HACK 195 Choose Equitable over Equal

If you decide to share expenses with your partner, you don’t have to split everything fifty-fifty. Each share of the finances doesn’t need to be equal if there’s a noticeable difference, but it should be equitable.

For instance, say you make $60,000 per year and your partner makes $40,000. Both you and your partner feel fulfilled in your careers, and you make salaries that are on par with your peers. To make those salaries work for your household budget, you should pay 60 percent of the expenses, and they should pay 40 percent.

Taking the example one step further, if your rent is $1,000 per month, that means you pay $600 and your partner kicks in $400. It takes a bit of figuring out, but once you’re set up, it’s easy to contribute equitably and adjust as needed.