How to Manage Joint-ish Finances

Photo by Pablo Merchán Montes

Managing joint finances isn't as joyous as laying in a meadow with a bunch of puppies, but unfortunately, for most of us, it's necessary.

I've met couples who have tried to keep separate finances for 15 years and couples who open up a joint account as sooner than any couple should. Most couples who are in a long-term relationship will have joint-ish finances no matter what.

Here is how I've learned to deal with managing joint-ish finances.

Step 1: Figure Out the Joint Expenses

The first step is to figure out what the joint expenses are. Yes, this means you need to sit down and map this out. Yes, it could take like 3 hours, but it could also easily take 45 minutes. And yes, this means that you should both have a checking account for your fun and b.s. expenses.

Step 2: Figure Out How Much You’ll Each Contribute

When you come up with a number (preferably a monthly amount), you'll need to have a conversation about how each of you will contribute to pay for joint expenses.

You can each contribute an equal amount, or if one person earns more money, they can add more.

You can each contribute money into the joint account with each paycheck, or you can fund the joint account with a portion of one paycheck each per month.

Step 3: Open Up A Joint Checking Account

Stop procrastinating. Open the account.

Step 4: Use the Joint Account for Joint Expenses

For this method to work, you have to use the account. You have to fund the account. You can do this with automatic transfers. But you have to put your eyeballs on your account sometimes to make sure you don't go over too much. Life is dynamic, so sometimes how much you spend is too.

Bonus Step

The bonus step is to schedule time to chat economics with your boo. Quarterly is acceptable, but monthly is better. When you have a designated time to talk about these things, it makes dealing with money easier. Each person can bring questions and concerns to the table and mentally prepare for having these types of conversations. No one will feel attacked out of the blue or bamboozled, so you guys can be more productive.