Written by Daniel Tay, edited by Jackie Tan. 

Getting together as a couple presents not only a new lifestyle, but also new ways on managing their finances together. It is said that couples often prefer to manage their money like how their parents did. However, a couple’s unique situation may require a style different from their parents’. Money is a huge factor in a couple’s relationship, and managing them is a key to either breaking or making it. In this article, we present seven ways of managing a couple’s finances.

#1 To Each His/Her Own

Each person handles personal finances in separate accounts.

Barry is a widower whose ex-wife had cancer. To pay for her medical expenses, Barry depleted his savings, borrowed heavily on his credit cards, and took personal loans. While paying off his debts, he enters into a new relationship with Iris. They want to buy a property