Saturday, July 20, 2024

How to Manage Monetary Equality with Your Partner.

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( Not being fiscally responsible is one of the main things that definitely dissolves relationships. Couples find it hard to talk about money until it’s too late and they’re sitting across the table from one another in a divorce hearing. No matter what your income is, you can establish and manage monetary equality with your partner sooner rather than later. If managing your money is a struggle for you, be open about it and find the resources out there that will help you, get back on track.

The breadwinner (woman/man) should pay 60/40 of the bills so that the split of managing the household bills is as close to being equal as possible. Just because the breadwinner brings in the most money doesn’t mean that he/she is expected to pay all of the bills or even most of the bills such as in a 80/20 agreement. Just because you’re in a relationship, the breadwinner should still feel loved and appreciated and not feel used or abused financially by their partner.

BLACK COUPLE - Monetary Equality with Your Partner

On date nights, the person who identifies as male or uses male pronouns in the relationship, should pay for every two out of three dates. For example, he pays for two dates and she will pay for the third. To ensure that there’s monetary equality, the couple should establish a minimum amount to spend on date nights. Meaning that, the breadwinner shouldn’t be held responsible for paying for all of the “expensive dates” either.

Establish a goal to match each other’s contribution to the joint savings account. The amount should not be a large number that either person is not comfortable with contributing to, let’s say monthly or is not possible to contribute to due to lack of a person’s finances. For example, if your partner is unemployed or works part-time you can’t expect them to contribute $180 per pay period when they have zero income coming in or can’t afford to pay their bills working part-time.

Take a hard look at your thoughts about money and shift your mindset in the areas where needed and talk to and not at your partner about monetary equality. Remove the traditional gender roles because they are extinct now a days and together, come up with spending plans that you both agree upon, are comfortable with managing and as close to being equal if you can’t do the straight 50/50 split. Money is a part of this world daily and therefore, it is also a part of your everyday lives, together.

Staff Writer; Felicia T. Simpson

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