Managing your own money is hard enough for most of us. We need to establish a budget according to our needs and priorities. Once everything is written down, you basically have a few sources of income and several expense accounts. It’s only a matter of balancing both sides of the equation. However, things are getting a little bit more difficult when you are trying to manage money with your better half. If both of you make about the same income, there should not be a problem. But what if you are making twice than your spouse?
Does finance really matter in your couple?
For some people (like me) money does not become an issue when it’s time to blend everything together. I look at my couple as a team and we both contribute our ways to the family. It doesn’t really matter if one makes more than the other as we share everything. The decision was easy to make as we started going out at the age of 15. At that time, there was not much financial wealth to share (it was more debts than anything else!).
However, things are getting a little bit more complicated when you meet someone that is making twice your income and already have assets. What can you do when you cannot obviously buy half of what she/he has? This is where you need to address this situation and have a good discussion about it.
If both of you are in for the long run, you should eventually find a way to pool everything together. However, things are not that simple at the beginning. If you can’t afford a $200 restaurant bill and the other one can, there is unfortunately room to dispute.
Define other than financial contributions
A solution I might think of would be considering all kind of contributions to the household. Cooking, cleaning or taking care of the house would be an interesting way to compensate. This solution is based on the probability of ones making less hours than the other one and has more time to take care of the house. If it’s not the case, it may be seen as an unfair solution as well.
Become a team
As I don’t really see how the splitting game would work in the long run, I still believe that, after a good discussion, both must decide to pool everything together and start living as a team. It will obviously not occur during the very first months of the relationship. However, there is certainly a point where both individual will feel comfortable with this option… hopefully!
If you have any tricks about how to handle this situation, please let me know!
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