It is often financially wise to live together, even if it may not be the main reason you move in with the one you love. However, it can be difficult to know how to handle the common economy and avoid unnecessary conflicts.
1. Find a way that suits you
In order to organise a good common economy and minimise conflicts over money, you need to discuss what suits you best from both perspectives.
If the circumstances change, for example if one of you loses your income or if you are expecting a child, you probably need to have a new discussion and find new solutions.
Here are three common ways to break up the common economy:
More here tip: Besteconstuition
Common revenue and expenditure pool
A joint pot means that you deposit your income in a joint account, and that you pay both the joint and own expenses from there.
To avoid conflicts, you may need to talk through how you view your own expenses, for example how both should have the same opportunities to use the joint money for their own purchases.
2. Divide equally
As long as you make about the same amount of money, it can work well to share the expenses equally. Then you can have a joint account where you deposit the same amount of money each month for all joint payments and purchases. Hopefully you both have some money left in your respective accounts that you can use for your own purchases or savings.
The advantage of sharing equally is that it is a simple approach and a good first step, which does not have to involve such major changes. The downside is that you can get different amounts of money over to your own expenses or your own savings if you earn different amounts of money. It can create imbalance and unnecessary wear and tear on the relationship.
3. Divide by percentage based on income
If you make different amounts of money, it can be good for the relationship to divide the expenses based on the income. Calculate what proportion of your joint income each represents, and divide the expenses in the same way.
Just like with the "share-equal-method", you can have a joint account where you deposit money for the joint expenses. The difference is that you put in different amounts. With this method, both get the same amount of financial space, regardless of parental leave, part-time work or sick leave.
Dare to talk money
Whether you choose one of these three methods or have your own way of dividing the economy, you need to dare to talk about money. Some people find it both complicated and sensitive, and it's easy to put your head in the sand. But then there is the risk that one of you completely loses insight into decisions and events that affect both of you.
If you dare to talk money, you have taken an important step for a gender-equal econs tuition.
Good luck!
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