How to manage finances in pairs?
There is no recipe for the correct procedure when managing your family finances, everyone prefers something else. But let’s take a look at what people’s real stories may look like in individual cases.
The account is managed by a lower-income partner
Tomas works as a warehouse worker, earns CZK 15,000 a month, the fiancee Alice works in retail and earns CZK 10,000.
“You’ll laugh, but I’m planning our lives based on spreadsheets in Excel,” Alice says. In her words, it works. The spreadsheet program has introduced all expenditure and revenue, including savings.
“I bring home 60% of our total revenue, so I pay 60% of our total spending. I know it sounds very mathematical, but it works and we are happy, ”adds Tomáš.
This example shows that even if a lower-income partner cares for finance, both communicate with each other and have clear rules set, the system works .
Account is managed by a more earning partner
Jan, as an entrepreneur, earns CZK 36,000 a month, his girlfriend Tamara completes college and works only occasionally.
“We have two accounts, one in common with Tamara, the other just mine. Commonly, I pay regular expenses. Of which I pay basically everything else, but Tamara is too proud and does not want us to have one common account. Every time we go, he says, ‘I have to give it back to you.’ I know she’ll never get it back, but at the same time I realize it’s important to her. ”
The vast majority of money belongs to John and therefore manages common finances. However, it does not show any dominance and respects the partner. It can work like that.
Everyone has their own account
Robert, a bricklayer, earns CZK 20,000 a month, his wife Pavla earns CZK 16,000 as a hairdresser.
“We each have our own account and divide everything in half. Really everything. We recently bought new furniture and thought that if we divorced, the one who kept the furniture would pay the other half, ”reveals Robert.
“ We are both very realistic and practical, so it works like that . I make but a little less, so sometimes Robert only pays. In those moments, I say to myself that it is unfair, that he has more money, but I am glad that he is behind me, ”adds Pavel with a smile.
Even though they both have their own account, they oversee their finances and pay everything in half . Again, it’s all about communication and negotiation. In this case, however, there may be a problem if one of the partners finds himself temporarily without income (loss of work, maternity leave). The system then needs to be reassessed and the other party has to pay more.