When you go halfsies on everything, you and you partner pay 50/50 on all your expenses, from rent to Netflix subscriptions to dog food. Beyond living expenses, you also join forces on your money goals.
Pros
Simplify your finances. A significant advantage of pooling your finances is that it can make joint money management easier. It also can simplify planning for short-term goals, such as that dream vacation to Bora Bora or crushing lingering credit card debt. Splitting everything in half can also make for a smoother ride for far-off goals, like retirement.
Have an equal say. This approach might also help level the playing field on how you handle your money in the relationship. By going halfsies on everything, there’s less chance one partner will feel entitled to have the final word on decisions because they contribute a larger chunk.
Enjoy greater satisfaction. Another benefit? A recent study at Cornell reveals that commingling your money can lead to higher levels of commitment, harmony, and satisfaction in your relationship. This finding especially rings true for lower-income couples.
Cons
Feel reigned in with less autonomy. Splitting expenses equally can lead to feelings of less freedom — and a total joy-killer if the couple is used to their independence. This dynamic may happen if one partner is more spendy and the other is more thrifty. In this case, splitting costs evenly can have one partner feeling like a kid with an allowance and the other playing the role of a nagging parent.
Deal with more resentment. This approach can also create ill feelings if one partner makes more money than the other. If so, the partner earning less might have a lighter wallet — just to keep up with putting in their share. They could also feel stressed, overwhelmed, insecure, and “less than” because they struggle to keep up. And that’s not fun for anyone.
Check in more often. You’ll also need to communicate more about purchases than if you flew solo. While there’s a benefit to having money conversations, it can require an adjustment — especially when you’re used to being the master of your money domain.
What to consider
Going halfsies on your finances can make sense if you feel comfortable commingling. Chat with your partner about how you each think about the arrangement and air out any concerns.
To avoid potential flare-ups and resentments, set boundaries ahead of time. For purchases over a certain amount, agree to do a quick check-in to ensure your partner gives you the green light.
