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Avoid relationship penalties by creating both individual and joint bank accounts.
Merging lives often means merging finances. But it's best to see eye to eye on money management before pooling your income. The "three-pot money system" is a wise option for many gay couples, largely because it's a combination of accounts -- mine, yours, and ours. Create a joint fund for shared living expenses and financial goals like buying a house. But maintain your individual bank accounts for discretionary spending. This establishes a unified approach to significant joint assets yet still allows you to spend, say, $127 on Acqua di Parma cologne without necessarily drawing your partner's ire. Each partner can contribute 50% of the mutual pot, or you could devise another ratio. "This system is also practical when there's a disproportionate level in income," says Helen Maynard, principal of Affine Financial Services. "For example, if Brad makes an annual salary of $210,000 and Daniel earns $90,000, they might fund the joint account with a 70-30 split to make things more equitable."
If working out is important to you but you can't really afford it, then make a trade-off with other items in your budget. Remember that personal finance is just that, personal.
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