How can I share financial responsibility with my partner?

Examples of how couples can share financial responsibilities

Every couple is different so there is no surprise that one couple may handle their financial responsibilities differently than another.

As a couple, you should discuss the pros and cons of each option before you decide how you’ll share your finances. Here are some examples of the different options.

1. Use a joint account for all individual and joint expenses

All income and expenses come out of the same account

Questions to ask yourselves:

How will you handle personal debts acquired before you became a couple?
Do you understand the risks and benefits of a joint account?
How much will you set aside for saving goals and retirement?

2. Use a joint account for household and joint expenses only

Each keeps a personal account for individual expenses and a set amount gets put into a joint account each month for groceries, rent, mortgage, etc.

Questions to ask yourselves:

How often will you each put money into the joint account?
How much will you each contribute? Equal dollars or a % based on income?
What are your joint expenses?

3. Use separate accounts

Each person keeps a separate account and splits shared expenses.

Questions to ask yourselves:

What expenses do you need to split?
How will you budget as a couple?