Couples follow a pattern of living. They look for the cheapest house and lot for sale in Philippines, save for the expensive and luxurious buys and plan out their family.
However, discussing finance or expenses can be taboo. It often causes arguments and disagreements between the partners. Unfortunately, failing to plan or discuss finances of the household can provide damages in the long run.
If you and your significant other are not open to the idea of tackling your income, you can talk about your spending and expenses as a household. Here are some tips on how to split you and your s.o. can divide your monthly bills.
Money rules for couples
Communicate money matters
Having a partner means being comfortable to share everything, even the most embarrassing moments of your life. It also means you have to share what how much goes in and out of your wallet. Finance can be a sensitive topic, but if you don’t trust your partner with information regarding your spending habits and financial status then splitting the bills won’t work.
When talking about financial matters, you don’t have to break down what you spend each day. Giving your partner an idea of how you delegate funds each payday will help him or her get a sense of how responsible you are. At the same time, it gives your significant other an idea how to work with your existing funds and habits to reach your long-term goals as a couple.
There are lots of advantages to plotting dates on the calendar. First, it allows you to make plans considering the budget you set for the day. You also get to see the pattern of your dates if they are monotonous or not. Next, it makes you look forward to the moment.
Steady couples often focus too much on their careers and forget to go out and treat each other to a day out or a fancy dinner. If you are part of the population that has the same experience, a scheduled date will undoubtedly improve your relationship with your s.o.
Scheduled dates also allow you to assign who pays for it. You can take turns on who shells out for the current rendezvous. The other can spend for the next date. Moreover, pre-planned night outs and brunches will give you a chance to have unexpected dates because you both saved extra cash.
Use the 50/50 rule
Most couples the payments for dues and expenses by half. Most of the time, live-in partners are the ones who follow this rule. The total amount of utility bills and living costs are equally divided to two. That way, both parties are liable for the expenses.
However, the 50/50 rule may not be ideal for a couple who have a discrepancy in income. At the same time, there are cases when a partner contributes a larger portion of the expenses than the other. If that is the case, they may try using percentages to compute their share of payment.
The person with a greater net income may have a higher percentage share, but if the same person consumes fewer resources at home, there needs to be a compromise.
Have separate savings
Just because you are open to each other doesn’t mean you don’t save some for yourself. Financially speaking, it’s best for each to have separate funds when saving for personal wants and needs then have a mutual savings account for the future.
Saving is a continuous process. You should not only save money to attain pricey material things, but you should also save for rainy days. Emergencies are unexpected and often cost a lot of money. Thus, having spare money for such instances is important. You can use the stored money in the mutual savings account when the incident occurs.
No matter how smooth sailing your relationship is, some people still have boundaries. The line more often than not is drawn when it comes to financing.
Some partners are not flexible when it comes to money. They expect you to be a responsible adult, the same way they do. Thus, borrowing money to purchase useless things is a no-no. It can be the spark that strains your relationship. Refrain from borrowing money especially if you are unable to pay it back on time.
If you need extra cash, you can use the balance of your savings to withdraw.
Open communication is the best solution for tackling money matters. Starting the habit on the dating stage until co-habitation will make splitting expenses easier.