Talking about money might not be your idea of romance, but it’s one of the best things you can do for your relationship. As someone who’s spent over two decades helping people with their finances, I’ve seen how easily couples fall into the same traps… and how much better things go when they don’t.
Here are five common mistakes to avoid:
1. Not Talking About It (Yes, Really!)
It sounds obvious, but you’d be amazed how many couples don’t talk about their finances. One partner often takes the reins, while the other prefers to stay hands-off. Until something unexpected happens.
Whether it’s a separation, illness, or a major life change, not being clued up can leave one person feeling lost. So, sit down with a cuppa (or a glass of something stronger!) and have that chat. Better still, come along together to a financial planning meeting. It makes a huge difference when you’re both in the loop.
2. Only Linking Your Current Accounts
A shared current account and joint mortgage might be the extent of your financial teamwork. But did you know you can also link investment accounts to save on fees, while still keeping your money private?
And it’s not just investments. Things like joint life cover, car insurance, or even reviewing your household bills together can help you save money and avoid duplication. It’s all about working smarter as a team.
3. Holding Assets in the Wrong Name
This one crops up all the time: assets or savings held in the name of the higher-earning partner, when it would make far more sense tax-wise to use the lower earner’s name.
Simple things like whose name a savings account is in, or whose pension gets topped up, can make a huge difference over time. It’s about keeping more of your hard-earned money in your pocket.
4. Protecting Just One Partner
If one of you doesn’t work or earns less, it’s easy to think life cover for them isn’t a priority. But think again. What if the partner who looks after the children or runs the home became seriously ill or passed away? Who would fill that gap, and how much would it cost?
Both partners need protection. And if you’re not married or in a civil partnership, it’s even more important to check your cover and make sure it’s held in trust. Otherwise, things can get very messy, very quickly.
5. Missing Out on Inheritance Tax Benefits
The rules around inheritance tax are kinder to couples who are married or in a civil partnership. Sorry, cohabitees, you miss out on some of the best bits. If you qualify, you could potentially pass on up to £1 million inheritance tax-free.
But that’s only if your financial planning is joined-up and your assets are structured properly. It’s not always straightforward and that’s where advice can really help.
Final Word
Money might not be the easiest thing to talk about, but avoiding the conversation doesn’t make the problems go away. It just delays them until they’re harder to fix. By making a few smart decisions now, you can protect your future, reduce stress, and even save a tidy sum along the way.
If you and your partner are ready to get your finances working in harmony, feel free to get in touch. I’m always happy to help, and yes, I’ll make sure the kettle’s on.
The value of pensions and the income they produce can fall as well as rise. You may get back less than you invested.
Inheritance tax planning, trusts, tax planning, and estate planning are not regulated by the Financial Conduct Authority.
Approver Quilter Financial Services Limited & Quilter Mortgage Planning Limited. 20/06/2025
About the author: David Braithwaite is a highly regarded financial expert, known to many as BBC Radio Kent’s “Money Mentor,” where he shares practical advice and insights on managing money effectively. As the founder of Citrus Financial, David has built a reputation for providing tailored financial guidance to individuals and families, helping them achieve their financial goals with confidence.
