Every couple argues. From deciding who should pay the bills. What gatherings to attend to settling on what kind of house to buy: from contemplating who takes out the thrash to agreeing on the number of kids that should be had, every couple argues. But these arguments are nothing when compared to the mother of all head-butting in a marriage – money!
When it comes to money, few soul mates are soul mates. Indeed, money issues are responsible for 22% of all divorces, making it the third leading cause. There’s a demon in money that makes conversations between couples deteriorate into arguments. In this article,
I’m going to outline in a clear and concise manner the methods you can adopt if you want to avoid a financial hurricane from wrecking your marriage.
Listen I’m going to be the first to admit it – the issue of who should pay what can be tricky and raises controversial opinions. Many couples are confounded by this slight, but sensitive matter, and one too many homes have been destroyed because a financial consensus could not be reached!
Money is about power, emotion, and security. Talking about finances can get uncomfortable fast. Financial resentments and money fights may ruin your relationship. This is why it is wise to draw up a fair and reasonable plan as soon as practicable.
There’s no foolproof strategy; no right or wrong way to split expenses with your partner. Regardless, I strongly suggest that you take a look at these distinct approaches and decide which one to adopt.
The Capitalist Approach
Ever heard the phrase “every man for himself”? Well, that’s essentially what the capitalist approach preaches. Under this approach, each person maintains his/her own account and is responsible for certain allocated expenses. For instance, one person may pay the water and cable bills while the other handles the rent/mortgage. A partner may end up paying more than the other, but this approach is great, especially where there’s a deep understanding between the partners.
The Socialist Approach
Here, each partner contributes based on their earnings. Under this approach, the couple contributes according to an agreed percentage. For instance, if the husband earns #100,000 every month, and the wife earns #70,000, it would be unfair to ask both to contribute #50,000. Instead, both partners could agree on saving 50% of their income to foot the bills. This, I think, is a fair and equitable means.
The Communist Approach
Finally, Couples may agree to put all their monies in one basket. They may decide to save all their income in a single account, and draw all the expenses from there. This method is a little risky, and I wouldn’t recommend it. But it’s fine as long as it works for partners who have decided to adopt it.