A Few Ways to Manage Money as a Couple

Managing and saving money as an individual is not an easy feat, but as a couple, it can be twice as hard. However, there are several different ways for couples to manage their money. Some of these methods might work for other couples but not for you because there is no one-size-fits-all method. What you and your significant other need to do is to figure out which of the money management solutions work for you either by trial and error or discussion.

Having a Joint account

Here, the couple will chip in a certain amount proportional to their income, or they chip in the same amount into a joint account to take care of household bills like rent, dining, and groceries. A major advantage of the proportional pooled account method is that the couple can put in the amount proportional to their income without feeling pressured to keep up with their partners. With the same account method, on the other hand, none of the partners will feel penalized or subsidized because of the other. An agreement needs to be made between the partners to avoid issues.

Keeping Separate AND Joint Accounts

This method involves each person having a separate account while having a combined account with their partner. Every month, a certain amount of money will be transferred to the joint account and personal account. This way, each person can spend the money in their separate account freely without consulting the other. This method is kind of like an adult version of an allowance, and the amount must be selected by the couple. It should also be up for review in case adjustments need to be made.

Keeping Separate Accounts Only

In this method, each of the partners decides which of the bills they will be paying – i.e. one person can be paying for the rent while the other will be paying for the groceries. There are no combined accounts in this method, and each person controls all the money they have. It, however, requires coordination and discussion. A monthly tracking system is also encouraged in case there are extra bills and expenses to be paid. This is a good way to manage your money as a couple while having complete control over your money.

Living off One Person’s Salary

With this approach, the couple will live off the salary of one of them while saving together with the salary of the other. The savings will be for a shared goal such as retirement or emergency fund. This means that monthly expenses will be taken care of by one salary. This approach is very simple as it is a good way to save money as a couple but it involves the couple being on the same page.

Of course, there are more ways to be successful financially as a couple.  Open discussion and teamwork are extremely important.  Being open can prevent damaging arguments down the road as financial problems are the main reason for ending a relationship.