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BUSINESS Friday 14 June 2019
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Millennial Money: What couples gain by merging finances

By AMRITA JAYAKUMAR partner is hospitalized, for partner dies.
NerdWallet example — getting access Ashley Patrick, 34, and her
Associated Press to pay a bill takes effort, husband Tyler, 35, took less
As a millennial couple, you says Christine Centeno, 36, than two years to pay off
and your partner might a certified financial planner more than $47,000 in stu-
not be planning to blend at Simplicity Wealth Man- dent loans, a tax bill and a
finances even if you’ve agement near Richmond, car. The Charlotte, North
been together for a while. Virginia. Carolina, couple used a
Venmo is convenient, after Centeno, like many millen- mix of budgeting, taking
all; the peer-to-peer money nials, uses an online-only on extra work and selling
transfer app makes it easy bank. She says it was easy things. Ashley, who blogs
to split costs like rent and to add her husband, Os- at BudgetsMadeEasy.com,
utilities. Or perhaps you’ve min, 37, to her account; uses her husband’s bigger
each agreed to pay spe- the bank mailed her pa- paycheck — which arrives
cific bills while keeping sep- perwork to sign. Opening a a week before hers — to
arate bank accounts. joint account doesn’t imply pay larger bills, and her
In a Bank of America report you have to close yours or own paycheck to cover
released last year, 28% of give up control, Centeno smaller bills the following
couples between the ages says. To prevent fights, week.
of 23 and 37 surveyed said agree on an amount you “It’s something after a cou-
they kept their finances each can spend on wants, ple years I figured out, after
separate. That compared no questions asked. paying late fees and miss-
with 11% of couples ages 50-50 IS NOT ALWAYS FAIR ing payments,” she says.
38-52 and 13% of couples This March 20, 2018, file photo shows the Venmo app on an iPad Splitting things equally may SET UP REGULAR CHECK-INS
53-71. There’s no “right” in Baltimore. not be fair when one part- Olson and McClelland have
way to manage finances, Associated Press ner makes a lot more than a weekly budget check-in,
but there are benefits to is OK, but it didn’t feel good ceries? Will you both save the other. Consider a pro- using an app called Hon-
mixing love and money. for me,” she says. for a shared goal, like a portional split instead, Cen- eyfi. While paying off debt,
Here are tips from millennial Eventually, the couple cre- vacation or car? Using the teno says. the Patricks tracked their
couples who make it work. ated a shared budget and 50/30/20 budget gives you Calculate your total house- progress every Friday on a
FIRST, SET EXPECTATIONS goals. They compromised, a good place to start. It di- hold income before ex- spreadsheet.
When Juli Olson and her spending on necessities as vides spending into needs, penses, and what share Millennials aren’t shy when
boyfriend, Travis McClel- well as amusement. “He’s wants and savings. of the total comes from it comes to talking about
land, both 31, moved in introduced more fun into JOINT ACCOUNTS SAVE each income. Use that as a money; 97% of couples
together in Houston, their my life for sure,” she says. TIME, HASSLE guideline — you pay 60% of ages 18-34 said they dis-
finances remained sepa- When you’re ready to talk A joint account is not just expenses while your part- cuss finances at least once
rate. Olson says she had with your partner, be hon- for convenience. Suppose ner pays 40%, for example. a month, compared with
a frugal upbringing, and est about your attitudes to- you have separate ac- This also helps each person the average 88% for all
mismatched expectations ward money and agree on counts and you don’t know put money away for retire- age groups, according
led to arguments. “He may expectations. How much or remember your part- ment or general savings, to a 2018 survey of more
think spending this much is reasonable to spend on ner’s login information. If an Centeno says. That’s cru- than 1,700 U.S. adults by TD
money on going out to eat things like eating out or gro- emergency arises — your cial if you split up or your Bank. q

Euro gains in global use, but dollar still dominates

By DAVID McHUGH most recently toward the ference and cyberattacks.
Associated Press Chinese yuan. Factors af- China also slightly reduced
FRANKFURT, Germany (AP) fecting the dollar’s use in- its dollar holdings in the
— The euro has gained clude countries selling dol- form of U.S. Treasurys, by
ground as a global cur- lars to support their own about $60 billion, during a
rency used for government currency, and U.S. financial period of trade tension with
reserves as U.S. econom- sanctions such as those the U.S., leaving its holdings
ic sanctions deter some against Russia, which has at a still massive $1.1 trillion.
countries’ use of the dollar, moved some holdings to The Chinese currency, a
the European Central Bank other currencies to avoid newcomer in terms of be-
said in a report Thursday. U.S restrictions. ing a global reserve cur-
The euro’s share of measur- Russia sold about $100 bil- rency, doubled its share to
able foreign reserves held lion worth of U.S. dollar- just under 2%. Other cur-
by central banks and gov- denominated assets in the rencies used as reserves
ernments around the world wake of new rounds of U.S. are the Japanese yen and
rose 1.2 percentage points sanctions, making the euro the British pound, and to a
during 2018 to 20.7%, re- International Monetary Fund (IMF) Managing Director Christine Moscow’s main currency lesser extent the Canadian
Lagarde, right, and European Central Bank (ECB) President Mario
versing a declining trend. Draghi, left, speak prior to G20 Finance Ministers’ and Central holding with 39% of reserves. dollar and the Australian
The dollar’s share dropped Bank Governors’ Meeting Saturday, June 8, 2019, in Fukuoka, The U.S. has imposed sanc- dollar. Another reason dol-
slightly to 61.7%. That is western Japan. tions over a raft of issues, lar reserves declined is be-
down more than 7 percent- Associated Press including the annexation lieved to be sales of dollar
age points from its peak which benefits the euro,” currency for international of Ukraine’s Crimean Penin- assets by emerging-market
level before the global fi- ECB executive board mem- trade, borrowing and re- sula, human rights abuses, countries that are trying to
nancial crisis of 2007-2009. ber Benoit Coeure said. serves, despite a slow diver- support for the Syrian gov- keep their national curren-
“It’s primarily diversifica- The dollar, however, is still sification toward other cur- ernment, illicit trade with cies from falling against the
tion away from the dollar, very much the dominant rencies over recent years, North Korea, election inter- dollar.q