Okay so I’m about to do a very non-Britishy thing and talk about money!
My friend and I were having brunch the other day as this topic came up, and I’ve noticed it’s come up a few times in the past too. When I say relationship I mean a pretty stable one not just a month down the line! So today I wanted to talk about money when you’re in a long-term relationship, especially when you have bills to pay for etc. How does one go about money?
Every couple is different and will go about this differently, but I really like the way M & I have sorted out our finances.
When we first got to together we both obviously had our owns accounts, but as we’ve been together for 5 years (errr 5 years that’s crazy!) and we live together we decided it was time to get a joint account. We would both pay a certain amount into it each month to cover bills/rent. We did this fairly by making sure that the bills and rent we both paid was the same % of our incomes. So if someone earnt a bit more then they’d pay a bit more each month.
Since buying a place we now have two joint accounts, one for just mortgage and bills and one for food shopping and spending. When I say spending I don’t mean I will just go out and buy a whole new wardrobe on it though — I wish! We are pretty strict with our joint ‘spending account’, and this is for like B&Q and when we need bits and bobs for the house, food shopping or things for Arthur.
Our joint spending account is with Monzo which is AMAZING!!! It’s all done with an app and you get a card too, and for example say I’m in Waitrose and my card gets declined we both get a notification so the other one can top it up instantly, or for example if Michael has gone to get a coffee I can see it as we both get notification when a payment is made. It also lets you make pots for saving and budgeting, and it lets you see your expenses each week. It’s the future of banking!! Also if you sign up through this link we’ll both get a free £5!!
Then we both have our own personal accounts with Monzo too where we can spend what we want. We both get paid into our own accounts then transfer what we need to the right accounts which makes life easier. For example, it was our anniversary the other week so I went to get M the new Google Hub but I paid for it out of my personal account and he didn’t know. I think it’s so important to have our own accounts as well as joint accounts as I would hate our money in one pot every month I just feel its easier to control this way.
I would love to know how you split stuff or manage your finances with your partner and if you have any tips?