Should Relationships Be 50/50 Financially?

By Soko Directory Team / Published January 31, 2022 | 11:51 am




KEY POINTS

Splitting expenses equally is so hard especially if one partner makes more, spends more, or has more debt. However, balancing what each partner contributes and how much they spend is more important.


relationship finances

KEY TAKEAWAYS


The best way to split bills is by reviewing the monthly expense so that you can know how much you spend in a month and how to split the bills.


When it comes to marriage, I believe it’s important to share your finances equally in terms of bill payments, and debts unless you have your own arrangement and agreement.

A 50/50 kind of financial relationship might sound like the easiest and best way to keep things equal. But splitting expenses equally is so hard especially if one partner makes more, spends more, or has more debt. However, balancing what each partner contributes and how much they spend is more important.

The best way to split bills is by reviewing the monthly expense so that you can know how much you spend in a month and how to split the bills.

Although the 50/50 rule can not work always especially if your significant other is making more figures than you. In such situations, you can agree on how to distribute the bills so that they cannot overwhelm one person.

 Today, a lot of women are financially stable and they are no longer depending on men for everything. Although some are still doing that as a ticket to escape poverty.  Men are also going for women who can bring something to the table and not always depend on them fully financially.

An unbiassed 50/50 relationship does not mean each partner gives 50% of themselves. In fact, this type of division can be damaging to a relationship.

A 50/50 split means that each person gives the exact same amount of themselves fully. Partners base their giving on sameness and equality rather than the needs of the relationship hence tend to forget to focus on building their relationship rather than finance.

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No one wants to be burdened by bills alone especially if they are staying with a partner who is also working, here are some of the reasons why it is hard to have a 50/50 equality in a relationship or marriage.

  1. Fights and disagreements

 A couple might find it difficult, unfair, and start fighting over money differences which can result to separation or divorce.

  1. Unfairness

Splitting everything might negatively affect the person who is carrying debt or has a lower income. One partner’s credit score and savings rates could take a big hit for sure. When one partner struggles to keep their head above water and the other is barely impacted or actually benefiting, it’s hard to view that as equality.

  1. Different attitudes towards Money

Maybe you want to be frugal and aggressively save money while your partner would rather spend more. How will you feel if your partner assumes, you’re paying for half of that new television in your living room even though you never wanted it in the first place?

There is no reason to have one partner end up in worse financial shape or stressed out about money all the time just because you wish to have a 50/50 financial relationship. You can always split bills based on income by having each person pay a percentage of each shared bill based on what they earn. Below are some solutions.

  1. Keep your existing bank accounts, but open a joint checking account for paying shared bills.
  2. Add your net incomes together to get your total household income.
  3. Calculate the percentage of total household income each person contributes.
  4. Add up all the bills you’ve agreed to split.
  5. Multiply the total from the expenses you’re splitting by the income percentages from step 3. This is each partner’s share.
  6. Every month, both partners transfer their share into the joint account.

 

EDITOR’S NOTE:

Article by Doreen.




About Soko Directory Team

Soko Directory is a Financial and Markets digital portal that tracks brands, listed firms on the NSE, SMEs and trend setters in the markets eco-system.Find us on Facebook: facebook.com/SokoDirectory and on Twitter: twitter.com/SokoDirectory

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