Going Dutch: Financially Savvy Ways to Split the Costs with Your Boo
Whether you’re five years deep or two-months strong, knowing how to make it rain wisely with your significant other is always a useful skill to have as a couple. Being able to identify your priorities as a pair and discipline yourselves accordingly can pave a path to riches and then some. Unless you’re a sugar mama, here are four tips that will keep you from keeping your accounts and relationships from going negative.
Set a monthly budget. Regardless of your respective professions or level of income, you can each set a cap on how much you’ll spend on date nights, dine-in meals, and other necessities. Attaching a goal to your budget also increases the chance of sticking to it, i.e. saving up for that new apartment so that you two can finally move in together or taking that romantic getaway you’ve both dreamed of.
Plan ahead. The occasional splurge spree on your significant other keeps the spontaneity and thoughtfulness intact but each rule provided here works hand-in-hand to ensure you get the most bang for your buck (can’t deny that’s a by-product!). While you’re calculating that monthly budget, take emergency funds into account so that the only thing you two break is the bed, not the bank.
Eliminate unnecessary expenditures. One of the most frequently heard nuggets of financial advice has been only cop what you can buy two or more of. Often times, we let the feeling of instant gratification trump any notion of saving but as a couple, getting a grasp on this mentality will help you both erase any excessive desires as individuals and together. As ballin’ as it may look to have his and her iPads or a new 20’’ HD flat screen for the love shack, the two of you will not want to go around scrounging for coins under the couch later on.
Be selfish. This may come as a surprise but learning when to designate part of your paycheck to yourself is actually a crucial part of the financial formula. We all have bills, student loans, rent and other necessary costs to cover, so remember that your own needs come first. Being in love does not mean having to be bankrupt.