When you are a parent and meet a new partner, there are many things to consider. Like if or how to merge your finances and find balance in your new family so that your everyday life works.
In this article, Magnus Hjelmér, Everyday Economist at ICA Banken, gives tips on shared finances in a blended family. Summary below.
I want to start by saying that there is no right or wrong here. For example, it is common to have separate economy to begin with. After a while, it may feel better to have a joint economy in your bonus family. You need to try things out for yourselves to see what works for you.
It is most common that parents have different numbers of children. The children may also have different ages. If your incomes differ a lot it is possible that one of you has a lot of money left while the other has difficulty making ends meet. It is important to find a distribution that works for both of you and does not disadvantage the children. It is a good idea to make a budget to keep track of common expenses. If you have the same number of children of approximately the same age, it may be wise to divide the costs of food and accommodation proportionally according to how much you earn.
I think that children of the same age should have the same amount of pocket money per week or per month. This way you avoid comparisons and competition that can lead to unnecessary conflicts for the children.
Here you can use the same division as when it comes to food and accommodation, provided that the whole family comes along. One option is that you share the cost between you adults and then each pay for "your share". I would still like to give the advice not to count every single crown or activity, but to think in a broader perspective. For example, it may be worth sharing costs more evenly to be able to make the planned trip together. Perhaps it feels fair to the children even though their different activities cost different amounts? Maybe it evens out in the long run.
We all have different standards when it comes to costs and number of presents for our children. In addition, there are often more adults involved at birthdays and Christmas. It can be your co-parent and the child's grandparents. The most important thing is to talk to each other and find a solution that works well for all of you!
It is important to talk about your joint economy with your current partner. Address the issues today - it is a good investment in your family and relationships.
Magnus Hjelmér, Everyday Economist ICA Bank
3 maj 2024
"The turning point came when we found the Every Other Week app. There's less fuss and both of us have a better handle on things. It feels so great!”
"Thank you so much for this app, it has finally gotten us to communicate!”
