Be my financial Valentine

This Valentine’s Day, make sure you and your loved one aren’t part of the 26% of couples that argue about their finances.

The research has prompted Cheshire Building Society to issue the following tips, designed to keep your finances in the black as well as your relationship in the pink:

Communication – Be open and honest. Make time to discuss your finances regularly so that you can share concerns and develop a better understanding of both you and your partner’s spending habits.

Delegate action, but share responsibility - Although it is not unusual for one person to manage finances, it is important that both people are aware of the situation. Hiding financial problems can cause greater long-term unrest.

Understand your differences – Whether you are a big spender or careful saver, you should always think twice before you splurge. Take into consideration each other’s budgets before making costly decisions that you could later regret.

Is it really the money? - Many arguments about money actually stem from other problems. It is important not to use finances as a tool in an argument, and concentrate on what the money is being used for.

Joint finances – Making a commitment such as opening a joint bank account can help you to work towards a happy future together, but make sure you think this decision through first. Although joint accounts are not necessarily suitable for every couple, they can be really worthwhile if you have a common goal to save for. To make things easier, the monthly contributions you plan to make should be agreed in advance.