Could This Personal Finance App for Couples Save Your Relationship?

Getting married, moving in together, or otherwise creating a serious, committed long-term romantic relationship with another person means partnership in all senses of the word. You're a financial team now. But many couples need extra help to keep their money organized, especially if you keep your finances separate and don't have a joint bank account.

There's no one "correct way" for couples to manage money. But conflicts about money are a major reason for stress in a relationship. If one partner starts to feel like the other half of the couple is not paying a fair share of expenses, or if there are miscommunications about money, it can lead to hard feelings and resentment.

Don't let money damage your most important relationship. Keeping your relationship happy is often easier when everyone is on the same page with finances. A personal finance app called Tandem (usetandem.com) could save your relationship from disagreements and disconnects about money.

Let's look at a few reasons why your relationship could be better off with Tandem.

Split bills easily based on different incomes

Unless you and your spouse or life partner earn exactly the same income, splitting bills can sometimes lead to friction and conflict. How do you know how much each person should pay? If you're both splitting the rent, or sharing subscriptions like streaming services, or paying each other back for dinners out, do you each pay 50-50, or should the higher-earning person pay a larger percentage of the total bills?

The Tandem finance app makes it easy for couples to split your expenses and settle up for bills. You can use customized ratios based on income, so each partner pays their fair share and no one feels like they're paying too much.

And Tandem connects to your checking accounts, so you can settle bills as a couple within the app, without having to send money back and forth to each other. No more endless Venmo requests -- just swipe within the Tandem app, and Tandem will automatically make sure both of you are paying your fair share based on the ratios you set.

Plan for money goals as a couple

One of the joys of being in a relationship is that you get to work as a team to make plans for the future. Whether it's taking a vacation or buying a home or saving for retirement, being in a committed relationship can give you a stronger financial foundation and a more abundant life than you might have been able to afford on your own.

The Tandem app gives couples a shared place to map out financial goals, all in one place. Whether there's a nice new living room furniture set that you want to buy, a dream vacation you want to take, or a down payment on a house that you want to save for, Tandem can help you visualize your financial dreams as a couple, and start to work toward making them a reality.

Get a high-yield savings account (4.70% APY)

Along with its easy-to-use bill-splitting tools and financial-goal-setting features that are great for couples, Tandem helps you earn a higher yield on your savings. Tandem is not a bank, but it offers a high-yield savings account through its bank partner, Third Coast Bank, SSB (member FDIC). As of April 22, 2024, the Tandem savings account was paying 4.70% APY, which is competitive with some of the best savings accounts and money market accounts.

While you're saving for your next big purchase, dream vacation, or house down payment, you might as well earn interest on your savings. Tandem is not just a helpful personal finance app; it could be a good place to keep your emergency cash or short-term savings.

Bottom line

Just like a tandem bicycle helps two people go faster and farther than they could go on their own, the Tandem personal finance app can help couples live a more peaceful, comfortable, and prosperous financial life together. Many couples might love the tools that Tandem offers to split expenses and plan for future financial goals. But the Tandem savings account also offers a tempting yield on your cash. Check out Tandem for more details, or download the Tandem app on the App Store for iPhone (rated 4.5 out of 5 stars).