Finances in a relationship
Money is an essential part of any relationship. However, having big financial goals together as a couple can help both of you to be on a right track, when you are working together toward a fulfilling future. You might be in a long term relationship. Moreover, financial issues may cause tension in your committed relationship. When couples don’t agree about spending and saving habits, it may cause some arguments and resentment. It’s important to understand which financial methods you what to choose with you partner in your relationship.
Combination of finances
Both of your incomes are deposited into a joint account. In this case the couple are using one account and they have an agreed budget. However, to make this work! You need to sit down with your partner and count your joint income. Make sure you both agree on a specific budget that covers all your expenses from housing to groceries and bills.
You have separate bank accounts, budgets and bills. In this case one partner has control over their own money. This means you are not financially depended on the other partner. However, if your partner is not great with budgeting, it won’t affect your finances. Moreover, you only have to worry about your bank accounts, retirement accounts and investments.
Go half-half on bills (50/50)
Every expense is divided into two ways. Both of you contribute the same amount of money towards all bills. However, the couple must agree upon shared expenses like housing, utilities, vacation, date nights, etc. Moreover, in this case you can have control over your own money and also have an easy way to share expenses with your partner.
Each person takes complete responsibility for certain bills. In this case one partner can be in charge of housing, utilities and electricity while other partner is in charge of groceries, clothing and kids stuff. Bills can be divided in many different ways larger bills can go to the partner who’s making more money. However, grocery bills can go to the partner who does the grocery shopping.
In this method, both your pay checks get deposited to a single account. All payments and savings are made from one account. However, in this case each partner has a separate checking account. Moreover, it is important to figure out how much pocket money each partner will get. You also need to figure out what expenses will fall under the relationship fun expenses category.
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