Effective Ways To Handle Financial Inequality in a Relationship

It’s fairly common these days that one spouse makes more money than the other — causing financial inequality in a relationship. This can be overcome by taking a few steps to ensure both people in the relationship pull their weight, without either party feeling burdened. Here are some effective ways to handle financial inequality in a relationship.

Percentages Work

If one spouse makes significantly more money than the other, it can be difficult to determine how to split shared expenses. One way to overcome this is by each person contributing a percentage of their income to the shared expenses. This will help ensure both people are contributing equally, without putting too much financial strain on either party.

Willingness To Contribute the Most

Another way to overcome financial inequality in a relationship is by willingly contributing the most to expenses when you earn more. This way the person that is making the least amount of money isn’t feeling financially bankrupt after bills are paid.

Whoever earns the most, in all fairness, should be willing to contribute the most. In the end, they will still have more excess for other wants and needs.

Make A Budget Together

Making a budget together is another way to help ensure both people are contributing equally to the shared expenses. This will also help you see where your money is going and make adjustments accordingly. Before making any large purchases, the monthly payment should be added to the budget to ensure it’s manageable for both parties. If it’s not, the purchase may not be the best move.

Save and Invest Money As A Team

Saving and investing money as a team can help reduce financial inequality in a relationship. By having both people contribute to a savings account and investing for the future, it can help even out the playing field. This is also a good way to make sure you’re prepared for unexpected expenses that may come up.

Don’t Keep Money Secrets

Financial infidelity can be just as bad as any other type of betrayal in a relationship. As a couple, you should be able to talk about your finances even if they aren’t the best. Hiding how much you make or how much debt you have will only hurt the relationship in the long run. Be open and honest about where you are financially. This way everyone wins.

Communication Is Key

As with most things in a relationship, communication is key when it comes to managing financial inequality. You need to be able to talk openly about your finances and work together to find a solution that works for both of you. If one person feels like they’re always the one footing the bill, it will only lead to resentment.

Financial inequality doesn’t have to be a dealbreaker in a relationship. By taking some proactive steps, you can ensure both people are contributing equally and no one feels overburdened. With effective communication, you can overcome any obstacle in your relationship.

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