Sharing Finances In A Long-term Relationship

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Sharing Finances In a Relationship (2014)

• More millennial couples are having financial commitment from the first date bill up until the engagement ring
• Millennials are holding off on marriage longer than any generation before. Only 26 percent of adults ages 18 to 32 are married. In comparison, 36 percent of Generation X and 48 percent of baby boomers tied the knot at the age millennials are now, according to a Pew Research Center survey in February.

More Facts

• With millennials delaying marriage, long-term relationships have become more prevalent. "Couples are waiting for marriage, delaying marriage and not willing to marry until they've really had a long testing period," says Stephanie Coontz, professor of family studies and history at The Evergreen State College in Olympia, Washington.

• U.S. News asked dating and money experts which financial issues couples in long-term relationships encounter most often and to share their suggestions for tackling relationship money matters and communication is the key factor.

Have an honest discussion about finances

Make a joint account for vacations or entertainment

Joint account for Vacations and

Entertainment

• Maintaining an account for funding expensive entertainment allows you to work together financially for a common objective.

• Another option is to budget a few months in advance.

Avoid cosigning loans

• Experts agree that cosigning a loan is unwise because you are responsible for paying the bill if your partner can't.

Avoid cosigning loans

Date Night

• The couple should do what they feel comfortable with, whether it's splitting the bill or treating their significant other to dinner.

Date Night

Contract Before Moving In

Contract Before Moving In

• The contract should include pets, large or expensive shared personal belongings, and who receives the property in case you split up.

• If you are purchasing the residence, you should write out who will buy the other out and how.

Use joint account to pay bills

Use a joint account to pay bills

• Suggests that you set up one joint bank account, make regular deposits from your income and pay the main bills, including rent and utilities, from that pool of money.

• If you decide to merge most of your money, however, make sure to keep separate accounts for flush money or discretionary spending on things like weekend activities, clothes and accessories.

Split Daily Expenses Equally

Split Daily Expenses

• If you have different approaches to money, however to set a limit you can spend up to on a single purchase before consulting each other.

• Deciding to share everyday costs 50-50, from groceries to gas.

• Working through financial issues successfully can benefit other parts of your relationship.

Questions

1. What High School did I attend?

2. Where am I from?

3. T/F More millennials are having financial commitment problems than other groups.

4. What is one tip used for sharing finances in a relationship?

5. T/F You should try to do cosigning on bills in relationships to help financially?

Questions

What are some other ways you believe are good ways to handle finances in a relationship?

Discussion