There are many stressors that arise during long-term relationships that can test the foundation of your union. One of those stressors is money. Building a life together can get expensive, and circumstances can get especially complicated when there’s a discrepancy in earnings or dealing with unexpected curveballs.
Discussing finances can also be a sensitive subject, as people come from different philosophies surrounding money. Many have been brought up to believe that in heterosexual dynamics, the man should cover everything financially. However, modern times have challenged this outdated belief, as more and more couples strive to prioritize splitting things evenly.
Getting on the same page isn’t always easy, however. While one partner may think that money is made to be enjoyed, another may be more conservative with their spending. According to various studies, a significant portion of couples crumble under financial stress, with statistics showing that around 40 percent of couples argue about money at least once a week
How Do Couples Navigate Finances Together?
Are joint accounts antiquated or should expenses always be split 50/50? 21Ninety got a chance to ask a handful of real-life couples how they navigate finances in their homes.
We have a money date this weekend! We regularly set a time to go to our favorite restaurant and discuss our financial plan for the next six months.
When it comes to finances we have a joint account for bills, then our separate bank accounts for whatever we want to do with our money. We also have a savings account that we put money into for things we want to get, like home renovations or down payments, rainy day and vacations, all that stuff. That’s how we stay stress-free.
I try not to pocket-watch my partner while setting boundaries on my needs.
The only thing we split is the rent. Everything else is kept separately. My money is mine and her money is hers.
It used to be 70/30 but now because of my business venture he takes care of all the bills.
We split the rent evenly. We pay everything with one credit card to get points for travel and just split costs according to who purchased what at the end of each statement cycle. I cover groceries, he covers when we eat out.
We keep our own finances separate and do what we want individually while splitting everything that’s shared 50/50.
We are transparent about our finances and split expenses depending on our income.
I come from a traditional upbringing and luckily, so does he. He takes care of the bills and most of our life’s expenses, and in turn I do all of the housework.
We have a joint debit account and two separate credit cards that we actively talk with each other about. This lets us have our own spending money kept separately and I find it makes things easier. Our priority is simply the shared accounts which saves us headaches and arguments.