Are you considering moving in with your significant other but have doubts about how you’ll handle your finances? Are you feeling like once the mortgage has been paid, you seem to have no money left, but your partner does? Do you throw all your money in a joint account without knowing where it goes? We’ve broken down 4 methods you and your partner could use to regain control of your joint finances. 

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50/50

This is the simplest method of all that may just work for some of you - the 50/50 method. Get together with your partner, write down all of your bills and expenses and calculate the total. Split that total in half and boom! That’s how much each of you have to pay. So, on payday, you both transfer that amount into a joint account that covers all of your expenses, then they’re covered for the entire month.  

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Split The Difference

Do you and your partner earn a significantly different amount of money? If so, you may come to an agreement that the higher earner simply contributes more money to the joint account to cover your bills. If that’s something you have both discussed and it works for you, then it could look a little something like this:

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‍Percentages

This could also be for those who are on entirely different salaries but don’t feel comfortable with method number two. Maybe you want to contribute equally but feel that could leave one of you in a worse position than the other. Well, this method could be more appropriate. Start the same way - calculate the total amount of your expenses. Still, then you’re going to figure out a percentage that works for you to split your salaries proportionately while still covering the bills.

Here’s an example:

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You Get This One, I’ll Get That One

The final method is slightly different to the rest as it’s not as rigid. In this case, you would each take ownership of certain bills and pay those monthly, rather than setting aside a certain amount of money. For example, one of you could always cover rent and the water bill, while the other will take care of the weekly food shop, subscriptions and phone bills. 

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Don’t Forget…

Be transparent with your partner about which method is going to work best for the both of you. Take half an hour every month to sit down together and go through last month’s spending, plans for the next month and discuss whether your splitting method is still aligned with your joint financial situation.