Tips for managing money in a relationship
Managing your money together when in a serious relationship can be tricky. What works in one relationship might not work in yours, but seeing how others manage money may inspire you.
Here are some tips;
If there’s a difference in your incomes, you don’t have to split the bills 50/50. The 50/50 would work great when both partners have similar incomes and split resources equally.
Making a budget together is a great way to make sure you’re both on the same page. The budget not only allows you to plan and track where the money will be spent, but it enables you to direct the course of your finances together.
If splitting every bill isn’t your thing, you could try taking turns paying. In this case for example, if one pays utilities of the current month, the other will pay for the next month respectively.
Opening a joint account before you get married can be a good way to make sure you’re financially compatible. You can directly deposit your portion of cash directly into your shared account.
Setting up a shared account for any bills you’re splitting can streamline the payment process. Some banks have automatic bill pay which can make this process much easy.
Shared accounts can also make it easier to be super transparent about where all your money goes. This builds trust and a greater bond in the relationship.
Setting an allowance for personal spending. We all have personal needs and therefore couples should set a side some money to cater for themselves without interfering in their savings or money meant to settle expenses.
Talking about your goals and making a financial plan together can actually be a great way to bond. The two parties have an insight of what they want and therefore are able to spend or save accordingly.
If one of you is a spender and the other is a saver, keeping some money separate might work better for you. This is very helpful just incase the big spender runs short of finances at some point in time.
Find ways for both partners to be involved in financial decision-making, even if you’re living on a single income. This creates connectivity between two partners since decision making is an important aspect in any relationship.