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93. Joining Finances as an Established Couple
Manage episode 438224963 series 2982669
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Welcome back for another episode of the Make that Money Hunni Podcast!
In this episode, we dive into the crucial topic of merging finances for couples who are moving in together or getting married.
Managing money as a couple can be both exciting and challenging, and we’re here to help you navigate this new chapter smoothly.
Whether you're deciding between joint or separate accounts, figuring out how to split bills fairly, or aligning your financial goals, we provide practical advice and real-life examples to help you set a strong financial foundation for your relationship. Tune in to learn strategies for budgeting, debt management, and future planning while keeping financial harmony at the center of your partnership.
In the example in the podcast, I use generic names John & Sarah to demonstrate a percentage calculation of joint finances. The calculation is below:
John earns $250,000 per year
Sarah earns $80,000 per year
Their Household Income is $330,000 per year
Their Joint Living Expenses are $5,000 per month.
Using the percentage model, we determine what each of their incomes are as a percentage of the total household income:
Sarah: 80,000/330,000 = 0.25 ~ 25%
John: 250,000/330,000 = 0.75 ~ 75%
We then apply each figure to their joint living expenses to determine how much each person contributes to the joint account per month:
Sarah 0.25 x $5,000 = $1,250 per month
John 0.75 x $5,000 = $3,750 per month
The same percentages can be used towards the $1,000 monthly saving goal, where John contributes $750 (0.75 x $1,000) and Sarah contributes $250 (0.25 x $1,000).
This is one of the most important concepts in talking about money as a couple and how to join finances, so if you'd like to work together, you can book a free consultation call here or check out my website for more details on how we can work together.
www.sandrajoe.com
Until next time, please be sure to share, follow or leave a review!
Go make that money hunni!
Sandra
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