We're in the XXI century, and it's not possible that we don't know how much our partner earns.
Stop.
Don't even start with the classic excuses: “why do they want to know that, if they know how much I earn, they will take all my money, or I don't answer to anyone”.
It's time to team up with your partner. There is nothing wrong with telling them how much you earn, and it's not wrong to allocate a certain percentage of your salary to spend it on yourself.
There are a lot of couples out there, but there are a selected few who are truly a great team in finances.
It's time to break the taboos and talk openly about the benefits of having shared accounts.
Four commitments that will launch you to the top of success
1. Say (openly) how much each one earns.
2. Based on that, define how much each one can spend (without taking into account the salary of the other).
3. Divide expenses equitably (prioritize which expenses are the most important and define who pays what).
4. It's strictly forbidden to incur debts without the other's acknowledgement.
Two types of joint credit cards
Let us remember that “joint” in the world of credit cards is an account that can be opened and managed by two holders.
There are two types that may interest you:
- Joint: Requires the signature of both holders to carry out any operation, and they only give you a single card.
- Indistinct: Allows operations to be carried out individually, giving each holder a card.
Financial advice for those with shared accounts
- To process a credit card, whoever is the holder must ask the bank for an additional piece of plastic for their partner. Establish a credit amount so as not to exceed expenses (taking into account what each of you earns and what each can spend).
A point in favor is that both can take advantage of the promotions and discounts that the bank offers with that credit card.
"45% of couples ages 26 through 32 keep their money entirely separate", according to a survey taken by CreditCards.com
- Process a card only for shared expenses (define what expenses can be shared) and have another plastic card so that each one can save. Consider the 50-30-20 rule.
50% of your salary must go to your fixed expenses.
30% for leisure expenses.
20% savings (if you want, this part could be a pool for a common goal. This way, you would add your 20% and your partner's 20% to add up to 40% savings between the two).
Unfortunately, "32% of respondents who are in serious relationships admitted to spending more than their partners would be OK with", according to a survey taken by CreditCards.com
The only thing left to do is share this article with your partner and talk openly about your financial goals and priorities. Only then will you two become a great team.
Article translated by Rodolfo Schaefer
