Should relationships be 50/50 financially

Should relationships be 50/50 financially?

No couple is the same, nor are their money habits. There’s no cookie cutter way to spend (or save) money as a couple. One thing every couple should consider doing is splitting expenses 50/50. This goes for everything from housing costs to date night with your significant other.

The biggest benefit to splitting expenses 50/50 is that it eliminates any opportunity for your partner to resent you. Splitting everything in half also makes both parties feel equally responsible for the financial decisions being made, while keeping all of the power in a relationship equal and fair. This system can be a helpful tool in a healthy relationship. However it will only work if both parties are committed to splitting expenses evenly.

See related: The 5 Types of Wealth You Need in Your Life

Reasons for relationships to be 50/50 financially

Should relationships be 50/50 financially? Here are a few reasons why splitting your finances is a good idea.

Eliminates opportunity for resentment

Splitting your finances eliminates opportunity for resentment. If you’re splitting expenses, your significant other knows exactly what they should expect from you when it comes to money and budgets. They know that if they pay for date night in a week, you’ll be picking up next week’s cost.

Makes both parties feel equally responsible for financial decisions

When both partners split finances 50/50, it helps make them feel equally responsible for the financial decisions being made. This is beneficial because both partners are invested in what is happening with the money. Neither is allowed to make unilateral decisions without consulting their partner first.

Helps alleviate anxiety of worrying about money affecting your relationship

Money can be one of the most difficult things to discuss in a relationship, but splitting your finances can help alleviate that anxiety. When both partners are responsible for half of everything the couple has, they will feel less anxious about affecting their partner with financial decisions or worries that they might have.

Splitting your finances equally in a relationship also helps couples talk more about money, which can be a hard topic to discuss. By laying your cards on the table, you’re allowing your partner to become a financial confidant. Their advice might be just what you need to make the best financial decision for both of your futures.

Gratitude and appreciation that you’re able to spend money on each other

Splitting your finances also helps you work toward common financial goals. When both parties are investing their time and money into a relationship, they’ll also feel more gratitude and appreciation that they’re able to spend money on each other.

This could include having goals like buying a house together, taking an expensive trip together, or going on a honeymoon. Splitting your finances can help you save up for these goals and work toward them as a team.

How do you split finances 50/50 in a relationship?

Set up a joint bank account

One way is by having a joint bank account. Each partner then adds an equal amount to the account each month. Then, 50 percent of this money goes to bills while the other half is saved or spent on yourselves. This way you’re both contributing equally and splitting bills half and half.

Incorporate your planning into a budget

When working on your budget, make sure to take stock of your life. What are the majority of your expenses? How much money do you pay out each month for bills, groceries, and entertainment?

Designing your budget might seem tedious, but think of it as an opportunity to make financial goals for yourself and your partner. The sooner you agree on how money will be shared in your relationship, the happier both partners will be.

Check out the Clever Fox Budget Planner to start tracking your expenses.

Don’t make assumptions

If your partner is carrying a credit card balance, don’t assume they’re footing the whole bill. Be sure to ask what’s going on with their finances before assuming anything. Be ready for an open conversation about shared expenses.

When is it difficult for relationships to be 50/50 financially?

Of course, there are some instances where the 50/50 rule might not work for everyone. For example, if one partner makes significantly more money than the other. If this is the case in your relationship, you should discuss with your significant other how they would prefer to split costs.

Perhaps you and your partner have agreed that one will go to work while the other stays home. If that is the case, then splitting expenses equally might not work. However, in these situations the couple has usually come to an agreement on how they will each shoulder different workloads within the house.

If you’re in a new relationship where you aren’t blending your finances completely, try to hold off on splitting everything in half initially. Focus on the smaller purchases like dinner out or a trip to the movies.

You may be in a relationship where one partner wants to pay for everything. It’s still important to have a dialogue with your partner about how much money is being spent on both of you.

At the end of the day, remember that splitting finances 50/50 in a relationship isn’t an all-or-nothing situation. You may find that your split will change over time, but it’s important to have clear expectations for each other when it

Regardless of how you and your partner decided to split the bills, it’s important to have the conversation.

Should money matter in a relationship?

At the end of the day, finances are an important part of life. If you can’t share the same goals when it comes to finances, then your relationship might suffer in the long run.

Whether you’re splitting lifestyle expenses like groceries or big purchases like renting an apartment together, it’s important that both partners are on board with how money will be handled. Both parties should feel comfortable talking about their finances, but know that if you have any concerns it’s okay to voice them.

It might feel strange to talk about money with your significant other, but having financial goals within your relationship can help both parties live the life they want together while sharing one bank account.

See related: How to Save $10k a Year [A Complete Guide]