Studies continually show that women and men behave differently about money, whether they’re in debt or not. This has been exacerbated by the current economic situation: fresh rounds of cuts and fears that Britain is hurtling towards a double-dip recession mean plenty of couples are feeling the strain.

So how can they work together to strike a financial balance?

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Women worry about money more than men but they also do less about it, according to a study by insurer Aviva. The research looked at people over 55, and found that more than two thirds of women, compared to just over half of men, are worried about money, but 58% have not budgeted for major expenses, compared to 52% of men.

Within partnerships, it’s likely that one person is a lot more proactive. “It’s me, rather than my wife, Tracey, who knows how much the interest rate is on our mortgage and how much we pay for everything from the utility bills to our daughter’s ballet classes and our son’s football coaching,” says Matthew Brandon, 39, who lives in Cirencester. “Although we consult each other, I keep the closest eye on it.”

Managing the finances is no mean feat and it can be a steep learning curve. In the last five years, Natalie Murray, 26, has gone from being a student to marrying Edmund, 26, a policeman and having their son, Oliver, now four. Natalie is a stay-at-home mum but also runs a local magazine called Around Rugby.

“I’ve had to get clued up about money faster than my friends,” she says. “At the moment, Edmund’s money pays all the major bills, though I tend to buy the groceries. I can feel bad as Edmund puts so much into the joint account but at least I can help us manage our expenses.”

Double up

Monthly outgoings can be reduced with joint financial products. It’s usually cheaper to get annual travel cover jointly rather than single policies, for example. But there are times when two is better than one. Life insurance will only pay out once, so if a couple have a joint policy and they both die in a car crash, there’s one payment.

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Christmas and credit cards are a deadly mix for many. How can you avoid overspending at this time of year? It’s probably too late to say “save for it” but remember this for next year. Christmas doesn’t come as a surprise so plan for it at the beginning of the year!

Don’t you think it comes along far too quickly? Christmas, I mean. And the fact is that the older you get the quicker it seems to arrive.

The last few years have been tough for many so no doubt others are in the same position as you so will be happy at your suggestions of gift giving this year. Here are a few…

• Rather than feeling pressured to buy separate gifts for each family member suggest that everyone brings one gift to the family dinner. Limit the spend on the gift to say £40 and state that it must be for male or female and must start with a letter of the alphabet for a bit of added fun. The gifts are then chosen in a random draw so that everyone gets a gift. This is great fun and a little like a luxury lucky dip. Who doesn’t like the surprise of a lucky dip? Depending on how many in your family gathering there is a potential to save a lot of money.
• Another way is to put everyone’s name in the hat and each family member must draw a name and buy a Christmas gift for that person. Once again put a limit on the amount to spend. This way you can still be personal with what you get the family member.
• Club together and each member puts £5 to £10 towards something special for your grandmother, mother or chosen person. This way you can get something really special without spending a lot of money.
• Do you get reward points on your credit cards? Cash some in for gifts at no cost to you. Also if you need cash you may be able to sell the item on eBay or TradeMe and spend the cash on something else — like paying off debt.

Christmas may seem to feel as though it’s all about crowds, gifts, shopping, and stress, but remember that time with family and friends doesn’t cost anything. Don’t forget what Christmas is all about. It is about time with family and friends.

Remember to plan for Christmas next year as in 12 months it all starts again.

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