Publication date December 27, 2023
No More Money Fights: Here’s How to Split Up Bills with Your Partner Like a Pro
Money fights. Ugh, the dreaded buzz kill of romance! Remember those starry-eyed dinners and whispered promises? Gone, replaced by tense silences and frequent arguments about bills. Sound familiar? If you and your partner are locked in a battle of the bills, fear not! Today, we’ll be covering everything to help you know how to split bills like the financial power couple.
Learning how to split bills with your partner will make your life much easier and will prevent various money disagreements with your other half. But as you may have seen, talking about money with your partner is not always easy, and it can lead to fallouts and disagreements if you don’t approach the conversation with the right mindset.
Beyond those rigid formulas and one-size-fits-all solutions, in this blog, we'll dive into the real-life complexities of shared finances. Whether you're someone with zero budgeting knowledge or a seasoned saver, you'll discover practical tips to create a fair and harmonious bill-splitting system that strengthens your relationship, not strains it.
So, what are you waiting for? Scroll down and reclaim your financial sanity, one bill at a time!
Splitting up bills as a couple
Well, if you’re reading this blog, then there is a good chance that you’re wondering how you split bills with your partner, and so you need to know there are many ways to go about it. One of the most important things is your and your partner’s income, as it might not be viable to split the bills right down the middle if one of you earns considerably more than the other.
Whether you’re married or living with your partner, it is always important to have a conversation about splitting up the bills as early as possible, ensuring that you two understand where you stand. Here are a few ways you can consider to split your bills:
1. Split all bills 50/50
The easiest way to split payment responsibilities as a couple is to draw a line down the middle, or do a 50/50 where each is responsible for half of the bill payments. You can also create a joint account to pay your bills, and there you can contribute an equal amount of money every month to cover the expenses.
Moreover, there are many tools and apps for splitting up bills that will help you to equally divide your expenses with your spouse and enable you to automate the process. It is also important to highlight that splitting all bills
50/50 is straightforward but it’s only really a good idea if you and your partner earn similar amounts. if your monthly earnings are considerably different from your partner's, it is worth trying other ways.
2. Spilt all bills based on income
Rather than splitting all bills 50/50, another great option is to divide your bills based on your respective incomes. If you earn much more or less than your partner, this one is a better option as it will allow you to contribute a reasonable proportion to household expenses relative to your income.
You can consider the following calculations to split your bills based on income:
- Partner A’s income/ Total of both incomes x 100 = Partner A’s percentage of total income.
- Partner B’s income/ Total of both incomes x 100 = Partner B’s percentage of total income
- Total shared monthly costs Partner A’s percentage = how much Partner A contributes per month
- Total shared monthly costs x Partner B’s percentage = how much Partner B contributes per month
In case you find this calculation confusing, you can also use online calculators that can do the math for you! All you have to do is simply input your income and shared expenses, and the calculator will tell you how much each person should contribute.
3. One person pays the bills
If you and your spouse have decided that one of you is responsible for working while the other is responsible for managing the household and looking after your children, it makes sense for the person responsible for working to pay all of the bills.
Even if both you and your spouse work, you might agree that one person is responsible for all the bills to make life easier. Then the other person might then contribute a specific amount to a joint account savings which you both can later use for a family holiday or investing account.
The key thing to keep in mind is that different things work for other couples, and there’s no right or wrong way to split the bills, you need to communicate and settle on an arrangement that works for both of you.
4. Try apps for couples
Today, most people are already managing their money on their smartphones via internet banking, you should also take advantage of this technology and use apps to improve how you split your expenses with your partner. Several apps will help you split your bills with your partner.
Using these apps can be the perfect idea for you as it makes saving money so much easier, as well as splitting payments and managing income.
Communication is key, and we all know it. Being open and honest is so most important thing when you’re talking to your partner about money. You also should communicate regularly to keep the dialogue open and ensure that you can resolve any disagreements around household budgeting or let’s say splitting up bills.
It will help you set a specific day and time each month to discuss your finances, especially if you’re committed to splitting your bills in the long term. And if your financial circumstances change, you also need to be open with your partner so you can make adjustments to bills accordingly.
There you’ve it! Honestly, that’s not everything but the most important ones you need to know when splitting up bills as a couple. And if you have any money-saving magic or relationship wisdom to share, drop it in the comments below!
Frequently Asked Questions
Q. How to split bills based on income?
To split bills based on income, there are a few ways you consider, such as there is a proportional split. This method involves calculating each partner's percentage of the combined income and contributing to bills based on that. For example, if Partner A earns 60% and Partner B earns 40%, Partner A would contribute 60% to bills and Partner B 40%. There is also a negotiated split, this approach involves open communication and agreement between partners on how to divide bills according to flexibility and individual circumstances.
Q. How do you split expenses when one partner owns a house?
Splitting bills when one partner owns a house can be trickier than in a rented situation, but with open communication and understanding, you can find a fair solution that will work for both parties. For example, you both can consider fair market rent or a proportional split.
Q. How to split bills with a spouse calculator?
Many split bill online calculators will help you split bills with your partner, such as Splitwise and NerdWallet Bill Splitter. However, remember regardless of the calculator you choose, open communication and collaboration are key to a successful bill-splitting system with your spouse. Use a calculator as a starting point and discuss any adjustments or preferences to ensure fairness and harmony in your shared finances.
Q. How to split bills in 4?
You can split bills into 4 based on equal shares (25% each) or proportional shares based on income or individual expenses.
Q. What does Dutch on a date mean?
Dutch on a date means that each person pays their own way for the date. This could include splitting the bill equally, paying for what you ordered individually, or each paying for a separate activity (e.g., one person pays for dinner, the other pays for movie tickets)