Joint finances or separate?
There's no right way to share money as a couple. But there are ways that make it easier to feel it's fair.
· 4 min read
What are the ways to share costs?
| Model | How it works | Worth thinking about |
|---|---|---|
| All joint | Both salaries go to the same place, and everything is paid from there. | Simple and clear. You need to agree on what the money is for. |
| Partly joint | Each puts an agreed amount into a joint account for the home. The rest is your own. | Agree what counts as shared, and how much each contributes. |
| Separate | Each pays their own, and shared costs are split as they come up. | Gives independence, but it's easy to lose the overview. |
- All joint
- How it works: Both salaries go to the same place, and everything is paid from there.
- Worth thinking about: Simple and clear. You need to agree on what the money is for.
- Partly joint
- How it works: Each puts an agreed amount into a joint account for the home. The rest is your own.
- Worth thinking about: Agree what counts as shared, and how much each contributes.
- Separate
- How it works: Each pays their own, and shared costs are split as they come up.
- Worth thinking about: Gives independence, but it's easy to lose the overview.
Equally or by income?
If you earn about the same, splitting equally is simplest. If your incomes differ, it can feel fairer to split in proportion to what each of you earns. That way you both contribute the same share of your pay.
Work it out
Enter your incomes after tax and the costs you share each month.
- Equally
- You: pays 700 · left 1,800
- Your partner: pays 700 · left 1,300
- By income
- You: pays 778 · left 1,722
- Your partner: pays 622 · left 1,378
- Same left over
- You: pays 950 · left 1,550
- Your partner: pays 450 · left 1,550
Nothing is saved. Everything is calculated in your browser.
What does the law say?
In England, cohabiting partners have no legal duty to support each other financially. How you share everyday costs is up to you – which is a good reason to decide it together, and to make it visible.
Five questions to talk about
- Which costs are shared? Rent, food and energy are obvious – trips and presents aren't always.
- Equally or by income – and what happens if one of you goes on parental leave or changes job?
- How big a purchase can you make without asking the other?
- Do you want to save for something together?
- When do you check in? Once a month is enough for most couples.
Sources
- Living together and marriage – legal differences (England) – Citizens Advice