“What’s mine is yours” is a common phrase amongst married couples, but in 2018, I don’t think that’s the case anymore, especially considering the fact that marriage is no longer “the norm” for couples. More and more, people are opting not to get married, but simply live together, or common law. And because of that, it’s more common for non-married couples to share their expenses, or more simply, their money.
Sharing money doesn’t necessarily mean having a joint account, although that is the “easiest” option. I say “easiest” mainly because of the convenience—however, not everyone feels comfortable enough in their relationship to do so. A joint account is almost as serious as a marriage, if not more, to some people. It’s a contract or agreement between two people who [should] trust each other. You are essentially putting all your money up for grabs in your relationship.
A lot of people, including myself, tend not to go for this option. I have personally seen loved ones go bankrupt because their partner stole all their money! So, understandably, it can be a bit daunting. All that being said, I do know non-married couples who have opened joint accounts and they have said on multiple occasions that it has made their lives a lot easier.
There are other ways to share money with your partner that involve less commitment, but also offer the same efficiency that joint accounts do. It can be as simple as budgeting a certain amount of your earnings to be contributed into a pool for the two of you. It’s just like a joint account, but no legalities or contracts. And rather than saying one person pays for this and the other pays for that, pooling together a “living” budget can help with any confusion or arguments of, “No! I got the groceries last time. It’s your turn!”
First, you calculate the cost of living for yourself, then add yours together with your significant other’s. Some people can split it down the middle, but between the two of you, you can decide if one should pay more than the other. This decision is typically based on yours and your partner’s income, as well as spending habits. The cost of living can be calculated using the three necessities: food, shelter, and utilities. And from there, you can add whatever non-essentials you both enjoy, such as entertainment, dining out, social events, etc.
All in all, there is no right way to share your money. Everyone has different preferences, needs, and wants. It’s about what works for you, what works for your partner, and what works for your wallet.
Are you a vina who shares her money with her SO? Tell us how it works for you in the comments!