Maintaining a joint budget isn’t always an easy task, especially if partners are used to managing their paychecks differently.
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“A common financial goal brings us closer together.”
Budget: 65-70% of each partner’s salary is a personal money, and 30-35% is shared.
My girlfriend started working before I did. So for a short period (about 3 months), we had a separate budget. Then, when I got a more stable job, we thought about how to organize our finances together.
We were lucky: the girl’s parents bought her an apartment, so we didn’t have to save money for rent. But there were common financial goals: we saved up for a trip to Singapore. In addition, we wanted to buy groceries, pay utility bills, and split restaurant bills.
However, at the same time, it was important for us to maintain financial independence from each other. Therefore, we agreed that we would transfer 30-35% of our salaries to the common fund. The rest stays in our accounts.
For this purpose, we made a separate card in my name. We transfer money there every month. We use it to buy groceries and go to restaurants and movies. Whatever we don’t spend during the month is sent to the Singapore savings account. A common financial goal brings us together, we act as a team.
This is an additional motivation: if you want to go on a trip, you do not need to spend every penny. When a spontaneous desire to spend arises, it is worth asking yourself: “What’s more important to me: going to an expensive restaurant right now or saving my money so I can get to the Singapore street food stand sooner?”
Expense items
We love going to restaurants and hardly ever cook food at home. So the expense items from the total budget look something like this:
40-45% – restaurants and going to the movies;
20-25% – travel;
10% – groceries for the house;
10% – utilities and rent;
5% – services we both use.
5% – monthly cleaning.
Clothes, hobbies, medicine, and equipment are all paid for independently. Especially since our interests differ. For example, I go to the gym with a swimming pool, and my girlfriend goes to a regular gym. My membership costs twice as much. But she gets a monthly manicure and waxing.
Of course, a completely separate budget – is a utopia. For example, one day my girlfriend’s computer broke down. Urgently needed to buy a new one. But she didn’t have enough money for that, so I added my own.
Helping the person you love is normal. I don’t think there should be any rules. Otherwise, you’ll be just like strangers. You can dig this to find your life partner.
If someone feels uncomfortable financially burdening the other person, it’s better to return what you spent in the form of some kind of gift. It’s nicer, and money isn’t the most important thing in life.
Quarrels over money
Since we have a very well-thought-out system, we have never fought over finances.
Financial accounting apps
I used to use a financial accounting app, but I only needed it to learn financial planning. Then, when I already intuitively knew what I was spending my money on, I didn’t need it anymore. It is much more convenient to do everything without third-party services; they take time. Now my girlfriend and I are making investments, for which we only need special brokerage apps.
Children
We do not have children yet. But we have an ingenious idea. As soon as the girl gets pregnant, we’ll set up a separate account to deposit $5 every day until the baby’s 18th birthday. Then when he grows up, we’ll give it to him as a gift and let him use it however he wants. But until then, starting in his teens, we’ll teach him financial literacy and share our experiences.
Tips for other couples
Money is not a reason to fight. If you have conflicts over it, maybe the primary problem isn’t how you allocate your finances. Maybe you don’t hear each other or can’t articulate what you don’t like.
Have common financial goals. It brings you closer together and motivates you.
