Tips on Handling Finances as a Couple

If you are in a relationship that is serious, there may come a time where you start sharing things as a couple. You might share a house, share a car and you might even start to share money. Handling finances as a couple can be a very tricky situation. Financial strain can need to strain in a relationship and even lead to break up. What are some ways that you can handle your finances in a relationship.

The first thing that you need to do is to upfront and honest about your financial situation. Don’t assume that your partner is going to simply tell you everything that you need to know, or that the bills you know about are the only ones that your partner has. You have to be willing to share financial information with each other so that you know where you are starting out at as a couple. There is nothing worse than being with someone who is broke and will not admit to it.

Keep your bill separate from those of your partner. This will make it easier to figure out who owes what, and make sure that no one is providing for the other without knowing about it. For example, if you merge both of your student loan payments into one payment, it could mean that someone is paying 1,000 dollars a month when they only owe 200. Just because you are in a relationship is not a reason to not take care of your own debt.

Only have a joint banking account for your joint bills. For example, you might both throw some money into an account so that the rent can be taken out every month. Each person would put in an equal amount, so it wouldn’t really lead to any big issues. Never get a credit card, or co-sign for someone unless you are willing to pay the price should anything happen.

Neither side should feel obligated to cover all bills. Even if one person makes 45,000 a year and the other only makes 25,000 a year, there should be a split that is equitable to both sides. If one person feels obligated to carry the load, they might start to resent it and feel like they are being used.

Financial problems when in a relationship are quite common. You might love the person, but hate the fact that they would accept such a stupid loan, or like to spend a lot of money on clothes. As long as each side is able to keep their own bills paid on their own, there should be no reason to squabble over shared expenses.