Personal finances with partners: what you should consider


Talking about money with your significant other from the beginning will save you many arguments in the future.

Money management with a partner is something that isn’t that much discussion about when it comes to personal finances. However, most of the decisions that we take in our lives have a direct impact on them, including living with someone else. Therefore, the couple must have a conversation about financial goals and the way they invest their money.

If you discover that your partner is someone who hasn’t a budget or that never had the need to save money to acquire stuff, it will likely be a challenge to adjust daily expenses. On the contrary, if both people have an agreement from the get-go  about the goals they have and how they will manage money, everything will be easier.

Discussing financial goals  with your partner

It is important to talk about the financial goals that both people have in the short and long term. If eventually one of you wants to start a business such as opening a restaurant, the other must already know this since this will imply taking some financial decisions that affect both of you. Of course, some things might change along the way but you could have some ideas of what you want to achieve in the following years.  

Sharing of expenses

Although money management within a couple is a private matter, it must be discussed by the two people involved. Some people prefer or must be in charge of the expenses related to the house while others share them monthly. Doing the math around all the expenses that HAVE to be done will help to balance what each person must pay.

Joint or separate bank accounts

Another aspect to be discussed is maintaining joint or separate bank accounts. If both people have an income, perhaps they prefer to have individual bank accounts and each one is responsible for the money saved there. However, it is easier to know all the financial moves that the couple is doing, a joint bank account might be the simplest solution.

Consumerism habits

It is natural for each individual to have some interests and that some of the money is invested in elements that are related to them. Have a conversation about consumerism habits in those areas that you are willing to spend more money so the other person is aware of that and isn’t surprised later on about how much someone can invest in things that only serve a personal satisfaction.

Revise if there are any duplicates

Once life as a partner starts and you share the same roof, you must go through all the stuff to avoid having duplicates not only in terms of objects (no one needs two toasters) but also in things such as subscriptions. You can sell LINK TO ARTICLE all the duplicates to earn some extra cash and make sure to pay for one streaming account.

Couple’ spending expectations

To avoid discussions and disappointments, the healthiest thing to do is to discuss the financial situation of each person and what they can afford. It is not fair to demand another person to invite you to dinner every day if the budget does not allow it and, if that is what you expect from someone else, it is better to let the other person know beforehand so it doesn’t become a bigger problem in the future.

Finances with a partner are only effective if communication between the two people is genuine and frequent. The economic situation shouldn’t be hidden and unrealistic expectations around the financial reality must be avoided. This way, you can build a healthier relationship with somebody else without having money as a constant problem.