If you've ever lived with another person, you know that money is a major factor when determining how to pay for expenses. If you've just decided to move in with your significant other (or not!), Money can sometimes make or break a relationship. But it doesn't have to be an issue if you choose the right way to manage your finances together. A survey given by Learnvest and Chase Card Services revealed that more than 44 percent of couples keep their finances separate from their live-in partners—whether they are married or not.
Those statistics are shocking because it shows how fearful people have beome from sharing their expenses. But there are plenty of strategies you can tackle whether you're both working, if one of you out earns the other, or if one of you is the main provider. Check out these methods and see which style is most ideal for you!
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Unmarried couplesshould ideally, keep most of their money apart, but have a joint account for shared expenses where each of you distributes equal amounts of cash to it and ONLY use the funds for those necessities.
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For couples who are married or not, but have uneven incomes, the best method would be to contribute a percentage less than half of their earnings to a joint account—especially if they would like to live a lavish lifestyle.
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If one partner is intending on supporting both of them, it's best to have strong communication before doing so, because there is a high possibility of conflict of money.
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When a couple is unmarriedand one is paying off a large asset on their own and prefers that each pay a designated bill, make sure to stick with the ones you are assigned.
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I__f you're a married couple and have no large debts__ going into the marriage, an ideal way to manage finances is by having a joint account and savings. Another idea can be to maintain a joint bank account for shared expenses and then separate bank accounts to be used for recreational purposes.
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If you have a job that is inconsistent, but your partner has a steady paycheck, it's best to live off one income and place the other's sporadic earnings into savings.
Moving in with your partner doesn't have to be as complicated as it is made out to be. If you find the right way to divide your earnings, you won't have to worry about the financial hassle especially since there are so many methods to try. Of course I'm not saying play a game of Russian roulette with your money, but use your best judgment depending on how you both approach spending.
How do you manage your expenses with your partner?
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