereford.
The crossing, which was intended to avoid charging consumers in 2003, costs between £2 and £6 per use (depending on the vehicle you drive) between 10am and 2pm. m. and 6 p. m. m. every day.
Car finance company Moneybarn found it made more than £209 million in 2022.
It tops the ranking of the country’s thirteen toll roads, earning more than £100 million more than the road that will gain the moment in 2023: the M6 toll in the West Midlands.
In third position was the Mersey Gateway Bridge between Halton and Cheshire, which raised £48. 9 million.
You can see below how the rest of the toll roads have behaved. . .