Woman Shares Income-Proportionate Expenses With Fiancé After Moving Out

Woman Shares Income-Proportionate Expenses With Fiancé After Moving Out

Jared Soares for BI

  • Kimo Bentley left her New York medical-spa business to move to Maryland, home of fiancé Daron Pressley.
  • The couple has a 4-year-old child and share their finances proportionally.
  • Pressley covers most of their expenses with an annual income of about $200,000.

This is part of our series Splitting the differencewhich examines the financial lives of couples.

Kimo Bentley had two children and was running a medical spa in New York when she met Daron Pressley at an industry event in 2014. They liked each other and at the end of the night he tried to help her put on her jacket.

“Being from New York, he was like, ‘What are you doing?’ don’t touch me “He would say, ‘Don’t touch me,'” Pressley said.

“He said, ‘Okay, stick your arms up,'” Bentley added.

Sweetheart reflects their self-sufficient approach to finances after seven years as an engaged couple living in Maryland with a 4-year-old child; although they are both very independent and have their own ways of doing things, they have always been drawn to each other and helping each other.

Pressley and Bentley distribute their finances in proportion to their income and strictly monitor all their expenses. They sat down on a video call with Business Insider to explain their finances.

They have always been open about finances

Bentley took a risk when he moved from New York to Maryland to be with Pressley in 2016 and had to start from scratch. So Pressley announced that he would support her financially or otherwise to improve the relationship. Communication about the financial nuts and bolts of their life together began early.

“It’s about, ‘Okay, how do we want to budget for rent?’ started with,” Pressley said.

She sold her small one-bedroom apartment so they could rent a place big enough for Bentley’s two older children to stay with them. (They are now 18 and 20 and live alone.)

Seven years later, “it’s really proportionate, OK, if Kimo provides 30% of our revenue, I’ll cover that middle ground,” said Pressley, who has diversified income as a media consultant and freelance marketer.

They are also always aware of what is coming in and how they are spending their money.

“If we have a total of $5,000 in income in a month – let’s say it was $4,000 from me and $1,000 from him – we’ll split that $5,000 like this: 70% goes into this bucket, 10% goes into that bucket, 10% here, 10% here.” “And then Kimo will adjust our budget accordingly. If there’s small stuff like groceries or household items, kids activities, she’ll handle those things.”

They said it helped them maintain a high level of transparency in their relationship, although Bentley said she sometimes found Pressley’s loyalty to make things a little crazy.

“We keep really strict records of what comes in, where it goes. He gets mad at me,” Pressley said as Bentley smiled knowingly. “I’ve got a good schedule.” “And so if we go out to dinner, I can literally tell you—I can tell you this week how much I spent this week.”

Bentley’s med-spa business This year, it earned about 800,000 dollars. Profits from revenue went to rent, employee wages, utilities, and other current expenses.

“I pay myself monthly, so it’s probably about $4,000 or $5,000 a month,” Bentley said. All other profits are invested in the business.

“His income is still lower than mine in terms of how he pays himself,” said Pressley, who adds marketing skills to his business.

Jared Soares for BI

Communication about money helps them plan

Last year, he himself earned about 200,000 dollars. As a couple, they are on track to earn about $260,000 this year.

Tracking their income and being open with each other about their finances has been good for their relationship and their long-term plans. It’s clear the pair are close. Throughout the interview, the two completed each other’s thoughts and sentences.

“If it wasn’t for planning, we’d be all over the place,” Bentley said.

“When you can talk about finances with your partner and you both understand and can get on the same page about finances, it makes one of those difficult conversations easier to have,” says Pressley.

“A lot of couples don’t like to talk about it,” Bentley says, sitting close to Pressley on the couch on screen. “This is the elephant in the room.”

Business Insider confirmed the couple’s transactions and debt.

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