Money for Two

If you just moved into a house or apartment with your partner, then you might have begun to realize that you need to get your finances together. Both of you have probably been working on separate budgets at this point, not having to think about anyone else’s needs but your own. However, buying that extra pop at the gas station or that burger from the fast food restaurant might be an issue now as you both have to work together to make sure that you can pay your bills and for the basic needs.

The two of you need to sit down and talk about money. You need to discuss how much each of you makes and write down your bills. You might write down rent or mortgage, utilities, the phone bill, rental or housing insurance, car insurance, your car payment, and your Internet bill. Don’t forget to add in the small bills too like your gym membership fees or the costs that go with the subscription services that you use. Write both the amount of these bills and the due dates, so you can get a clearer picture of what the two of you owe. Then, add up your combined income and subtract the bills from this number to make sure that the two of you are making enough money to pay everything off.

You might find that your partner has extra bills that you aren’t used to paying, like a student loan payment or work-related costs, and when you add up your income and subtract the bills, you might find that you have less expendable income than you did before. This might mean that you have to cut back on eating out and buying little treats at the store or gas station. You might have to focus more on your needs than your wants. Discuss this with your partner so the two of you are on the same page with how you are going to handle your budget, and try to work together so the budget works for both of you. Remember, if you are allotting yourself some expendable income, you also need to do the same thing for your partner. Also, you both need to split the bills, so everyone is pulling his or her weight.

If you both find that you don’t have a lot of money to live the life that you used to, then you might have to work on strategies to save money. Sit together and go through coupons before buying products at the store. See where you can cut costs, like finding a better phone plan or finding a less expensive car insurance. You might even decide to refinance your car payment if you have already made several payments on the car and are close to paying it off. This might lower your monthly bill. Work together to find a solution to increase your income, and make sure that whatever route you take in doing this is agreed on by both people.

Also, be transparent about when the bills are due and when you pay them off. You might consider keeping a calendar in a place that both you and your partner frequent. This will allow you to write the bills on the calendar on the days that they are due and cross them off as you pay them. This might help eliminate confusion when it comes to keeping track of your finances and allow both of you to know how close you are to paying off your monthly expenses. It also might help both of you establish new habits, and eventually, you will be so used to paying off your regular bills that you might trust each other more when it comes to finances.