Overview
Viviana Vazquez and her fiancé, who together earn over $300,000 annually from tech jobs and content creation, use a structured 90/5/5 budgeting system to manage their finances collaboratively while maintaining individual financial freedom.
Transition to Joint Financial Management
- Initially split shared expenses 50/50, which felt transactional rather than collaborative.
- Shifted to a team approach to accelerate financial growth and align on future goals.
- Spent months discussing various money management strategies before settling on a hybrid system.
- Combined most finances at the beginning of the year in preparation for marriage.
The 90/5/5 Budgeting Method
- 90% of both salaries goes into joint checking and joint high-yield savings accounts for shared goals and expenses.
- 5% of each partner's income remains in their own individual accounts with no restrictions.
- Viviana’s content creation income is managed separately for business growth.
- Shared funds prioritize 20% savings, fixed expenses (rent, utilities, car, family support), and variable expenses (food, beauty, travel).
Savings and Goals
- Joint savings buckets include emergency fund, Roth IRA, travel, wedding, and holiday funds.
- Completed wedding fund goal of $20,000 earlier, exceeding it to provide additional family support.
- Both partners contribute to financial support for their families as long as resources allow.
Money Management Rules
- No surprise purchases from joint account; all spendings must be budgeted or jointly approved.
- Both have full access to the joint account to maintain transparency.
- Individual accounts remain private, though general activity is shared openly.
- Have twice-weekly 30-minute “money dates” to review and update the budget, making adjustments as needed.
Advice for Couples Managing Finances
- Discuss money early and regularly, not just after moving in or getting engaged.
- Recognize there’s no single "right" approach; the key is mutual trust and security in the chosen system.
- Acknowledge emotional aspects of money shaped by childhood experiences.
- Use banking and budgeting tools that fit both partners’ needs (e.g., SoFi for joint, Ally for savings).
- Focus on collaboration, not control, when combining finances.
Breaking Financial Cycles
- The aim is to achieve collective and individual dreams, not to compare income levels.
- Emphasizes pride in building wealth together and breaking generational cycles through intentional financial planning.