"The Intersection of Money and Relationships: Conversations, Credit Scores, and Audit Fees"

Feranmi Olaseinde

Hatched by Feranmi Olaseinde

Aug 11, 2023

3 min read


"The Intersection of Money and Relationships: Conversations, Credit Scores, and Audit Fees"


Money plays a crucial role in our lives, and when it comes to relationships, open and honest conversations about finances are essential. From managing debt to understanding credit scores, and even examining audit fees, understanding these aspects can help build a solid financial foundation for couples. In this article, we will explore five essential money conversations to have before getting married, the impact of credit scores on relationships, and the influence of audit fees on Nigerian banks.

  • 1. Debt Management: Snowball vs. Avalanche Method

When it comes to paying off debts, two common strategies are the snowball and avalanche methods. The snowball method involves focusing on clearing debts with the smallest balances first, providing motivation as small victories are achieved. On the other hand, the avalanche method prioritizes paying off debts with the highest interest rates, allowing you to save more money in the long run. By discussing these methods with your partner, you can choose the most suitable approach for your financial situation. Remember, the key is to find a strategy that aligns with your shared goals and preferences.

  • 2. Income and Spending: Transparency is Key

Open and honest communication about income and spending is vital for a healthy financial partnership. Surprisingly, a survey found that 14% of partnered Americans have lied or withheld information about their income from their partner, while 23% have done the same regarding their spending habits. To avoid financial conflicts, it is crucial to lay out your current income and expenses and encourage your partner to do the same. By doing this, you can assess whether there is enough money to meet your joint goals and, if not, discuss potential solutions together. Transparency fosters trust and enables both partners to make informed financial decisions.

  • 3. Credit Scores: A Shared Responsibility

While credit scoring does not consider marital status, spouses' credit scores can still impact each other. For instance, when applying for a mortgage, both partners' credit scores are usually taken into account. Having a poor credit score can result in higher interest rates or even rejection. It is crucial to be transparent about your credit history to avoid resentment or misunderstandings. Taking steps to improve credit scores, such as paying down debt, setting up automatic payments, or disputing errors on credit reports, can positively impact both partners' financial well-being. Remember, building good credit is a shared responsibility that requires joint efforts.

  • 4. The Influence of Audit Fees on Nigerian Banks

In the first quarter of 2023, seven commercial banks listed on the Nigerian Exchange Group collectively paid N1.39 billion to auditing firms. Factors such as company size, industry, corporate risk, profitability, and the duration of the audit influence the fees charged by auditing firms. Access Holding Company emerged as the top bank, paying N606 million to PricewaterhouseCoopers (PwC). These audit fees play a crucial role in ensuring the accuracy, transparency, and compliance of financial records. By investing in audits, banks demonstrate their commitment to maintaining trust and accountability in the financial sector.


Financial conversations are vital for any relationship, and addressing money matters before getting married is crucial. By discussing debt management strategies, being transparent about income and spending, and understanding the impact of credit scores, couples can build a solid financial foundation. Additionally, examining the influence of audit fees on Nigerian banks highlights the importance of financial transparency and accountability in the corporate world. Remember, open communication, joint efforts, and a shared commitment to financial well-being are the keys to a successful financial partnership.

Actionable Advice:

  • 1. Schedule regular money check-ins to discuss financial goals, progress, and potential adjustments.
  • 2. Encourage each other to track expenses and create a budget to ensure financial transparency and control.
  • 3. Consider seeking professional financial advice or attending couples' financial workshops to enhance your financial literacy and decision-making skills.

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