5 Tips for Sharing Finances in a Long-Term Relationship

Mikayla Borchert

Benovate Staff & Content Editor

Sharing Finances

Finances can be a big source of stress in relationships. Chances are high that you don’t pool everything you own, and if you do, it can still be difficult to manage. Things like income, spending, and debt often feel awkward or taboo to talk about. Pushing through that feeling and talking about that money will be far better for your relationship in the long run. Whether you’re married, living together, planning on either, or planning on neither, making a plan for what you want to share will save you a lot of time and energy in the future.

Use the following tips from U.S. News and Forbes to learn how to share finances in a long-term relationship. Once you’re both on the same page, you’ll feel a lot stronger and happier together.

Follow These 5 Tips to Learn How to Share Finances in a Long-Term Relationship :

1. Start a Joint Account

This is most commonly used for shared, everyday expenses like rent, utilities, and groceries. However, some couples use the same approach to saving up for a vacation or other shared goal. Both of you should add to the account, but you can approach it in a couple different ways. Some couples may want to deposit equal dollar amounts each month. For others, an equal percentage of income may be better. Consider where each of you is at financially, and decide on an approach that you’re both comfortable with.

2. Put Everything on the Table

Make a realistic budget; financial wellness is based on living within your means. Spending money carefully and wisely will improve your financial health. If it helps, write down every expense from credit card bills, car payments, grocery receipts, or any other document related to a purchase, and find out exactly where your money is going. This can help you decide what you can afford within a certain time period.

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3. Write it Down

All of your conversations and plans will be more effective if you can remember them. Take notes while you talk so that you can revise and revisit them as time passes. This way, you’ll both remember what the other said and what you agreed on. Make sure to include how you’ll split everyday expenses, when a purchase is large enough to discuss it first, and possible future items or activities you want to save for together.

4. Avoid Sharing Debt

Especially avoid co-signing loans, although this may be unavoidable if you want to purchase property together. Remember that you will be responsible if your partner cannot pay the bill. You may have a good enough level of trust, but you never know when the unexpected might happen. One of you could lose a job or fall ill, and the payments would then fall on the other. A financial crisis can be stressful enough without the added pressure of outstanding debt.

5. Take Turns

This tactic can apply to date night or anything you do together. Sometimes, splitting everything down the middle can be inefficient or stifling. Maybe you and your partner both like to treat each other to dinner. Maybe you would prefer not to combine finances at all. You can each cover certain bills or take turns with expenses like gas and electricity. Doing this may require a little more communication to ensure that each of you feels content with the amount you are contributing.


Whatever you and your partner decide, remember to communicate during and after. If the first tactic you try isn’t working, sit down and talk about why, then figure out what to do next. Sharing finances doesn’t have to be scary. It’s an inevitable part of a long term relationship, and with the right tools it can be exciting.

What are some ways that have helped you and your partner achieve financial success together?

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