Money Matters

Managing money with your partner

05 Jul 2021

2 minutes read

Managing money with your partner

Please note: MyPayNow are not providing financial advice. For financial advice and recommendations, please speak to a financial adviser.

 

Decisions, decisions…to consolidate funds with your partner or to keep separate accounts? Managing money as a couple can be tricky, but just like any successful relationship, honesty and trust is key. Before taking the leap, sit down to discuss where you’re both at financially, ensuring you’re on the same page with financial goals and priorities.

FINANCIAL INDEPENDANCE 

While you’re managing your own finances and don’t need to share expenses as a couple, having separate bank accounts may be the way to go. This is an ideal starting point that allows you to keep your financial freedom and doesn’t put too much pressure on you as a couple.

However, this does mean you need to have clear communication when it comes to paying for nights out or any joint bills that might come about. Have a conversation in advance and decide if you will be splitting the bill straight down the middle or paying according to what you earn. There is no shame in being honest about what you can and can’t afford with your significant other.

BEST OF BOTH WORLDS

This is a common option for individuals wanting to have their financial independence but are also trying to achieve a financial goal as a couple. Set up your own account for everyday expenses or that shopping splurge you deserve and a joint account for bills and combined saving. Be clear on what you both consider to be a fair contribution and stick to it. If you go slightly over your budget, MyPayNow can help you access your pay on demand and get you over the line.

JOINT ACCOUNTS

Combining both incomes into one treasure pot can make budgeting a lot easier, however, it’s a serious step and something you need to be sure about. Instead of piling all your funds into one major account, it may better suit you to divide up your spending, saving, bills and any other outgoings into different joint accounts. Even though your funds will still be consolidated, they’ll be organised in line with your lifestyle.

Be transparent about your money stresses and successes with your partner and have in depth conversations to make sure you’re fully aligned. Then, treat yourself to a fun date night! If you want to make it extra special, use MyPayNow to get a payday advance.