How do married people manage finance? Do you both share rent and other expenses or just one person pays?
- New EMVH32moreSplit every home expense. Don’t comingle bank accounts. If you do those things you will keep a major source of conflict out of your relationship.
- It can be a partnership without sharing money. You're committing a logical fallacy by assuming it can only be a partnership with shared finances.
Would you consider yourself only to be friends with someone if you shared finances with them? Of course not. So why extend this flawed logic to marriage, for anything but archaic views of the man financially supporting the woman?
- Combine your finances into one pool. Complete transparency. Have a conversation at least once a month about your budget and purchases. Set some boundary beyond which you discuss purchases ($20, $50, whatever). Set long term priorities and goals and track progress towards them.
Give yourself some splurge money for each other (gifts, dates) every month.
- Jet.com mFFY55Etherium
My wife and I convert most of our cash assets to ETH. We then use smart contracts for most common purchases. In the event of a divorce we feel this will allow for us to clearly represent each persons share allowing us to sell or transfer to a new partner(s) on either side.
- Cisco SipowiczWe’ve always kept our separate accounts simply because it’s easier to manage, don’t have to check in with one another on purchases. We decided who pays what bills and it’s taken care of each month. We have access to each other’s accounts just in case something happened to one of us but we don’t actually take money out of each other’s accounts or check balances. Thirty years and still happy. Do what works for you. There is no “right” way.
- Micro Focus / ProductGWOz11Spouse and I had a combined TC of 60k out of school (10+ years ago). We did joint account and have never looked back. We make sure all bills are accounted for.
I don't think you'll find the 'perfect' answer here. You should talk this out with your partner and see what fits you both. Folks here have wicked TC's and want to make sure it's being spent wisely.
- Apple / EngSwiftDevWe do the combined thing. Got married when we had nothing. It was super easy to combine. Worked our way into success together and kept it that way. We keep a budget and discuss any major purchases. It works well for us. But as others said, find what works for you. For some, combining everything is a major stressor. So just have a discussion and talk through. Don’t be afraid to try something and adapt as you go.
- New / EngerrfilenomorePartner has her credit card, I have mine. Her spending priorities and mine differ in many ways, but we respect that and don't itemise each other's bills. We pay both off to zero from the communal pot every cycle, and we discuss large purchases in advance to ensure we don't both spend big in a month without knowing it.
Lease and recurring expenses also come out of the communal pot.
All money we make goes into the communal pot or a savings vehicle held by our Revokable Living Trust. We don't currently pull in the same salaries as each other, and that is okay.
We set savings goals, and I have a spreadsheet that tracks our progress using trailing-one, -three, and twelve-month moving averages, and we have conversations about trends roughly once a month, but we don't sweat it too much if we miss the mark here and there -- that's what the longer-tail moving averages are about. We make attaining those goals a bit of a game, and we take turns writing one-line appreciation notes for each other in a notebook, which does a lot to quell resentment early and often.
- Combine finances. That way you can have whole picture and work together towards your goals. If you have to, allocate x amount per month each of you can spend no questions asked.
We had split finances for a first couple years and it was a total pain in the butt.