We asked, you answered: The best financial advice you ever gotįor couples that decide to go with one joint account for common expenses and separate individual accounts, Jerel Butler, founder of Millennial Financial Solutions recommends using salary as a proxy to determine contribution amounts. “We have personal accounts so we don’t feel weird or guilty using our joint account for ourselves.” “I use my personal funds for buying stuff for my car,” he said. “We enjoy having control over our individual finances as well,” he said. Reyes and his wife have a joint account where they pay combined expenses, like their mortgage and food, and also have separate accounts. There are three common approaches when it comes to budgeting as a couple: merge everything together and share all income and expenses, create a joint account that both people contribute to for shared expenses while also maintaining separate accounts, or keep everything separate and split the bills. Tracking spending will provide insight into each person’s spending habits and can also help identify areas to cut back on, if necessary. You can do the work manually by creating your own spreadsheet and adding income and expenses or by using apps, like Mint or Honeydue, that connect to your accounts and can do the heavy lifting for you. That means tracking all your spending (yes, all of it) for a few months. The first step to creating a budget is knowing what money is coming in and how it’s being spent. Set regular date nights where you discuss finances, review the status of your goals and make any adjustments to your plans. “We had an honest discussion about, how does money make you feel, who do you trust with money and what kind of financial situation are you in, including debt and income,” said Reyes, a senior financial advice manager at personal finance app Albert.īut these money conversations shouldn’t be a one-time thing. Mark Reyes and his wife Jessica Willison had their first money conversation a few months into dating. That means talking about things like: income, debt, spending habits, savings goals and credit scores. Yes, it might be uncomfortable, but you need to have a clear understanding of each others’ financial standing to make a sustainable budget. Lay all your financial cards on the table. The first step to successful financial planning as a couple is to start talking. That’s why it’s important that both people feel included and comfortable when setting up a budget and financial plan. Money issues are a common source of fights among couples. Or maybe one person has a higher risk tolerance when it comes to investing. You might not think twice about spending $100 on a pair of new shoes, but your partner could consider that a major splurge. Add another person to the mix and it can get even trickier. Sticking to a budget can be hard enough when it’s just your own spending and saving you’re tracking.
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