MARTIN Lewis has issued a serious warning for couples who have shared finances.

The savings expert’s advice comes after a divorcee revealed how she has saved £19,000 since the end of her marriage.

Martin Lewis has shared valuable suggestions for couples to avoid a major financial fiasco


Martin Lewis has shared valuable suggestions for couples to avoid a major financial fiascoPhoto credit: ITV

And Martin warned those who choose to combine their finances with someone else need to be careful to avoid “disaster”.

Angela, who divorced 20 years ago, said she was in financial distress.

However, with the help of Martin’s tips and tricks, she found she had saved almost £20,000 over the years.

Responding to Angela’s story, Martin warned couples who share their finances about having a “dominant financial manager” who handles all financial aspects.

He explained that if the person who only cares about money matters crosses the line, a disaster can occur.

Martin wrote, “In relationships, there is usually a ‘dominant financial doer’ who runs the finances.”

“There’s nothing wrong with that, but when it crosses the line into ‘I’ll just do everything so they don’t have to worry,’ it might feel generous, but it can be disastrous.”

Angela said she got into serious financial trouble when her husband left – but tips from Martin’s money-saving expert helped her get back on her feet.

The brave woman revealed she had used the site to budget her money, pay off her mortgage and open savings accounts.

She used the Money Saving Expert mortgage site to handle her mortgage, which helped her get out of debt faster than she thought.

Angela revealed that using Martin’s tips has helped her save a bit each year on insurance and breakdown cover – and so far she has saved a total of £18,858.95.

“I could go on like this. My daughter now uses the budgeting and piggy bank system herself, so she has skills she wouldn’t have had without MSE, and I feel financially secure,” Angela wrote on the website.

When Martin heard Angela’s story, he advised both partners to know enough about finances and money matters to be able to take responsibility for the other person in an emergency.

Martin Lewis issues urgent warning as households have just WEEKS left to claim up to £1,000 of free cash – how to get it

He said: “In a shared financial relationship, both partners should know enough to intervene when necessary, particularly if one of the three Ds applies (death, divorce, dementia).

“Communication and a financial fact sheet are crucial.”

Martin’s advice comes after he warned married couples to check whether they are owed £1,256 in cash.

The money saving expert said you could claim hundreds of pounds worth of tax back, but you’ll need to act quickly to get the full amount.

Last month the money-saving expert gave couples a little-known tip that could save them hundreds of pounds on breakdown insurance despite rising premiums.

This practical trick allows you to get insurance coverage “for free” as an add-on to another service.

Write on the Money saving expert On his website, Martin published a series of hacks for dating couples to get their personal finances in order.

This included a recommendation to look into packaged bank accounts.

He also issued an urgent warning to households who only have a few weeks left to claim up to £1,000 of free cash.

The consumer advocate said people can claim back a range of tax breaks within up to four tax years.

These include the marriage tax allowance, PPI and the single tax rebate.

However, the current financial year ends on April 5th, meaning you must file the tax return by this date if you want to reclaim taxes for the 2019/20 tax year.

He said: “A range of tax allowances allow you to reclaim four tax years before the current one.”

“So that means when the new tax year begins on April 6th, we say goodbye to the 2019/20 tax year.”

This comes after Martin revealed the next steps motorists should take amid the unfolding car finance scandal and warned against rip-off tactics by companies.

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