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How to Manage Finances in Your Relationship

It is pure truth that money cannot buy true love, but then, money sure can tear love apart. The issue of finances and how to manage it is one of the frequently asked questions by couples. The reason why finance causes a lot of problems in relationship is due to different reasons but all of them boils down to one big one. Things like difference in values, goals, habits about money will surely cause a little bit of problem when it comes to managing the finances in your relationship, but what would make it all worse is the lack of proper communication about money issues. While some couples are able to navigate their way through the hard times and issues that finance management has caused them, some lose years of happy moments and anticipated joy to this same cause.
Before I start, I would love to say that if you are in a new relationship and you are sure that life might happen at any time, I mean you are not yet sure that the relationship will lead to marriage- kindly do not think of putting your money together with that person. Be sure that whoever you are sure you want to be together with for the rest of your life is the person you think about finances in a relationship with. Although, even some engaged couples’ breakup their relationship if life happens between them, but research as shown that only about 20 percent of all engagements are called off before the wedding. So, if you really want to be wise and safe, don’t save anything with your partner until you are sure that there is a clear road ahead of you both. In cases where you have projects to carry out together, make sure the terms are clearly stated (of course in a nice way) to avoid any form of mix up or problem. With that said, we can now start.

How to Manage Finances in Your Relationship

No matter how uncomfortable it might be for couples to discuss money issues they must still talk about it and while doing that they must put in mind the value of honesty. Couples must be truthful to their partners about their financial status, this includes telling them about their income, how they spend, and down to their debt. It is said that honesty is the best policy, and this is essential for couples who want to truly manage their finances. Couples should also know that there are three (3) major ways couples can choose to manage their finances. They can agree on having;
1. a separate account
2. a joint account or
3. a combination of both separate and joint accounts.
Separate Account: when couples choose to run on separate, they are provided with more freedom to manage their money/ income individually. In cases where they have joint expenses, some couples split expense directly into half while some do that according to their income. This may also include that each individual in the relationship is responsible for not only their spending habits, but also for paying of all the debt they had to pay before getting into the relationship. This type of finance management type is not the best for married couples. It runs a no interference policy.

Joint Account: couples that choose to run their finances using the joint account, after communication the couples decide to put all of their funds together. All their income, salary and all goes into one account where they channel all their expenses to. Here both individuals have a say over the money they have. No one is the sole custodian of the money they have and this helps to make it easier to track budgeting and spending. However, this type of finance management might cause your partners spending habits and can tear the relationship apart in cases where one partner earns more than the other. Surprises might also be hard to keep a secret while running a joint account.

Combining Separate and Joint Accounts

Couples that choose to use both separate and joint accounts seem to have the safest financial relationship. It also poses to be the best way to run finances in a relationship because each individual in the relationship split their income into some certain percentage and put it in different accounts. For example, a married couple that has to pay for electricity bills, their children’s school fees, tax, and at same time save for their vacation will either choose to have two different accounts one where they keep a certain percentage of their income to take care of all the expenses like school fees, electricity bills, tax and vacation and another where they keep the remaining percentage of their income and this other account can be called their personal account, savings account or fun account. Some couples chose to split the account based on the different project they are used for, that is, a separate account for school fees and another for vacations and other accounts for different projects and then their personal account. An account can be used to handle two or more needs or projects which may be related, this makes it easier to manage accounts and decide what percentage of your income goes into each one. In using this type of finance management, both partners will have to decide what percentage of their income that will be put in the different project account which they both are responsible for and have joint authority over and what percentage goes into their personal account which each person has a sole authority on.
No matter how couples want to go about money in their relationship, there are some things they should make sure to do:
● Couples should take their time to talk about their values and goals and how they feel about money/ finances.
● Take out time to plan and create a system that can help them achieve their financial goals.
● Take out time at frequent intervals to talk about their finances, problems faced and how to make their finances grow better.
● Stay positive and be totally honest with your partner.

Build Trust

This is an underrated conversation. When you borrow money from your partner, always ensure that you pay back in due time. As much as you are romantic partners, there is a need to have integrity as a person in the eyes of your lover. Don't involve feelings. Pay them back in due time. If you buy things from them, pay them too. It builds trust. This is in exception to cases when life happens after they have loaned you money. If this happens, please, always communicate.


  1. Yes!

    There's a need for financial Compatibility in a relationship. God bless you dear!
    1. True...
      Thank you and God bless you too 😊☺
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