Combining Your Finances

1 January 19

Your Finances

Sharing your life with another person can be a very exciting and stressful thing to do. When you add finances to the mix, arguments are bound to happen. But how do you deal with the reality of money? PaydayOk! helps puppeteers Sharai and Chris balance the books in there relationship.

If you find yourself getting stuck in the same money argument with your mate, consider these tips:

  1. Decide whether to use joint or separate accounts. Or think about having "yours," "mine" and "ours" accounts.

  2. This about how you pay for things and find the best way that works for you. You can try the nickel and dime approach: pay for only what you use, down to the food you eat and long-distance calls you make. Another option is that you can go half and half - splitting everything down the middle, regardless of different incomes or spending habits. A third approach is to pro-rate according to income: If you make twice as much as your partner, you chip in twice as much for bills and rent.

  3. Don’t begrudge your spouse small indulgences. But always agree to consult each other on big ticket items - and define big ticket according to your spending limits.

  4. And finally, don’t criticize your spouse about money in front of others.