Handling money in a relationship.
February 17, 2005 11:42 PM Subscribe
How do you handle money within your relationship?
posted by croutonsupafreak to Human Relations (37 answers total) 9 users marked this as a favorite
Right now, my boyfriend and I have totally seperate accounts, and we pay our mutual bills on an income-proportional basis (we live together). He makes more, so I let him pay for dinner out most of the time and we usually wait until it's his time to buy groceries before we buy more expensive items.
We're trying to figure out how we'll handle money as our relationship progresses, with the thought that we'll probably get married in a year or two.
I read a financial column recently that adamantly argued that couples should combine all their finances into joint accounts. Other things I've read suggest keeping seperate personal checking accounts, but maybe having a joint checking and savings account.
I have about $2,500 in car and unsubsidized student loans that I want to pay off before we start becoming fiscally enmeshed. I've got another $10,000 in subsidized student loans too. Because paying off this debt and saving for retirement are very important to me, and I don't make all that much money, I live on a fairly tight budget.
He makes more than me, invests well for his retirement and doesn't have any debt. He's not intentionally frugal, but he's not all that into consumption, so he just seems to naturally save an additional fifth of his income each year after investing.
We're open with each other about how much we have and what our financial goals are, but I think we're both a little nervous about combining accounts.
How do you and your partner manage your finances? Any tips for becoming more comfortable with this topic? Any suggestions for us?