Sharing Finances in a Long-Term Relationship

By Drum Digital
17 July 2014

When it comes to finances between you and your partner, there really is no right or wrong. It’s more about what you're both comfortable with.

Here are the best practices for deciding how to share a budget for big and small expenses.

If you're buying things your significant other often uses, should your partner help pay for them?

When it comes to finances between you and your partner, there really is no right or wrong. It’s more about what you're both comfortable with.

Have an honest discussion about finances.

Once you decide you’re serious about your relationship, discuss your personal financial matters

If you have different opinions on how money should be spent, regular money talks

Make a joint account for vacations and entertainment

Maintaining an account for funding expensive entertainment allows you to work together financially for a common objective.

Another option is to budget a few months in advance.

Avoid cosigning loans

Though this decision depends on the level of trust you have established with your partner, in general, experts agree that cosigning a loan is unwise because you are responsible for paying the bill if your partner can't.

Consider what makes you both comfortable when deciding who pays for date night

Go with what you're both comfortable with. If it works to go dutch, go for it but if treating each other keeps the romance alive then go for that -  whatever works.

For those living together or thinking about making the move, consider these options:

1. Make a contract before moving in together

2. Use one joint account to pay bills

3. Split daily expenses down the middle, if possible

-MONEYUSNEWS.COM

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