Excellent reasons to make a financial plan with your partner this Valentine’s Day

14 January 2026

When it comes to discussing your finances, the most important person to talk to is your spouse or partner.

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

Not only can planning together increase your chances of long-term success, but there are also several financial advantages. Keep reading to find out more.

1. Strengthen bonds with shared goals and deeper understanding

As with any successful union, communication is key.

Discussing your goals and sharing financial priorities that matter to you both can help strengthen your commitment and achieve your long-term goals.

If, for instance, you’re both keen to retire early, you may decide to boost your pension contributions, which may mean you need to reduce spending in other areas.

Early retirement is just one example – whatever your ambitions, having something you’re both working towards could help you stick to the plan.

Communicating and working together will help to strengthen both your relationship and your finances.

2. Make the most of the pension tax relief that is available

Thanks to government tax relief, pension contributions are an incredibly tax-efficient way to save for your retirement.

Your Annual Allowance means that, in 2025/26, you can save up to £60,000 (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. If you’re a higher- or additional-rate taxpayer, you can claim the extra relief through self-assessment.

When planning as a couple, depending on your circumstances, it may make financial sense to maximise contributions for the higher earner.

If one of you isn’t earning, 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.

A pension is a long-term investment not normally accessible until 55 (57 from April 2028). The fund value may fluctuate and can go down, which would have an impact on the level of pension benefits available.

3. 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 ISA allowance. In 2025/26 and 2026/27, this stands at £20,000, regardless of how much you earn.

This means you and your partner can save up to £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. Benefit from a joint retirement income strategy

As well as the tax advantages of saving as a couple, there are also advantages when planning your retirement income.

For example, both of you will get a Personal Allowance in each tax year. In 2025/26, this is £12,570, meaning you can enjoy a joint tax-free income of more than £25,000.

On top of that, if you’re married or in a civil partnership, you may find it advantageous to claim the Marriage Allowance, which allows you to transfer up to £1,260 of your Personal Allowance to your partner.

If you’re both drawing income from pension arrangements, take the time to find out how you may be able to limit the amount of tax you’ll pay by maximising your respective 20% tax bands.

In 2025/26 you only start paying higher-rate tax when you’re earning more than £50,270, meaning you could create an income strategy that will provide £100,000 between you and only pay 20% tax each.

The tax implications of pension withdrawals will be based on your individual circumstances. Thresholds, percentage rates, and tax legislation may change in subsequent Finance Acts.

5. Increase your tax-free investment income

Regardless of your earnings, everyone has a Capital Gains Tax (CGT) allowance. In the 2025/26 tax year this is £3,000.

By working together with your spouse or partner, you can realise combined gains of £6,000 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. Achieve your life goals together

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 of you being able to do what you want.

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 and your Valentine would like to discuss your financial plan, we’d be delighted to help.

Email [email protected] or call 0161 8080200.

Please note

This article is for general information only and does not constitute advice. The information is aimed at retail clients only.

All information is correct at the time of writing and is subject to change in the future.

Please do not act based on anything you might read in this article. All contents are based on our understanding of HMRC legislation, which is subject to change.

Levels, bases of and reliefs from taxation may be subject to change and their value depends on the individual circumstances of the investor.

The Financial Conduct Authority does not regulate tax advice.

A pension is a long-term investment not normally accessible until 55 (57 from April 2028). The fund value may fluctuate and can go down, which would have an impact on the level of pension benefits available. Past performance is not a reliable indicator of future performance.

The tax implications of pension withdrawals will be based on your individual circumstances. Thresholds, percentage rates, and tax legislation may change in subsequent Finance Acts.

The value of your investments (and any income from them) can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance.

Investments should be considered over the longer term and should fit in with your overall attitude to risk and financial circumstances.