How To Split Finances In A Marriage

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It’s the first Monday guys! That means we get another question from the Marriage, Children and Money forum.

How To Split Finances In A Marriage

My name is Kat. I actually got married 12 days ago. It was our first marriage and it was the first time we were living together and sharing living expenses. We decided not to combine everything, but to keep the accounts we had before marriage and open a joint checking account as well. Besides getting married, we also bought a house together.

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3 years ago, we entered Ashtia Finance University through our church. Neither of us have any credit card debt or debt other than our mortgage. My question is, or should I say, I am looking for advice on what percentage would be beneficial for us to contribute to our joint checking account? We don’t do the same amount, so I think it would be fair to put a percentage instead. I just worry about what other people in our situation are doing.

Congratulations on your new marriage! Enjoy every minute of this first year together. It is a very important time.

I don’t have much experience in financial planning. Nicole and I adjusted our finances after we got married and for the most part it worked out pretty well. We still don’t always agree about money, but overall, it’s a good arrangement for both of us.

In fact, I decided to contact my beautiful wife to answer this question. We have two options for you:

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To me, describing it this way might seem “fair”, but it also seems like a lot of work. But that’s just me.

Whatever you choose, there are no right or wrong answers. Try something for a while and if it doesn’t work, try something else.

I highly recommend getting together from time to time to talk about finances, budgeting and financial goals. Nicole and I meet once a month for “budget group”. We eat pizza, if it’s nice outside, we sit outside and the kids play, sometimes we go to a restaurant… and we have a conversation with each other. It really helps us plan our month and helps us stay on the same page financially.

You two are smart enough to go to Peace Academy. This will really help you start your marriage off on the right foot. The social aspect of that class also did wonderful things for our marriage.

How My Wife And I Split Expenses

Congratulations to Matt from Canada who created a work and play program for his daughter Gemma. He spends time with his little girl and teaches her the importance of spending, saving and giving.

After reading Smart Money, Smart Kids by Rachel Cruze, Matt was inspired to start this program to help Gemma live the best life possible.

Gemma knows how to attend to household chores, save for big purchases, and give to a neighbor in need.

If you have a financial success that you would like to share on this show, please email me and include the following: name, location, your big win, how you did it, and your plans to show it.

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My challenge for this month is to be gentle. Yes, you heard right! I want to work hard, change my ways and become an average.

According to a unique motivational article by ZenCents, the average American age (36) gives 2.34% of their annual income to charitable organizations. The average American donates 3.32% of their income – some 0% and some over 40%… 3.32% is the average.

I am working on adjusting my current annual offerings so that I can immediately meet the average for my age group. And then my long-term goal for the month would be to adjust my budget to reach the average American charity by the end of the year.

Why I’m increasing my charitable giving (and how my kids are helping) https://t.co/LiL3lJo6JK — Andy Hill (@AndyHillMKM) April 18, 2018

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There are millions of people around the world who do not have the necessities of life, and I worry about how quickly they will get to our favorite restaurant. It’s all about appearance and priorities.

I want to be someone who cares about his neighbor and helps someone who needs help.

If I want my children to be the best little people they can be, then I have to show them how. As I learned from Matt from Your Way to Money, our children are always watching us and learning from us.

Being below average was not something I enjoyed in the past. Why do I want to participate with the award? It’s time for a change.

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Fortunately, Nicole and I have been using Mint regularly for the past 5+ years, so collecting data is a breeze.

I’m sure there are places I can tweez… I remember the sound! That’s literally $15 a month. I can go to the library instead. I will get some “hearings” and make some changes.

I can do the same challenge I did last year by finding and saving $1,000 in three easy steps.

Since I am only 0.07% away from being an average donor for my age, I was able to treat it immediately. We adjusted our recurring donation to Charity: Water above the average donation (for my age)!

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This requires more planning and organization. I need to adjust my recurring contributions to reach an annual rate of 3.32% of my income.

With a little planning and working with Nicole on our budget party this month, I think we can get there.

For the past 6 years, we have donated to World Vision through their adoption program. Each of our children has a child whose birthday coincides with theirs, so they forget to think of those in need. Maybe we should give more to World Vision?

I’ve been reading The Automatic Millionaire by David Bach and one of the last chapters of the book talks about “automatic forgiveness”. This is the most interesting part of the book for me.

Ways To Split Expenses As A Couple

Once we know how much we can pay and who we are willing to pay, we do the exercise. This will be similar to our retirement accounts and monthly savings.

7 Free Money Tools That Will Help You Build Wealth Today https://t.co/Xxr6ZvAwhM — Andy Hill (@AndyHillMKM) April 11, 2018

Any good challenge is more fun with friends. Who wants to participate in this month’s MKM challenge to become a smart person?

Please let me know if you would like your question to appear in the program. It is my honor to support you on your journey to financial freedom.

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Andy Hill is the award-winning family financial coach behind Married Kids and Money – a platform dedicated to helping young families build wealth and happiness. With millions of podcast downloads and video views, Andy’s message of family financial empowerment resonates with listeners, readers and viewers around the world. When Andy isn’t talking about money, he enjoys being a soccer dad, singing karaoke with his wife, and watching Marvel movies.

With 400 chapters and counting, we share interviews with wealthy families, award-winning authors and personal finance experts to help you find your version of family financial freedom. How the funds are divided in relation can depend on several factors. including everyone’s income, spending habits, debt, cultural norms and expectations, and how long you’ve been together. Whatever way you choose to split the bills, it must be agreed upon by both parties and is only separated when both parties agree on the change.

If two people have not yet integrated their lives together, such as at the beginning of a relationship when they are in a “single relationship”, sharing daily household expenses is not a concern. But when it comes to paying for things that both people use and enjoy, there needs to be communication and agreement about who pays for what. Avoiding communication can sometimes lead to anger or confusion.

When one of the couple said: “Shall we go to dinner tonight?” It can be a safe bet that they will pay. Finally they proposed a night. If another payment arrangement is desired, the first offer should be something like this: “Let’s go out to dinner tonight – is it okay to split the money?” Or: “Will you eat with me tonight?” Understanding this in advance can avoid confusion and possible embarrassment later.

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No one is to blame

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