Keep your finances separate

It seems that you are more comfortable right now keeping your finances separate - not unusual for new couples starting out.

Why?

Keeping separate accounts maintains the independence of each partner. However, it may be more difficult to manage the splitting of shared expenses.

How?

With each partner having their own accounts you’ll need to discuss how you will split and pay shared expenses. Each partner may pay half the bill for a joint expense; you might elect to have one partner pay all joint expenses with the other partner then reimbursing them for their share.

If you're disciplined spenders*, you may decide to use a credit card* (with an interest free period) for your regular spending and each repay an agreed amount monthly to clear the card and avoid paying interest and fees.

Our story ...

Kym and Andi discovered they had very different styles when it comes to managing money. Kym liked to spend while Andi liked to save. They decided that it was best for them to keep everything separate. With new digital technologies making it easier to split bills and send money to each other, this worked well for them.

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Things you should know:

The recommendations as a result of you using this tool is intended as a guide only. It is for illustrative purposes only and is based on the accuracy of the information provided. This information does not take your personal objectives, circumstances or needs into account. Consider its appropriateness to these factors before acting on it. Read the disclosure documents for your selected product or service, including the Terms and Conditions or Product Disclosure Statement, before deciding. Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714.

*The primary card holder is solely responsible for the credit card debt.