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Combine once married. My philosophy is you’re a team and need visibility into all accounts
Chief
Are you going to be together for life? Or is there a 50% chance you won’t?
My husband and I added each other to all of our accounts for visibility, but our checks go into our respective accounts and then he takes certain bills and I take certain bills. Been working well for the last 10 years.
Chief
We has separate accounts for the first year of our marriage. When we relocated we primarily put our paychecks into a joint account and put a percentage into our main personal accounts. It works for us but not for everyone. My husband is tight with money so I don’t have to worry about the other person doing crazy spending. Pay attention your partners spending habits before taking the plunge.
Pro
For life planning purposes, make sure you have your own credit cards and bank account - in case anything happens (death, divorce), it’s important to have that in your credit history
Same position. Following!
(We are currently not joint but making the slow transition to joint)
We have a hybrid model. We have joint checking, savings and two credit cards. Paychecks go into joint accounts but we try to save one entire annual salary and live off the other one. We each maintain separate individual accounts as well, same for investments. We jointly invest in real estate.
Rising Star
We have joint account that all money goes into and then individual accounts where we each get the same amount of spending cash for non-joint expenses. We agreed on the categories of what is joint and not. This way we both get the same discretionary amounts regardless of who is making more - we have gone back and forth on who makes more over the 15 years we’ve been married.
I’m married, we keep ours separate but we have visibility and access to each others accounts. I preferred it this way just because I wanted to feel like I still had a bit of financial independence etc. Also we are married out of community of property for no other reason than the fact that we got married overseas and thats just how that country issues marriage certificates. We still plan financially together and buy stuff in both our names and we have savings targets and a combined savings account but I like it this way. Also its not every person who is fortunate enough to marry someone where you understand each other financially and share the same financial goals. I would advise keeping finances separate until you are confident you are both partners and share the same vision for your futures financially (even though the general expectation would be you should if you are considering getting married but thats not always the case).
Joint checking after marriage. Our investments are separate but we have visibility into both.
Chief
All in one pot for us. All checks go into one account which we use for all bills and fun stuff. Open communication is crucial, but we’ve had no financial issues since merging everything 3 years ago.
Not married but living with my partner. We have a joint account for rent/other expenses and our own separate accounts. Will probably keep a hybrid model but increased visibility into personal accounts if we get married
We have separate everything. But every month we categorize all our expenses and compare against our budget so everything is transparent. Honestly we’re just too lazy to decide which accounts are better (his checking/savings has atms in our location, but mine has better locations nationally) so we keep everything. This definitely won’t work for everyone, but our attitude is that all our money and expenses belong to us both so it works. We don’t have kids, but if we do we’ll likely need to re-evaluate. Different things work for different people!
Chief
I think I’ve seen it work best where everyone has individual accounts and agrees to put X% into a joint account.
Main checking is shared. We each take a nominal amount from each paycheck into our own savings account for ATM access etc. we discuss any large purchases before hand. We each do our 401k’s and anything over our shared savings is invested together.
3 accounts. Yours, his and the joint account for savings and bills. Decide what stays in personal accounts and move the excess cash to the joint account. For direct deposit set the same % of cash for each individual to their personal account. That money is theirs to do what they please with without asking. The joint account can’t be touched without asking. Fiancé and I plan on 20% to personal accounts and 80% to joint
Joint accounts for everything. Some credit cards are in his name and some in my name, but they all get paid from the same pot. I handle the finances/bills and he handles investments. No problems in 8 years of marriage
We share joint checking, savings and 2 credit cards, and each have our own individual accounts with a small % of our paychecks for spending on whatever we want. Most investments are still separate but added each other as beneficiaries - mainly out of laziness 🙂 been married 5 years, together for 9
Conversation Starter
Same, joint account. I was super nervous and hesitant at first. But we’re a team and building a life together...I think it’s more work to try to separate things. Just have open communication and understand your partners spending habits.