Kia Ora Friend,

Do you know a couple who routinely throw objects at each other when it comes to finances? Could this possibly be you? Or you in the future?

Then, this is for them/you!

[Click here for a more detailed post]

Why is Money a Big Deal?

How we prioritise, spend and think about money is so different on an individual scale.

Personal finance is personal and money can even give you problems even if you are on your own. So it's not tough to imagine what money can do for couple who isn't prepared.

Thankfully overcoming struggles like this makes couples stronger and here is a method I want those feuding couples to take. The first step is sitting down and talking about what is shared expenses and what is not.

His/Her/Their Expenses

Shared expenses can include:

• rent

• groceries

They don't include:

• personal hair cut

• booze with the lads/gals

Don't forget to budget in a date night once a week or fortnight. You need to spend time together as well.

Once you have listed your joint expenses. Let's set up a joint account.

The Joint Account

A joint account allows you to access your shared money separately. Most banks will allow you to do this at no extra cost.

The joint account will house all your shared expenses. So any direct debts for rent, power, internet, you name it all comes from here.

At the moment, you know how much needs to go in but you need to figure out who is going to contribute how much.

Who Contributes How Much?

Contribution should be allocated in proportion to pay. This is best explained with an example.

If one partner earns double the other, this is a 2:1 ratio. We add the ratio together, so 2 + 1 = 3. This means there are three 'parts' to contribute. The higher earning partner pays two-thirds of the shared expenses and the other pays one-third.

This keeps things fair as you are a team. That means the higher earner should cover a bit more.

The next thing to do is to make this automatic.

Autopilot your Contribution

Now, set up an automatic payment routinely that pays into this joint account.

Do this so it goes through on your payday.

Making it automatic allows you to focus on other aspects of your life instead of worrying about paying into this account.

You may have to readjust your contributions as time goes on based on how little or how much is sitting in the joint account.

By the end, you can enjoy your relationship and not have to worry significantly worry about money.

As a disclaimer, I am not a personal finance or relationship expert. Please do not take this as professional advice.

If you would like to read a more detailed post, follow this link.

Did you find this useful? If you did, please forward this on to family and friends so they can find it useful too.

Thanks for reading and all the best for the week ahead.

Mā te wā,

Shivan :)

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