How to budget as a couple

Money can be a source of conflict for a couple. However, even if it’s a delicate topic, it needs to be discussed. So, it’s important to talk openly and honestly with your partner about your:

• Debts
  
• Expenses
  
• Income

Where do you start?

It all begins with a good budget that enables you to make informed choices together. How? You can start with:

• Making a list of your current expenses by looking at your latest credit card and debit card statements
• Grouping your expenses using interactive tables
• Using a budgeting app or tool

What do you need to talk about?

Once you complete your budget, take time to understand each other’s financial vision. Here are a few suggestions to start talking about money with your partner:

• What beliefs and attitudes toward money did you grow up with?
• How do you plan to make our joint financial decisions?
• What are your short-term, medium-term and long-term financial goals and priorities?
• What’s the biggest financial challenge that keeps you up at night?
• What will happen to our finances and our loved ones when we’re gone?

The main benefit of having these conversations is making sure you’re both on the same page so you can develop a financial strategy to help reach your shared goals.

How do you share expenses?

Some couples share expenses according to each other’s income. Others divide them according to a fixed percentage. Keep in mind splitting expenses down the middle may not work if there’s a big gap between each partner’s income. 

Next, the two of you will want to agree on a lifestyle that suits you both as a couple. Aside from communicating openly, you’ll likely want to ensure you live within your means.  

Want to learn more?

Want to dig a little deeper into this subject? Check out these tips on managing your finances as a couple. And a Prospr advisor is here to help if you need advice or products to help you reach your financial goals as a couple.  

This article is intended to provide general information only. Sun Life Canada does not provide legal, accounting, tax or other professional advice. Please seek the advice of a qualified professional, including a thorough review of your specific legal, accounting and tax situation.