It is often a challenge to maintain a budget for a joint account as an unmarried, but committed couple. R and I have had many disagreements about the way our “couple funds” are spent. I fully realize this is not exclusive to unmarried couples, and that most, if not all couples occasionally have conflicting ideas about money management. The challenge, I think, is deciding what the joint expenses should be, and what should be an individual expense.
There are many examples. The first that springs to mind is dry cleaning/laundering. We do the majority of our laundry in house, with a few exceptions. R works in an office environment, and occasionally wears collared shirts. These shirts do not make up his daily wardrobe, and we send about 7 shirts per month to the cleaners. It is probably fair to say that this can be considered an unnecessary expense – and it is. But we have both decided that the time and effort spent washing and pressing these shirts makes the monthly expense of under $10 well worth it. I believe the cleaners we use charge just over a buck per shirt.
My job is a far more casual atmosphere, and I will typically wear a pair of jeans and a sweater. I do make an effort to shop for low-maintenance clothing, and for the most part, my entire closet can be machine washed. There are a few select items, however, that need to be dry cleaned. Each item that I have dry cleaned is about $4. This only happens once or twice within a 3 month period.
So are these cleaning costs joint expenses, or individual? On the one hand, by having these items laundered, we are not using our own utilities (water, energy), and therefore saving a small joint expense. On the other hand, it is R’s choice, and my choice, as individuals to wear items that have special requirements. If we were a married couple, I think this would qualify as a household cost. Does our “unmarriedness” negate that?
We run into these kind of things often. Our cell phone plans are another issue. We would likely both save money on our plans if we were to combine them into a family plan. But should I be responsible for his overuse fees, or should he pay for the picture messages I send to my sister?
Car insurance: we both drive the other’s vehicle, but we maintain separate coverage. A multi-car discount might save us each some dough, but should I pay the increased rates if he gets a speeding ticket?
It can be challenging to balance our finances as a couple with our finances as individuals. We are both conscious of the fact that we plan to marry down the road, but how do we manage our budget until then? Are there others in a similar situation that can shed some light?
