Married? Living Together? How Should You & Your Partner Manage Your Money?
They say that money is a nasty topic, and they’re right – at least when it’s being discussed in person, it is. Even more awkward than the ‘what are we’ talk that most couples have at one point or another, talking about money is always uncomfortable. Or, at least, for the most part, it can be.
Admittedly, talking about your income and savings isn’t something that you probably do very often, but there are some instances, such as when moving your relationship forward, when it needs to be brought up.
The question is, of course, what’s the best way to go about doing so?
What Are The Options?
To start off with, let’s focus on what your options are. The first thing that you should know is that as a couple, how you choose to manage your money is up to you, each couple is different, and that’s perfectly fine. Some couples choose to each have their own money and split all bills and other costs down the middle. While other couples don’t bother splitting things, instead whoever has money at the time pays.How To Manage Finances With Your Mate PeacefullyClick To Tweet
How you and your partner manage your money depends on your relationship and personal preference. In some relationships, one partner pays for everything, simply because they earn more than the other person. There’s no right or wrong way to manage your money, it’s just a case of working out what works for you and your partner.
Separate Bank Accounts?
A lot of couples choose to open a joint bank account, but does that mean you should get rid of your individual accounts? Once again, this is down to personal preference and depends on whether either of you has savings.
Because if you have savings, then the chances are that you’ll want to keep them separate to the money that you and your partner share.
As sites like The Fortunate Investor say, having savings to fall back on should your circumstances change is important for your financial health. So, if you want to ensure that you always have access to your savings, it’s probably best to keep a personal account as well as having a joint one.
How To Start The Discussion?
In terms of how you should bring up the subject of money with your partner, the best thing to do is to sit down and have a chat. Say that it’s important that you both protect yourselves financially, but that you also want to start building a life together.
Talk about opening a joint bank account and how you would use it. Perhaps each month you could both put your half of the bill money in there, and then any leftover money you could spend doing something nice together, or you could add it to a joint savings account? The idea is to find a method of managing your money that works for you as a couple.
When you’re in a serious relationship and are living together, it can be hard to know how to manage your money. There’s a lot to think about and work out, especially if you’re unsure what would be the best route to take. Hopefully, the tips above will help to make the process that little bit easier and less awkward.