Couples fight. Whether it’s about taking the dog out, changing the lightbulbs or money, it is inevitable. So why not try to mitigate the subjects that could be fought over? In this article, we talk about how to manage your money as a couple in a way that will help you both avoid any feuds.
Separation beats Separation
The key to avoiding a separation is quite ironic… keep things separate. From the start of the relationship, keep each of your own money in your own account. By avoiding combining any dollars, this makes it far easier to track what money belongs to who. You can grant your spouse access to your accounts however, it is your money.
This can help avoid fights because even though your spouse can see where you are spending your money, they are not as inclined to get angry if you spend some extra dough on frivolous items. Or on the other hand, if you are the frugal one, then this can help you from getting overly protective of your money and getting angry if your spouse spends extra.
Pay in Portions
Bills should be split in relation to how much income each spouse is making. If your spouse is making half of what you make, then you shouldn’t be splitting things in half. You should be paying 2/3 of the bill and your spouse should be paying 1/3, to be fair.
This would apply to grocery bills, utility bills, mortgages, restaurant tabs, etc. Split it however you and your spouse see fitting, but keep in mind that if one person is making far more than the other, it is only far to split the amount heavier towards whoever is making more money.
Own in Portions
Since you are splitting costs into portions, this also means you own things in different portions. For example, a car payment or house payment. Keep track of how much both spouses pay each month towards any sort of loans or assets. This can be done in a spreadsheet. By keeping tracking of how much each spouse pays, you can easily calculate what percent of the total asset you own as a couple and individually.
My Experience
My significant other and I split everything 50/50 since we make the same amount of money. We have our own credit cards, savings accounts, and debit accounts. However, since we own a business together, we have a combined bank account for that. We both have access to it, with debit cards and a credit card as well. We both follow strict rules for that bank account. For example, we only use it for the business and we both transfer the same amount of money into that bank account at the exact same time.
How do you handle money with your spouse? Do you keep things separate or do you mix funds together? Let us know in the comments!
For more couples & finance reads, check out these articles!
- 3 Side Hustles You Can Do As A Couple
- Spender vs. Saver Relationship: How To Make It Last
- The Importance Of A Strong Financial Foundation in Relationships
- How To Know If You Are Responsible For Spousal Debt
- How To Insurance A Property Not Under Your Name
Gina DiMasi
Gina DiMasi is an organizational finance whiz. Gina is an avid investor, educator and aficionado of bitcoin and other modern investments. In addition to being an all around nice person, Gina has a degree in personal finance studies from Framingham State University. When she's not running numbers or blogging up a storm, Gina actively volunteers with Habitat for Humanity.
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