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For some couples, finances are complicated subject and the ruin of some relationships. Combining assets, discussing each other’s debts, figuring out how much to save or invest and determining who is responsible for what are some of the issues you’ll need to work through together.
Here are few suggestions you may find helpful to navigate finances successfully together:
Come Up with a Savings Plan
If one person likes to save more than the other, you can always designate that person as the saver (they contribute more money to your savings fund), while the other person is the spender (they pay more of the expenses). Apart from shared expenses, you’ll also want to have a savings fund. This can be for emergencies, vacations, retirement or anything you both could like. You can figure out a percentage of your income you’re both comfortable saving,
Consider Starting a Joint Account
This account set up will allow you to have access to money you can use on whatever you wish, without having to feel guilty you’re using your partner’s money. For any shared expenses you have, it’s helpful to have a joint account to pay with. However, it’s also key you keep your own separate accounts.
Contribute Based on Percentages
In order for both of you to keep a joint account, you’ll need to fund it. Chances are you’re not both making the same income, which means a 50/50 split wouldn’t be fair. However, you can figure out what the total amount you owe in bills and base contributions on the percentages of the amount each of you nets. After you do the math and figure out what each of you needs to contribute, you can then move on to set up direct deposit for the joint account so it happens automatically.
Help Each Other Out
While you should make shared expenses fair, you might want to factor in higher-than-minimum payments into your percentages when figuring out contributions. In a case where one of you have a loan debt? Or high credit card debt? It’s beneficial to you both if you’re financially healthy as an individual so you can always be there for one another.
As a couple, having an open and honest communication about money will help set you both to be financially healthy and happy.
