7 lovely benefits of financial planning as a couple

Posted on

It may sound odd to hear this from financial planners, but the most important person you can talk to when it comes to your finances is your spouse or partner. Yes, they’re even more important than us!

If you’re married or in a long-term relationship, financial planning should very much be a joint effort.

Not only can planning together increase your chances of financial success, but there are also several financial advantages you can gain by planning your finances as a couple. Read on to find out more.

1. Joint decisions are usually better decisions

According to a 2020 survey by Artemis Strategy Group, nearly 3 out of every 4 people have a different money management style than their partner. Half of people say financial issues cause most stress in their lives.

Given those figures it’s important that, when it comes to your overall financial strategy, you should ensure you both participate in the decision-making if you’re married or in a long-term relationship.

“Two heads are better than one” really does apply. Decisions you make as a partnership will usually be better than individual ones, and you’ll both be invested in the outcome.

It’s understandable if one of you will take the lead when it comes to managing your everyday finances such as paying bills, managing bank and savings accounts, and keeping a track on your outgoings.

But, even if this is the case, by communicating and working together you’ll strengthen both your relationship and your finances.

2. You can make the most of the pension tax relief that is available

The tax relief provided by the government make pension contributions an incredibly tax-efficient way to save for your retirement. Your Annual Allowance means that, in 2021/22, you can save up to £40,000 (or 100% of your earnings if lower) into a pension tax-efficiently.

You’ll receive basic-rate tax relief on your contributions, meaning a £100 contribution only costs you £80. You’ll also benefit from additional relief at your marginal tax rate if applicable.

Because of the higher rates of relief, it can make sound financial sense to maximise contributions for the higher earner in any couple.

Also remember that, even if you’re not working, you can still contribute to a pension and benefit from basic-rate tax relief on your contributions. You can pay up to £2,880 into a pension each year and this will be topped up with basic-rate tax relief to £3,600.

3. It can help you maximise your tax-efficient savings

In addition to the tax relief you get on pension contributions, saving money into an Individual Savings Account (ISA) also has tax advantages.

If you’re over 18 you have an annual an ISA allowance of £20,000 in each of the 2021/22 and 2022/23 tax years regardless of how much you earn.

This means you and your partner can save £40,000 tax-efficiently each year – and neither of you will pay Income Tax or Capital Gains Tax when you draw money out of your ISA.

4. A joint income strategy in retirement can be advantageous

As well as making it highly advantageous to save money, financial planning as a couple also has advantages when it comes to taking income when you retire.

Various tax allowances create plenty of opportunities if you plan together.

For example, both of you will get a Personal Allowance in each tax year. In 2021/22 tax year this is £12,570. This means that you get a joint tax-free income of more than £25,000.

On top of that, if you’re married or in a civil partnership it can sometimes be advantageous to claim the Marriage Allowance allowing you to transfer £1,260 of your Personal Allowance to your partner.

If you’re both drawing income from pension arrangements, you should also look to limit the amount of tax you’ll be paying by maximising your respective 20% tax bands. In 2021/22 you only start paying higher-rate tax when you’re earning more than £50,270 so you could effectively put together an income strategy that will provide £100,000 between you and only pay tax on it at 20%.

5. You can maximise your tax-free investment income

Regardless of your earnings, individuals have a Capital Gains Tax (CGT) allowance. In the 2021/22 tax year this is £12,300.

By working together with your spouse or partner, you can take a combined income of £24,600 from your investments free from CGT.

This amount is on top of any investments you have in tax-efficient vehicles such as pensions and ISAs.

6. Frozen tax allowances make it even more important to plan as a couple

In his March 2021 Budget statement, the chancellor announced that all the allowances you’ve read about here will be frozen until the 2025/26 tax year.

Rising inflation effectively reduces the real value of your allowances each year.

With inflation predicted to reach 7% this year, it makes it more important than ever to plan your finances as a couple and maximise your combined allowances as much as you can.

7. Planning as a couple can help you achieve your life goals

By planning your finances together, with both of you understanding your joint financial position, you can make your partnership stronger and increase the chances of both you being able to do what you want to do.

Working together, discussing your finances, and aligning your spending habits means you’ll be able to agree on your future plans and how you’re going to achieve them.

Get in touch

If you need help or guidance when it comes to your financial planning, we’ll be happy to help you.

You can email us at enquiries@blackswanfp.co.uk or contact your adviser on 020 3828 8100.


We aim to keep our clients up to date on interesting and relevant financial news.

You can sign-up to receive our monthly newsletter by email, even if you’re not yet a client. Sign-up using the form below.

Client testimonials

I have always found Black Swan to be caring and understanding of my quirky lifestyle. I always feel they try to get me the best returns while respecting my current needs.

Sally Muir

A client since 2011

We would be very happy to recommend the support and service we receive.

Valerie Locks

A client since 2010

I have always been completely useless regarding finance - thankfully our financial adviser is not! I've retired with far more than I ever expected and investments continue to grow safely. So - thank you!

Bernadette Jane Warner

A client since 2000

Very happy with the professional service I have received and feel a lot happier now with my finances put in order.

Martin Field

A client since 2011

Julie Cooper was recommended to me by a work colleague. She has been very helpful, professional and has explained everything well. I would definitely recommend her services to anyone else who are interested in a financial review.

Steven Rooke

A client since 2018

…Service has been first class.

Hugh Fells

A client since 2012

My face to face meetings with Rob Young and Jessica Lyons have always been very open and understandable. My questions have been answered clearly and I have left feeling that my financial matters are in good hands.

Sandra Jack

A client since 2000

[A] safe pair of hands in a complex financial world.

Gary Middlehurst

A client since 2003

A reliable company with good communication skills and good knowledge of the financial markets.

Alan Evetts

A client since 2014

Maureen Pembridge is a long-time trusted advisor to our family. The market might fluctuate but her attention to detail is consistent.

Linda Burnard

A client since 2000

I am pleased to recommend Julie as a trustworthy financial advisor. She explains financial jargon in plain language, and always listens carefully to my particular financial needs and has helped me make the best of my savings.

Carolann Samuels

A client since 2010

I have always been satisfied with the way that Black Swan has handled my account. And I have always found the staff very helpful whenever I need to call the office.

Robert Anthony Matthews

A client since 2012

An excellent personal service from a person I know and trust.

Michael Dalton

A client since 2010

I am getting a very good services from Black Swan, they have got my investments sorted out which was in a bit of a mess.

Roy Jakens

A client since 2012

A good, efficient team providing clear ideas to shape a winning strategy.

Adrian Michael Levenstein

A client since 2011

Black Swan is a company to be trusted, with friendly staff and professional advisors.

David Brian Jennings

A client since 2017

I have been with Black Swan for many years. I have never wished to change anything. They give a good straight forward service.

Martin Barrett Brooks

A client since 2010

Andy Peters has been invaluable in firstly combining several pension pots and then giving excellent investment advice. It has given us a great deal of comfort to know that our financial affairs are in such good hands.

James Guillum Scott

A client since 2014

I find my financial advisor easy to talk to and feel that she understands my lifestyle. She is always available for help when I need her and explains in words that I can understand.

Margaret Ena Glasgow

A client since 2000

Andy is a first rate Director, excellent communicator and leader.

Ross Perry

A client since

Black Swan Financial Planning and Andrew in particular, are very clever at working out how risk averse we are, and coming up with solutions that we feel comfortable with. We are happy in the knowledge that we can continue to enjoy a comfortable retirement. Andrew Peters is a very, very friendly person who is great to chat to and easy to deal with. He explains things very clearly in layman’s terms, and if we still don’t understand, he explains it until we do!

Alan & Jane Dyer

Clients since 2012

We have always found Rob [Young] to be very approachable and knowledgeable. We have every confidence in the advice given and feel comfortable with the decisions we’ve made. There are certain opportunities that we wouldn’t have known about if Rob hadn’t brought them to light, which makes the advice good value for money as far as we’re concerned.

Peter & Pauline O’Halloran

Clients since 2013

Rob [Young] is extremely knowledgeable. I knew nothing about the different types of trusts which will not only secure my income in retirement, but also leave a legacy for my children. I’m glad that I sought his advice when I did.

Sarah Wilson

A client since 2015

I am extremely happy with the service afforded to me by the company and my adviser Julie Cooper.

Geoff Coxell

A client since 2010

My wife and myself have been dealing with Black Swan for a number of years. We have met with different representatives from the company over the years and have found all very helpful in their own way. We met with James [Anderson] a few years ago and found him very helpful and knowledgeable. He keeps in contact with us on a regular basis. We find the Company information very helpful and we feel very secure with our finances.

Andrew Kirchen

A client since 2015

I have always found my adviser to be easy to contact, very professional in his approach, yet friendly and understanding. I have a sense of an experienced company behind him, really on the ball financially and with good standards.

B McBean

A client since 2011

Partner with the most reliable and experienced team of advisers

Enter your details & we'll be in touch to discuss your needs.
Alternatively, contact us directly and speak to a member of the team.

    Subscribe to our newsletter