Three Money Management Tricks That Make Splitting Finances As A Couple Easier

Three Money Management Tricks That Make Splitting Finances As A Couple Easier

Fighting with your significant other about money is a time honoured tradition amongst couples. NPR spoke with a financial adviser to come up with a simple set of rules that help keep those problems to a minimum.

Photo by aisletwentytwo.

Basically, NPR suggests setting up accounts with a “yours, mine, ours” principle. Speaking with financial advisor Kitty Bressington, they came up with three tricks to organise your finances so both people have private spending cash, but you’re both still covering the bills:

  • Set up a joint account to cover the basic bills.
  • Set up a plan with automatic contributions to a retirement account, college savings account and other long-term savings goals.
  • Then, each partner in the couple should get a set amount of spending or “fun” money every month that’s discretionary.

It’s a really simple setup, but it’s a joint management technique that keeps things easy while still offering up lots of freedom. Of course, depending on your finances, you’ll need to mix things up a little, but the principle still remains the same no matter how you end up dividing that all up.

How to Keep Money From Messing Up Your Marriage [NPR]

The Cheapest NBN 50 Plans

Here are the cheapest plans available for Australia’s most popular NBN speed tier.

At Lifehacker, we independently select and write about stuff we love and think you'll like too. We have affiliate and advertising partnerships, which means we may collect a share of sales or other compensation from the links on this page. BTW – prices are accurate and items in stock at the time of posting.