How to Manage Money as a Committed Couple
[Prefer to listen? You can find a podcast version of this article here: E154: How to Manage Money as a Committed Couple]
Whether you’re a new couple just beginning to merge your lives or a couple that has been together for a decade or two, money management can be a tough topic to handle. For the context of our purposes, a “committed couple” is a married or committed couple that is in a long-term, lifetime relationship.
Money arguments are the 3rd most common disagreements that can lead to couples splitting, but when couples make intentional decisions about their money management, those arguments can be mostly avoided.
Elevation Financial is a judgment free zone. While there are many "experts" out there that will tell you their opinion about how to manage money as a couple, there’s really no right or wrong to it. Your job, as a couple, is to figure out the best way of doing things for your relationship. What’s right is what’s right for you in your particular relationship. In your partnership, your marriage, your relationship, that’s what’s right for you. What makes sense for both of you, what you’ve agreed on, what you’ve intentionally decided to do, if it’s healthy and if it’s working.
There are three main methods we will discuss.
- 100% separation
- 100% combined
- And a hybrid model also called the “yours, mine, and ours” method
In every scenario, you’ll need to be financially naked with your partner. Every method has its pros and cons, but each will only work if you are 100% transparent. You’ll need to be honest about your current debt, future goals, and what your relationship with money is.
Every person comes with their own money story. It’s important to mention that you can’t project your own money story onto your partner. Your relationship with money is your own but it’s important to also make space for your partner's money story as well.
