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Money and your whānau

Ways for couples to combine their income

A few lessons from three couples on how they found their own unique ways to manage their money as a team.

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Your money, my money, our money

They say opposites attract. That can be exciting at the beginning of a relationship, but balancing different styles can be a little more... interesting when it comes to managing money. We’ve all got bills to pay, holidays to save for, pets to feed, dates to fund, and then there's rent or a home loan. So, who pays for what?

Every couple is unique and each person brings their own financial habits, ingrained values, attitudes from family and childhood, and sometimes debt. Together you have to decide what works best for you and your relationship.

Three couples told us their how-to stories. Here’s how they negotiated their shared expenses and savings goals.

Tip 1. Lean on me

In some relationships, one partner handles the bulk of the money stuff. For some, that might mean one person foots the bill for all shared living because they earn more or it means a lot to them to be able to support their family unit. For others, having one person in charge is more about cash flow and admin.

For William and Lou, leaving the day-to-day stuff in Lou’s hands just makes more sense. She is a full-time schoolteacher, with a dependable salary and a relatively stable timetable to tick things off in.

“William works in the film industry and gets paid in erratic waves throughout the year," Lou said. “We still technically contribute similar amounts to our lives but everything comes through me and most of our bills and our mortgage are in my name.”

William pays Lou back when work comes in, and contributes significantly to their savings account when a large film project arrives. “It works for us, and as long as we regularly talk about when money is coming in, we’re happy.”

What works for William and Lou:

  • Combined savings and goals
  • Separate day-to-day spending
  • Home loan attached to one partner
  • Finances organised by the partner who is most financially savvy or has a more stable income.

Tip 2. Our powers combined

Pooling your income may open doors to easier admin and more opportunities, especially when it comes to big goals like buying a house. That’s why Terry and Ruby tackle their accounts this way.

“We didn’t do it just for the gesture of being more together. It actually makes a lot of sense for us. We’ve both got access to cash whenever we need it and there are no surprises. We never forget to pay bills anymore or lose track of where our money is going," said Terry.

Plus, saving for a big holiday is easier. “Because we were putting all our money into one account, it was so much easier to reach our savings goal and set aside our spending money when we went on our big Japan adventure last year.”

What works for Terry and Ruby:

  • Combined household spending
  • Combined savings and goals
  • Combined budget.
About joint bank accounts

Tip 3. The three-legged race

Just because you both live in one place doesn’t mean one bank account. There are many couples who don’t combine all of their incomes, like Andy and Kris.

“We have a shared account which all our bills, mortgage payments and emergency fund comes out of,” said Kris. “Every month, we contribute to it straight from our salaries, and the amount is based on our previous years’ spending and how much we each earn. I earn more so I put in a little bit extra.”

For everything else, they keep it separate. “I like the freedom of having my own accounts,” said Andy. “From our joint account, we pay for essentials and groceries every month, but I’ve got the flexibility to splurge on things when I really want to. We talk about our big goals all the time, and how much savings we have to contribute to them. But having independent savings is really important to me.”

What works for Andy and Kris:

  • Combined household spending
  • Separate savings and day-to-day spending
  • Combined savings goals.

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Important information

This material is for information purposes only. Please talk to us if you need financial advice about your situation and goals or about our products and services. See our financial advice provider disclosure (PDF 39.9KB).

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