Three Money Management Tricks That Make Splitting Finances Easier for a Couple
A quarrel over money with a loved one is a long tradition among couples . NPR spoke with a financial advisor to develop a simple set of rules to help keep these issues to a minimum.
Essentially, NPR is proposing to create accounts on a “yours, mine, ours” basis. In a conversation with financial advisor Kitty Bressington, they came up with three tricks to organize your finances so that both have personal money, but both of you still pay the bills:
- Create a joint account to cover G / L accounts.
- Set up a plan with automatic contributions to retirement account, college savings account, and other long-term savings goals.
- Then each partner in the pair should receive a certain amount of expenses or “entertainment” money each month at their discretion.
It’s a really easy setup, but it’s a co-management method that makes things easier, but still gives you a lot of freedom. Of course, depending on your finances, you will need to mix it up a bit, but the principle remains the same no matter how you end up splitting it all up.