How to manage money as a couple

Whether you’re trying to keep up with mortgage payments or juggling rising household bills, money is one of the most common sources of tension in relationships. Discussing how best to manage money as a couple is an important step. In this guide, we outline some of the ways couples handle shared finances, and how you can set up a system that works for both of you.

The information provided here is for informational and educational purposes only and does not constitute financial advice. Please consult with a licensed financial adviser or professional before making any financial decisions. Your financial situation is unique, and the information provided may not be suitable for your specific circumstances. We are not liable for any financial decisions or actions you take based on this information.

If you asked a group of friends, you may be surprised at the many different approaches to how couples manage finances. While there’s no set of rules to follow, some couples may benefit from the following ideas for how to manage money as a couple:

Couples who live together often find it easier to manage shared finances with a joint bank account. A pot of cash that you both have access to can be used for things like rent or mortgage payments, electricity and heating bills, and the TV licence. And setting up standing orders or authorising direct debits from this account keeps things easy to manage. If you can afford to put a little extra aside, a joint savings account can earn you interest on your money.

Everyone has their own attitude when it comes to money. Some people spend their cash freely, while others may be more cautious. There’s no right way to manage finances in a relationship, but talking openly and honestly about your spending habits can help prevent any misunderstandings later on.

Life can be unpredictable, and unemployment, redundancy, or poor health can easily upend even the most carefully managed budget. Having a pot of emergency savings in place (experts suggest around three to six months’ worth of fixed expenses) provides a financial cushion for any unexpected costs that affect your marriage and finances.

Think about your plans for the next few years, or even further off. You might be looking to enjoy your retirement with a trip abroad or simply doing up the house. Having a joint goal to work towards not only gives you both something to look forward to, it also keeps you motivated to save.

If you have a joint account on top of your individual one (and possibly savings as well), getting in the habit of checking your bank statements is a simple way to manage your finances as a couple. Especially if you have several regular payments coming out of your account each month, checking in from time to time can help you stay on top of things. You might even find ways to save money for your joint financial goals.

If you’re managing finances in a marriage or civil partnership, you might be entitled to tax credits and other benefits. It can be worth checking whether you qualify for the tax credit for married persons or civil partners or PAYE credit. You may also be able to claim an exemption on pay-related social insurance (PRSI).

The information provided here is for informational and educational purposes only and does not constitute tax advice. You should consult with a qualified tax professional or adviser regarding your individual tax situation. Tax laws and regulations are complex and subject to change, and the information provided may not be applicable to your specific circumstances. We are not liable for any tax decisions or actions you take based on this information.

Just as there are several approaches when it comes to how to manage money as a couple, there is no single best way to split your finances. Every couple is different, with different incomes and preferences. And what works today might need to be updated in a few years, especially if one of you retires or your circumstances change.

There are a few common ways for couples to split their finances:

• Split everything 50/50. When both partners earn roughly the same, it can make sense to split everything down the middle, with both contributing equally towards shared expenses within the home.

• Split based on income. If one partner earns more than the other, you could split finances so that each person contributes a fair share according to their income. So if one partner earns 60% of the household income, they would pay 60% of the expenses.

• Divide responsibilities. Instead of pooling money, some couples may prefer to take responsibility for a given regular financial expense. One might choose to pay the rent, while the other takes care of the weekly food shopping.

• Take turns. Couples might take turns paying certain bills each month. For example, one partner pays the mortgage one month, and then for electricity the next month. This is a more flexible approach that could suit couples whose incomes vary from month to month.

• Use joint and individual accounts. Some couples opt for a joint account for fixed expenses, while the rest of their income stays in their own personal accounts to spend or save as they want. The couple might agree in advance on a set amount, say €750, for each person to transfer to the joint account each month.

What counts as a reasonable budget can vary from couple to couple, and different lifestyle preferences will play a role. A couple’s money management is likely to be quite different if they have children or other family members to factor in. And it also depends on where you live, as regional differences in the cost of living can impact what you have left over each month. With Ireland now the second most expensive country in Europe*, find out how much you need to live comfortably.

A simple way to start budgeting is to sit down together and look at your bank statements from the last few months. Note down all the money coming in and going out. This will help you spot areas where you might cut back or find extra income to meet those financial goals you have as a couple.

It’s important that any budget is adjusted when you go through major life events. Having children or grandchildren, losing a job, or receiving an inheritance can significantly impact your finances as a couple.

If you’re unsure how to manage money as a couple, this popular budgeting rule can also be used for two people. You’d just have to add up your joint post-tax income, and decide what kind of financial account to use. Here’s how the 50/30/20 rule works for couples:

1. 50% of your combined income goes towards bills and everyday costs.
2. 30% goes into savings for using towards your future plans.
3. 20% is for personal spending, whether you have a hobby or simply want to treat yourself.

To make sure you’re both saving consistently each month, you could set up an automated savings plan with Raisin Bank. You simply register for a free Raisin Account to open a demand deposit account and, once it’s set up, you can set up an automated transfer for the funds to go into your savings each month.

Along with keeping a realistic budget and making sure you’re covered in case of emergencies, you can help bring some stability to your marriage and finances by:

• Communicating openly with each other about your financial situation
• Avoiding taking on high-interest debt (such as credit cards or personal loans)
• Making sure both partners know how to access shared money
• Planning for any significant upcoming expenses such as retirement ahead of time
• Checking credit reports every so often through the Central Credit Register to keep an eye on things

While Raisin does not offer joint savings accounts, if you and your partner prefer to keep some of your savings in separate accounts, you can access competitive rates on an individual deposit or demand deposit accounts. With no fees and easy online access, it’s a simple way to grow your money on your own terms.

*https://www.rte.ie/brainstorm/2025/0624/1519913-ireland-costs-prices-eurostat-europe-economics-policies/