Lifestyle
Marriage is a beautiful journey filled with love, laughter, and sharing, but it also comes with its fair share of discussions — like who’s paying the electricity bill. When you share a life with your spouse, managing expenses can feel like solving a puzzle. What seems simple at first can quickly turn into debates over who’s responsible for what and the best way to divide costs.
Luckily, there are effective ways to split expenses that help couples maintain financial balance without turning discussions into arguments. Here’s a look at some methods for sharing expenses with your spouse.
Talking about money
Before diving into the details, it’s important to understand why discussing finances with your spouse is crucial. While it might not be the most exciting topic, it’s key to building a stable financial future together. Talk openly about your financial goals and any concerns to make sure you're both on the same page. Approach it as a team — grab your favourite drink, sit down together, and remember, we’re with you every step of the way!
Ways to share expenses
After discussing your finances and understanding each other’s budgets, it’s time to decide how to split the costs! Here are some options to help you find the best fit:
1. 50/50 split
In this approach, both partners cover shared expenses equally. List all household costs, such as rent, bills, groceries, and any other shared expenses. For example, if your monthly expenses total 1,000 JOD, each would contribute 500. This method is ideal for couples with similar incomes who want a straightforward and fair way to manage costs. Just keep the conversation open for any needed adjustments!
Of course, not everything is always 50/50. If one partner earns significantly more, this split may feel unfair to the lower earner. In that case, the following approach may work better.
2. Splitting expenses based on income
If there’s a big difference in income between you and your spouse, it’s fair for the higher earner to contribute more toward the household expenses. For example, if one of you earns 70% of the total income and the other earns 30%, it makes sense for the first person to cover 70% of the shared expenses while the second person takes on 30%.
So, if your total monthly expenses are 1,000 JOD, the higher earner would pay 700 JOD, and the other would pay 300 JOD. This method works well for couples with different incomes, ensuring each person contributes based on their earnings.
3. Splitting expenses by category
If percentages feel too complicated or you prefer a simpler approach, consider dividing expenses by category. Instead of setting a fixed amount for each person to contribute, each partner can take responsibility for specific expenses.
For example, one person could cover the housing loan and fuel while the other takes care of the electricity, water, and internet bills, as well as the groceries. This method allows each person to manage certain costs, making it a good choice for couples wanting more independence. Just make sure to communicate openly to ensure the split feels fair, and be ready to adjust if necessary.
4. Taking turns paying expenses
In this approach, couples alternate paying for different expenses. For example, one month, the husband could cover the grocery bill, and the next month, it’s the wife’s turn.
This method works well for smaller expenses, like a dinner out, electricity bills, or fuel, which are easier to manage than bigger costs like rent or car loan instalments. It’s a simple, fair way to share responsibilities without overcomplicating things.
Saving for the future together
You both likely have your own personal goals, but there are some goals you should work towards together. Part of your savings plan should be based on shared decisions. For example, you might want to save for a vacation next year, or maybe your long-term goal is buying a home. If you're thinking of applying for a housing loan together, we’re here to help you build the future you both dream of.
Make sure you’re both clear on your goals. Saving together for a common purpose will help you reach it faster. Set a monthly amount that works for both of you, and contribute to a joint savings account.
Joint account or separate accounts?
Some couples prefer to open a joint account and pay all their expenses from there, while others choose to keep separate accounts and transfer agreed amounts into a shared account for joint expenses only.
With this approach, you can easily manage your shared expenses through a single account using our mobile banking app, whether it's paying household bills or tracking daily spending.
There’s no one-size-fits-all solution when it comes to managing finances as a couple. The key is finding what works for both of you. Talk it over, laugh, compromise, and most importantly, remember you’re a team. Whether you divide expenses 50/50, by income, or another method, the goal is to create financial harmony and work toward your goals together.
