Once you’ve identified your shared financial priorities, the next step is to put a plan in place so that you can turn your goals into a reality. You can get started by using our budget calculator to help you keep track of your income and expenses together.
How to split joint expenses—When making your budget together, you will need to talk about how to divide joint expenses such as rent and utility bills. If you’re going to share bills, it might make sense to split them 50/50. If one partner is making significantly more than the other, though, perhaps contributing different amounts is more appropriate.
Some couples decide that each of them will pay for certain comparable expenses individually. Perhaps one partner pays the Internet bill, while the other covers the electricity bill. Be sure to discuss these issues as you plan your budget together.
What ongoing obligations do you have?—If you have monthly expenses such as rent payments, cell phone bills, gym memberships, debt repayment or alimony/child support, make sure you remember to discuss these with your partner and include them in your budget.