Money and relationships is always an interesting topic to discuss. I think there are a number of reasons why, but mainly I think it has to do with the fact that there is no real “right” way for two people in a relationship to divide their money.
Personally speaking, my wife and I combined our finances shortly before marriage, and haven’t looked back. We view marriage as being teammates so it only makes sense to have combined finances. However, what is going to work for us isn’t necessarily going to be the best thing for your given situation and vice versa. The key, in my opinion, is to find what works best for you and your situation and communicate. In fact, I’d say communication is the overall key regardless of how you and your partner divide your money.
With all that being said, I always find it interesting to learn how other couples share their financial resources which is what brought me to this infographic from Visual.ly. The infographic, as you can see, compares younger couples (aged 30 and under, college educated and making more than $50,000 per year) and those they consider affluent (making more than $100,000 per year) to what is considered the general population.
What I found interesting was that that the younger population tended to be somewhat higher in terms of dividing their money, generally speaking, than the general population. What I also found intriguing was the number of couples who would classify their financial communication as good or excellent – 77%, especially considering money matters are a huge factor when it comes to divorce.
What I did like was seeing couples recommend joint decision making. Other things, like emergency funds and retirement planning were covered, so it spans a wide spectrum. Ultimately, I just think this infographic points back to the fact that how you manage your money is largely personal and that you need to apply it to your given situation.
How do you and your partner divide your money? Has it changed since being married or will it change once you do get married? How much can you spend without clearing it with your partner?
Photo courtesy of: Fylkesarkivet