Money Management: Finding the Perfect Fit

Money Management: Finding the Perfect Fit


Just 17% of people in relationships regularly discuss money with their partner, according to research. More than one in ten are unwilling to discuss their debts, don't disclose their income, and are unaware of their partner's exact salary.

There is no right or wrong method to manage finances in your relationship; instead, the strategy you adopt should be determined by what is most advantageous for both your spouse and your financial circumstances. Although you may already be handling your finances in a way that suits you, you might want to think about the following four possibilities.

What's mine is yours

With this method, all of your accounts are combined, and you and your spouse have equal control over how your money is managed. Additionally, consolidating insurance covers under a joint policy can in certain instances be worth considering.  Your financial Protection Adviser can talk you through the pros and cons of a single vs joint policy so you can decide.

This choice shows trustworthiness, but it also necessitates being fully transparent about your beliefs regarding the best ways to save and spend money. However, it's equally important to set clear boundaries from the outset. Establishing expectations and spending limits can play a crucial role in preventing potential disagreements.

Meet in the middle

With the exception of one joint account, you and your spouse maintain separate financial records using this strategy. You pay your shared costs out of this, contributing an equal amount each.

Income dependent

Tailor your contributions to shared expenses based on your incomes. This approach ensures that contributions toward shared expenses are equitable, reflecting each partner's financial situation. However, it's important to acknowledge that while practical, this approach may introduce complexities in balancing contributions, especially in situations where there's a significant disparity in incomes. For instance, in cases where one partner may have taken on a reduced work schedule or is staying at home to care for children, it's vital to approach these differences with understanding and without assigning guilt or value to the amount contributed.

Separate finances

Choose to keep your finances separate while collaboratively deciding on how to manage payments for essential covers and investments, such as property and health insurances or mortgage repayments. This approach means any bills will be split on a case-by-case basis.

Mine, yours and ours

This model, both partners maintain their own personal accounts ("mine" and "yours") for individual expenses and spending, while also contributing to a joint account ("ours") dedicated to shared expenses, such as household bills and savings goals. It's an effective way to ensure that all common financial responsibilities are met, while also respecting individual financial freedom and preferences.


Whether you opt for fully combined finances, a more individual approach, or something in between, the key is to find a balance that respects both partners' needs and financial goals. Each method has its advantages and challenges, and what works for one couple may not work for another. It's about finding your unique fit.

At Owl Financial, we recognise that every relationship's financial dynamics are different. Reach out to an adviser today. Let's work together to build a financial protection plan that supports your financial partnership.


Approved by Openwork Limited on 15.04.24