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For better or worse, January is a big month for relationships. A record number of people head to online dating sites, more babies are conceived than in any other month, and sadly there’s also an increase in divorces.

Love and money – three essential tools for relationships

For better or worse, January is a big month for relationships. A record number of people head to online dating sites, more babies are conceived than in any other month, and sadly there’s also an increase in divorces.

With so much at stake, it’s important to understand some of the consequences each can have on your finances. To help we’ve highlighted three of our top tools:

Let’s talk about money

Lots of people are looking for ‘the one’ -  January 3 was expected to see a 37% spike in online dating activity according to Match.com. If you do find them, even the imperfections can be part of what makes them perfect for you - but don’t let that extend to your finances because your other half’s spending habits or money problems could have a huge impact on you.

The best way to avoid this is to talk about money. Be honest and upfront so each of you know the real state of your finances.

To help you both see the figures in black and white, and take some of the emotion out of spending habits, you can use a budget planner tool, like the one on the Money Advice Service website. Doing this will lay out all the income and expenditure each of you has and form a framework for your conversation.

Planning a family

If you want to conceive a baby, early January is your best bet according to Channel Mums, with most births taking place on September 26th. And in the run up to the birth it’s going to get expensive. Very expensive.

Fortunately, we’ve got a Baby costs calculator to help you work out what you’ll need to spend and when.

Getting divorced or separated

Not all relationships work out, and January regularly brings an increase in the number of people starting divorce proceedings.

If you and your partner have split up, it’s important you act fast to protect your finances, particularly if you’re no longer on good terms.

You need to ensure your home and savings are secure, while also keeping track of debts and credit cards. You may need to seek professional advice, but before then our divorce and money calculator can take you through some of the main areas to look at.

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