If you’ve just moved in with your partner or you’re sick of the complexities when splitting the cost of anything you do together then you’ll be looking for some tips on how to successfully navigate it.
With the current cost of living crisis that is affecting everyone’s finances, splitting costs have once again become a hot topic for couples as they attempt to stay afloat through this economic hardship. Splitting costs can be anything from household bills to eating out and without proper organisation, it could lead to a rocky spell for you and your partner. Money worries are one of the main causes of divorce after all.
To help keep your finances and relationship in a healthy position, we’ve got some top tips for how you can successfully split costs with your partner.
Decide what you should and shouldn’t split
First things first, take some time to think about what you should and shouldn’t split in your relationship. Consider if both parties will be benefiting from the item you’re paying for. If they’re not then they probably shouldn’t be paying for it.
Examples of what you may split include:
How will you split your bills?
Once you’ve decided which bills you’ll be splitting, it’s time to decide whether you’ll be opting for a simple 50/50 split or if you want to do it more proportionally based on your income. Many couples will earn roughly the same amount but if one of you earns significantly more than the other then maybe you should change your split. This could be a 60:40 split for example.
Get a joint bank account
Splitting your money is so much easier when you’re not constantly having to ask your partner to transfer money to you. With a joint account, you can both be in control of your finances and have full visibility of your spending habits. This account can also be useful for building up a pot to pay for unexpected bills such as replacing your old tyres with new ones if you share vehicle or paying for any broken household items.
Don’t count everything to the penny
There’s nothing worse than someone asking for the exact amount to the very penny – especially when it’s your partner. Instead, we recommend rounding up or down to the nearest pound to make the transfer of money as easy as possible.
Money issues don’t need to be a huge problem for relationships when they’re done right. Take time to consider both of your finances and find the right solution to ensure the way you split costs is agreed upon by both of you. This will keep your home money argument free – hopefully.