How do couples split finances?

Couples often split up their finances by doing a 50/50 split, dividing shared expenses based on their incomes, or using a joint account for shared expenses and keeping separate accounts for personal expenses. Some couples also decide to combine their income and expenses together.

How to Split Up the Finances With Your Partner

50/50 Split

With this approach, you are splitting all your bills down the middle and each of you will pay half the cost of everything. Even though this may be a very simple and convenient arrangement, it may not be the fairest – especially if one person makes a lot more money than the other. It may also be hard to make things come out even if you don’t have a shared account.

Split Based on Income

If one person in the relationship makes more money than the other, a fairer strategy than splitting 50/50 would be to split up the expenses based on each person’s income. For example, if you make $63,000 and your partner makes $37,000, you will pay 63% of the expenses and your partner will pay 37%.

Joint and Separate Accounts

If there are some expenses you want to keep separate, like personal loans you got before getting into the relationship or spending on personal care products, you can have one account for shared expenses and separate accounts for personal expenses. For shared costs like rent, utilities and groceries, both of you will contribute money to the joint account. For individual expenses, you will use the money in your personal accounts.

Combine Your Finances Completely

Instead of splitting up your financial obligations, you can combine all your income and expenses. Both of you can deposit your income into a shared account, and you can use that account to pay for everything.

Financial Tips for Couples

Communicate about your finances. Be honest with your partner about your income and debt. It is also important to discuss each person’s financial values, like what you believe is worth spending money on.

Create shared financial goals. Determine what items you want to save up for together, such as buying a house together or going on vacation. You can decide on an amount to save, and each of you can contribute a portion of your paycheck toward that goal.

Make a household budget. A budget allows you to plan out your spending and prioritize your necessary expenses, so you can prevent overspending. It can also help you track your progress on your savings goals.

Use a budgeting app. Some budgeting apps, like WalletHub, allow you to share access with multiple people. This can make it easy for both you and your partner to have access to the budget wherever you go and encourages openness about finances.

Schedule regular check-ins.

Set time weekly or monthly to go over your finances, such as the household budget, goals, and debt obligations. It is also a good time to address any financial concerns anyone has.

For more on how couples handle their finances, check out WalletHub’s Money & Relationships Survey.