By Thando from Skilled Finances
I’m Thando from Skilled Finances where we talk all things money to help you reach your financial goals. My wife Lindie and I paid off our debts and bought our house with a combined salary of £40k. We believe it’s more about having the right mindset and less about how much you have. You can also follow us on Instagram.
When you’re in a relationship some things are easy to share, like pizza or a favourite hoodie, however money can be a bit tricky.
Money is much more personal and it can be a sensitive topic, however, it plays an important part in your relationship.
Here are some practical tips to splitting costs with your partner.
How To Split Costs With Your Partner
The level of your relationship will determine how you approach money with your partner.
Always do what feels right for the both of you.
Splitting The ‘Date Night’ Bill With Your Partner
Over the first couple of dates you may find that one person pays for everything, but at some point you may want to discuss how you’re handling date nights.
This can be that one pays for the food while the other pays for the cinema tickets, or you both split everything down the middle.
You may decide to stay separate and you pay for what you order and the same for your partner.
Be sure to look up the best apps which can help to make bill splitting easy.
Splitting Shared Experiences
This is when you want to have experiences together such as a weekend trip.
Discuss the plan in advance.
Calculate the total cost of the trip, which includes transport, accommodation and tickets to events.
Agree on how much you’re each putting towards your trip. It’s common for this to be a 50/50 split but it can be whatever works for you both.
Have a separate savings account where you’ll put money aside for the trip.
Having this savings account makes sure that you’ll have the money for what you need.
Splitting Costs With Your Partner When You Live Together
It’s an exciting moment and a huge step when you move in together.
Now the money conversation becomes about how you’re living together.
The best tip at this stage, is to have a budget.
Calculate how much your total shared living costs are, such as rent, utilities and groceries.
Then discuss how you’re splitting these costs together. There are various ways but here are three options.
1.Split Your Costs 50/50
You each put an equal half towards your shared bills.
Other costs like transport, debts and personal spending remain separate.
2. Split Your Costs By Income
The one who earns more pays more towards your shared bills.
But both of you would pay the same percentage out of your income.
Again, you’d leave transport, debts, and personal spending separate.
3. Joint Money
This is a very different approach.
You see money as joint household income rather than your money and my money.
This approach means you discuss everything together, bills, debts, spending and savings.
Whichever method you choose, it’s important to have savings. This will be your backup in case you or your partner are unable to pay their share.
Other Tips To Splitting Costs With Your Partner
- Be realistic about what you can afford
- Set up accounts for your shared experiences or bills, but they don’t have to be joint accounts
- Be crystal clear about which costs you’re splitting
- Keep each other accountable to what you agreed
Ultimately, do what fits your relationship but don’t shy away from talking about money and ensure you figure out a solution that is comfortable for the both of you.
