How to Navigate Finances as a Couple

November 6, 2024

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Managing your own money is no easy task, and when you share your life with another person, you’ll have to decide how to navigate your finances as a couple. For instance, are you planning on sharing your expenses and income? Or maybe you’re thinking about keeping things separate.

Ahead are a few ideas to help you manage your money as a couple – no matter what stage of relationship you’re in.

1. Have an honest conversation about money

Money can be an uncomfortable topic for many people, but it’s important to be able to talk openly with your partner about where things stand financially. Be honest about the good and the bad when it comes to your individual finances. And whether you’re discussing salary, spending habits, savings, and debt, don’t shy away from getting specific and talking about numbers.

The goal is to get a clear financial picture, so that there are no surprises down the road. Money is a leading cause of stress and conflict in many relationships. So it’s important to build trust early by understanding each other’s values and goals, so you can move forward together.

2. Figure out how you’ll share expenses

Expenses may include the following:

Rent or mortgage payments
Utilities
Groceries
Transportation
Insurance (home, car, health, etc.)
Vacations and entertainment

When it comes to how you want to split expenses, consider each other’s income, debt, and savings goals. For example, it might make sense for some couples to split things down the middle. While for another couple, one partner may want to contribute a higher percentage towards shared costs. Some couples may also choose to split expenses based on spending categories – where one partner pays the rent and insurance, leaving everything else for the other person to cover.

How you decide to split expenses is up to you – the key is to be clear about expectations and agree on how each partner will contribute.

Here are a few more questions you may want to go over:

How will you handle unexpected expenses (e.g., urgent car repair)?
Will you help with each other’s medical bills or debt payments?
Do you need to run certain purchases by your partner? If so, what are the ground rules?
What happens if one of you loses a job?

3. Decide whether to merge finances

As a couple, how do you look at your financial resources as a whole? Do you only want to share expenses, or do you share incomes too? What about debt? In other words, to what degree do you want to merge your finances?

For example, some couples may choose to merge everything (income, expenses, debt, savings, etc.). Others may prefer to keep their finances separate – splitting everything. Then there are those who may choose to create a joint account only for shared expenses.

There’s no right or wrong way to go about this. Two sets of couples in similar financial situations may decide to do things differently. It largely comes down to what you and your partner are comfortable with as well as your respective lifestyles.

4. Talk about shared goals

Setting goals is a key part of any financial journey. What are you looking forward to accomplishing together? Here are some topics to think about:

Do you want children?
Is there a particular city where you want to settle down and buy a home?
Do you have career goals that might require financial support?
When do you want to retire?

Once you lay out your goals, you can create a plan to work toward them as a couple. For big goals – like retiring early or building a legacy for your family – you may want to bring in a financial advisor who can help with comprehensive planning, putting together a strategy tailored to your circumstances.

5. Carve out your financial role in the relationship

Money management shouldn’t be left up to one partner entirely, as this can become stressful over time. Sharing responsibilities can have benefits – one of which is that both of you will be aware of what’s going on financially in your household, as well as how you’re progressing on your goals.

Again, how you divide up your roles is up to you. This could be done based on interests and skills. For example, perhaps you’re better at overseeing your investments, while your partner has a knack for keeping your day-to-day finances in order (e.g., keeping everyone on budget, paying bills on time, etc.).

6. Maintain an open line of communication

Talking about finances as a couple isn’t a one-and-done deal. Check in regularly with one another to discuss how things are going and what needs adjustment. These check-ins can also be a good time to update one another on any changes you’d like to make or if there are any financial milestones to celebrate.

Remember, successfully navigating finances as a couple takes commitment, patience, and teamwork. Keeping that line of communication open can help foster transparency and a healthy relationship, allowing you to move toward your goals together with clarity and confidence.

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This article is for informational purposes only and is not a substitute for individualized professional advice. Articles on this website were commissioned and approved by Marcus by Goldman Sachs®, but may not reflect the institutional opinions of The Goldman Sachs Group, Inc., Goldman Sachs Bank USA, Goldman Sachs & Co. LLC or any of their affiliates, subsidiaries or divisions. Information and opinions expressed in this article are as of the date of this material only and subject to change without notice.