I Earn Six Figures but My Partner Doesn’t: 4 Things We’re Sacrificing To Become Rich

In a committed relationship, combining finances isn’t always easy. This can be even more complicated when one spouse earns significantly more than the other. Sacrifices often have to be made when a person earns a fraction of their partner’s salary. Finding common ground for the sake of healthy finances is a must, but it will require teamwork.

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If you and your partner are in this situation, you’re certainly not alone. Here’s a look at how two couples with notable income disparities are working to build wealth together .

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Balancing Cost of Living and Extra Investments

Jonathan Geserick, an attorney and owner of the law firm Texas Probate Pros , earns about $175,000 annually, depending on the year. His wife works in real estate and her income varies, but some years she only brings in $30,000.

“The way we have been doing things is that we use my salary to pay our living expenses and saving 20% in retirement accounts,” he said. “Her salary, we use to purchase real estate to rent out — either short term or long term rentals.”

He said his salary allows them to qualify for competitive interest rates on their rental homes. “This method has worked well for us.”

Avoiding Lifestyle Creep

While their combined income certainly isn’t meager, he said they make plenty of sacrifices to stick to their budget and avoid “lifestyle creep.” This includes keeping their cars for 15 years, living in a modestly-sized house and not taking extravagant vacations.

When they got married six years ago, he said, they also had an incredibly small wedding.

“I think it cost us $1,500, which was basically just paying for a meal for family who came in from out of town the day before the wedding,” he said. “Then we paid for a nice meal after our wedding.”

He said they felt no need to spend a ridiculous amount of money on a wedding, when they could put their funds toward a real estate purchase or retirement account, instead.

“Ultimately, we’ve operated this way so that we can stop working when we are reasonably young,” he said. “In fact, this year, we reached a milestone where our financial advisor says we no longer have to save for retirement.”

Now, they just have to keep earning enough money to pay their living expenses until they reach an age they can withdraw funds from their retirement accounts, he said.

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Building Wealth on Two Six-Figure Incomes — With a Large Disparity

Dr. Annie Cole, Ed.D., a financial coach and founder of Money Essentials for Women , and her husband both earn six figures, but there’s a large wage gap. Her annual income is in the $100,000 range, while his falls into the $400,000 range.

Despite the difference in their incomes, the couple has found ways to make their financial situation work for them. One method they use is having mixed and separate finances.

“As a financial coach and as a wife, I think the best thing my husband and I ever did was keep a portion of our finances shared and a portion separate,” she said. “We have shared goals — home ownership, real estate investing, cars, monthly expenses — but we also have our own individual goals and hobbies — what we buy for fun, how much we save, etc.,” she said.

This has allowed them to enjoy a sense of financial freedom, while simultaneously building wealth together.

“It’s made our conversations about money very comfortable and calm,” she said. “We both feel respected and like we’re pursuing a shared lifestyle while maintaining independence in the relationship.”

Deciding Together What To Spend vs. Save On

They also made the sacrifice of keeping their wedding budget low.

“When we were planning our wedding, we picked out the things that mattered most to us and spent money on those things,” she said.

She added that they spent very little money on parts of their big day that weren’t as important to them — Cole bought her dress at a trunk sale for $500, and her husband rented his tuxedo. They held the ceremony on a public dock with around 50 close friends and family members. Most of their budget went toward the event center and food.

Additionally, she said they decided to prioritize spending more money on their home than traveling.

“We both work from home and value having a big space to live in, cook in and just relax in,” she said. “In turn, we only travel a few times per year and make those experiences really special.”

Since they’re home most days of the year, she said having a nice home they enjoy means more to them than overspending on travel.

This article originally appeared on GOBankingRates.com : I Earn Six Figures but My Partner Doesn’t: 4 Things We’re Sacrificing To Become Rich