Just married? While it’s sure to be one of the most exciting times of your life, finances quickly become a priority after your honeymoon. Money can lead to some difficult conversations with your partner, but it’s always worth taking the time to get things sorted with honesty, integrity, and an organised approach too. Whether you’re getting married this year or you’ve just started talking about a joint bank account, it’s worth knowing some of the best ways to manage and split expenses as a married couple.
[Photo by Mathieu Stern on Unsplash]
Our top tips for splitting expenses as a married couple
Set a family budget
Drafting a family budget means thinking of all the predictable monthly expenses you’ll both need to cover. From mobile phone bills to grocery shopping and fuel costs, it’s worth considering every outgoing and noting it down in a list.
Once you’ve got an exact figure for your shared incomings and outgoings, you can look at creating a realistic budget for your commitments and activities as a family. Of course, this budget should also include a set amount for you to save monthly.
Consider a joint account
Marriage is preparation for lifetime commitment, so it’s worth thinking of ways to streamline your spending and saving. Opening a joint bank account is a major step in any relationship but signifies trust and mutual respect, allowing you to share the money you both earn.
Don’t feel pressured into choosing one approach over another. Shared bank accounts aren’t for everyone, so it’s worth having a neutral conversation about it before either of you have started seriously considering the change.
Decide how you’ll split household bills
It’s no secret that household bills are becoming increasingly expensive. It’s important to make your plans clear and have an open conversation about bills, who will pay them, and what you’ll both do if you end up needing to pay more than expected.
Bills might fluctuate, but you could make things more predictable by opting for a fixed tariff or paying for your utilities with a monthly direct debit. Recurring expenses like car insurance and contents cover increase the costs, so a good option could be a multi car insurance.
Try splitting 50/50
Lastly, whether you’re struggling to come to an agreement or you’re simply indifferent, it could be worth giving the 50/50 method a try. This means paying for exactly half of all your personal and shared expenses, so neither spouse uses their own private cards, cash or bank accounts.
In theory, this method works well for easy-going couples who have routine spending habits and trust one another entirely. In practice, complications can emerge if one partner is spending more than the other - or if you experience other issues in your relationship.
To conclude
Trust and communication are vital for any married couple, especially when it comes to money management. Try to push past any initial awkwardness and work towards the best outcome and long-term plan to suit both of you - and your future together.
