With Valentine’s Day quickly approaching, let's break down ‘splitsies’ for couples. Even if you want your contributions to be equal, how you split finances when you're cohabitating or married may not be 50/50. In fact, it’s not always the best way to go about managing finances as a pair.
Try practicing these three basic rules when divvying up expenses as a duo:
•Split your expenses by income ratio (not down the middle 50/50). For example, if you make $60K and your partner makes $40K, your rent contribution would be 60% and your partner’s would be 40%.
•Be open about any debt or financial struggles. This could be talking about any credit card debt, student loans, or the urge to spend when you’re unhappy or upset.
•Invest equally in retirement and other opportunities. Make sure your gains grow together. Check in with each other on your investments and personal stock routinely.
Your next move? Try suggesting a monthly ‘money moment’ with your partner where you each discuss your different money goals, saving and spending plans, and other important financial topics. You can adjust as needed, too. Remember, your financial health is key to long-term success as a couple!
We’re honored to be your guide when it comes to making better money moves. For time with your LMY Financial Coach, visit the scheduler. For more program benefits, visit lifemoneyyou.com.
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