Money is one of the most fought-over issues between spouses. Will combining your finances improve your marriage? Should you and your partner consider combining finances? Finances are a personal topic and only you and your partner will know what is best for your relationship. As for my husband and me, combining our finances has been incredible for our marriage and I will tell you why.
1. It makes things simpler.
If your family is like mine, one person is in charge of the finances. In our case I am the CFO of our household. It is much easier to reconcile one checking account than it is to balance two or five or ten. This is especially true if you have your own business and have to keep track of that account as well.
2. It helps to curb spending.
My husband was a shopaholic. He knows it, I know it. But once we merged our finances he learned to evaluate his purchases. He no longer bought things on impulse. It is the accountability aspect of sharing a bank account that helps curb spending. He told me once he and I became an US, his whole perspective on spending changed. His paychecks that were once his to blow at J.Crew are now a part of something bigger – our future.
3. Financial goals are clearer.
The fewer bank accounts there are, the easier it is to see the big, financial picture. Instead of my savings and your savings, it’s our savings. How much do we have saved for our trip to Europe next summer? How far are we from our house downpayment goal? Having a joint savings account together for each of your big financial goals is a simpler way to track your progress.
4. There will be no surprises.
Financial transparency plays an important role in maintaining a happy marriage. I knew my husband had student loans, but knowing the exact amount allowed me to better prepare our family’s budget. And in turn we will be able to reach financial freedom faster.
5. You feel like a team.
There are many ways to feel like a team in your marriage and combining finances is one of them. We are working hard to save for our shared goals. It is a great feeling to support one another and reach financial targets together.
My parents always shared money with joint accounts and I am comfortable with that. I actually prefer it and I am lucky that my husband feels that same. Some couples prefer to keep their finances separate for a number of reasons (one spouse makes more money, the other spouse spends too much, etc.) There is no right or wrong way to dealing with finances in a marriage, as long as what you are doing works for your family.
Did you combine finances once you tied the knot? How do you like it? Was it difficult to get used to?