How to Manage Money in a Relationship

Besides cheating, money is one of the most popular reasons that couples break up. While one partner may be frugal with his spending in a relationship, the other partner may spend money like she's getting an eternal raise tomorrow. People even divorce because of their monetary issues. But there are ways to avoid these issues.

Assign one person to the checkbook and credit card: How many times have you found a surprise purchase when looking at your bank statement? Your partner didn't want to tell you how much she spent because she knew the amount was too much, but she knew by the time you got the statement, she would've used the item. Avoid these surprise purchases by taking turns with bank credit cards and the checkbook or leave the most responsible person in charge of your account registry so he (or she) can keep track of deductions and deposits on a daily basis.

Consider separate accounts: While some families would scoff at the idea of a married couple or live-in couple having separate accounts, it may save both of you the stress of dealing with the other's spending habits. If you two have managed to tolerate your own spending habits before you met and neither wants to give, as long as bills are paid on time, let each other spend money as you wish.

Create a ledger calculating all bills versus spending money: If you both know how much free money you'll have after paying major bills (ex. car note, mortgage, credit card minimum balance, electricity bill), split the remaining money. This way, no matter what item you both choose to buy, you already have the budget to support the amount.