Couples Are Managing Their Finances

Finances tend to be a pretty awkward aspect of relationships, but they don’t really have to be. Take it from these millennial couples, all of whom have established a financial model that works from them. Every relationship has different needs and structures, but hopefully you can gain some inspiration from their stories.

Case #1

Erin and her boyfriend aren’t married, but they do live together. Erin also makes more money than her boyfriend. Their financial model is simple, bills are all evenly split. The bills are all in Erin’s name, so she pays them, and her boyfriend reimburses her for his share using Venmo, a money sharing app. They don’t own a joint bank account, nor do they plan to until they marry.

Case #2

Kevin and his wife meet regularly to discuss their financial goals. They do have a join account, but it’s used for savings, and not for bill pay. They use their own separate accounts for personal spending and saving. Since his wife makes more than he does, she pays rent and uses the rest of her money for savings. In return, Kevin pays for all other expenses, like food, phones, etc.

Case #3

Kathleen and her boyfriend have always shared their income equally, even prior to marriage. They’ve both been in the homemaker position in their relationship, but Kathleen currently runs her own at home business, while her husband takes care of domestic tasks like cooking, cleaning, shopping, laudy, etc. His work helps her work at home confidently, knowing that all the tasks outside of money making are taken care off.

In short, finances don’t have to be a super complicated part of any relationship. There is no “right” money management style, but in any relationship, it’s important for both partners to sit down and discuss how they plan on managing their finances for the short term, and the long term.