• You may lack confidence when dealing with money and let your partner handle all the big decisions instead.
• But the likelihood is you’re already making lots of important money decisions every day.
• Sharing money management spreads the load and helps take some of the pressure off your partner, while also making you more financially independent and better able to cope if you find you need to manage your money by yourself for a period.

Many people lack confidence when it comes to money management and financial planning. Women are generally less confident than men, with 17% of women reporting low confidence with numbers versus 6% of men. There’s a similar gap in financial decision-making, with 77% of women feeling confident versus 88% of men (National Numeracy Charity).

Often, when we lack confidence, we defer to our partners to handle all the big financial decisions, like mortgages, savings and investments, and pensions. But when you dig into it, the perception that you’re “no good at money” doesn’t really hold water.

You might be a lot better at money than you think. Living in a busy household and managing your family day to day means you’re making crucial financial decisions all the time. These decisions aren’t dressed up in buzzwords and jargon, but that doesn’t make them any less important.

Ask yourself these questions:

• Do you make decisions about the day-to-day household spending? Paying bills, the weekly shop, travel and transport, childcare – these are all financial decisions.
• Do you make decisions about when to spend and when to save? Every time you choose whether to spend money now or keep it for a rainy day, you’re making a financial decision.
• Do you make decisions about what’s best for your family? Choosing schools, planning family holidays, getting a new car, wanting to move house. These are all major financial decisions.
• Do you ask a lot of questions? Often, it’s not the people who know all the answers but the people who ask the right questions who make the best financial decisions.

If you’ve answered ‘yes’ to any of these questions, guess what? You’re already good at managing money

The good news? You don’t need an economics degree to manage your money. It’s important for your financial independence and future security that you get involved, but it can also help reduce the burden on your partner.

Here are some easy ways to manage your money together and build your financial independence:

Start small and work your way up

You don’t need to become a financial expert overnight. But it’s helpful to start understanding how your money can help shape the future you want. Here’s how you can get started.

Be aware of what’s coming in and going out

It’s all right there in your banking app and/or your monthly statements. Make a habit of checking where money is coming in and where it’s going out. You might be surprised by what you find!

Start by getting involved in one big decision

Is there a big financial decision on the horizon, like remortgaging your home, thinking about retirement or figuring out what to do with a windfall? Start by getting involved in just one of these decisions, working with your partner to familiarise yourself with the subject and feel your confidence grow. You’ll pick it up much faster than you think.

Set yourself some financial goals

Think about the life you want to live. Perhaps it’s a big family holiday, a move to a different area, earlier retirement, or setting your kids up for life. What do you need to achieve to help you get there? What financial decisions do you need to take? Knowing what you’re working towards will help you feel more in control.

Sharing the big and small decisions about money can benefit both partners in lots of ways.

• Building financial independence. This is important for two reasons. First, it means you can play a full role in decisions that affect your future. Second, you’ll be ready if something goes wrong and you find you have to manage your money on your own for a period.
• Lightening the load. Sharing financial planning, goals and priorities eases the pressure on your partner and helps spread the load.
• Boosting trust and transparency. Money issues can be a source of tension. Honest, open conversations around budgeting, spending and investing can defuse this.
• Working as a team. Two heads are better than one! With two of you keeping an eye on things, you’re more likely to spot financial risks and come up with solutions that work for you both.

Explore more with NatWest Premier Perspectives

Find out how you can get more involved in managing your money with this short video.

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