27 Oct 2022 | 3 mins
Overview
  • Money makes the world go around. Take it from Abba, Cardi B, Gwen Stefani, Pink Floyd - all the classics. So how does $$$ weigh up when you're in a relationship? Let's talk about it 💰

It’s one of the world's greatest unknowns - who pays for the first date? How do I start the conversation about $$$? Whether your relationship has just taken off or you’re keen to take your finances a little more seriously, here are my tips from a long-term relo bestie.

First things first: Have a conversation (or date) about finances

Get comfortable talking about money with your significant other! The earlier you bring it up, the more you’ll learn about their relationship with money, how they handle debt and what they enjoy spending their money on. 

If you’re in a great place in your relationship, honesty is everything, so if you have debt to your parents or buy takeout more often than not (guilty) this will be the time to talk it through. Turn it into a recurring date night, something super casual.

Talk about short-term and long-term goals

Have a discussion about what you aim to save up for in the next year or few. Do you want to save up for an overseas trip? Are you looking at buying a car in the near future? Are you thinking about starting your own business? It never hurts to look at the bigger picture and while these might not all happen straight away, at least you can plan for it!

Have multiple accounts

If you have shared expenses, it could be a great decision to have joint account/s! But if you’re not ready for that, it’s always best to split up your personal money. Whether it’s with your partner or by yourself, we’re talking:

  • Personal savings - long-term, or short-term
  • Expenses - things like petrol, tolls, groceries, your phone bill
  • Everyday spending - on whatever you want
  • Emergency - if your car needs servicing, or an unexpected bill comes your way

Having a separate expenses account will get you into the habit of putting aside a certain amount each time you get paid, and so you don’t find yourself scrounging for cash at the end of your pay cycle on the things you need to pay for.

Start with a spreadsheet

The best way to work out who pays for what is opening a good ol’ spreadsheet and seeing exactly where your money goes. Think about your combined spending, and pop it all in - it doesn’t have to be 100% accurate, just a ballpark figure! This could be: 

  • Going to the movies together
  • Lunch and dinner dates
  • Activities with friends
  • Buying presents for other people

Having a closer look into the dollarydoos in your bank account does not mean missing out on the things that you love - but it does set you up for success.

If you’re set on saving, budgeting or just living a little frugally, that doesn’t necessarily mean your partner will feel the same - more often than not, you will be at different life or career stages, and that’s okay. Find a compromise that suits both of you, whatever that looks like, and be willing to make some sacrifices for your overall goals.

Making money mistakes isn’t necessarily bad either - you learn a whole lot from them. On that note, happy spending and saving!