Combining finances straight out may not work for everyone. In fact, it can actually cause more tension, mistrust, and confusion than one might expect! Thankfully, there’s another way to cooperatively manage your money as a couple. Actually, there are several!
#1: Set Aside Fun Funds
Combine all income each month to pay bills and contribute to savings goals – but also set aside an allowance or “fun funds” for each partner to do with as they wish!
This method helps keep transparency a top priority, yet also allows for some freedom from judgement and decision making over each individual’s personal expenses.
#2: Split Bills
Splitting expenses either 50/50, by a percentage based on each partner’s take home pay, or for specified expenses is one way to handle bill payment.
Just be sure to talk through the decision – since according to finance blog FundingCloudNine.com, “splitting bills equally sounds fair, but what if one person makes significantly more/less than the other? Certain expenses will be a heavy financial burden on the person who makes less money.”
#3: Live Off One Income
If you can afford it, another simple alternative is to use just one income for expenses and the other for savings goals. That way, you always know you’re meeting your financial obligations AND saving for emergencies and large future purchases!