How to Have the Money Talk: Learning to Live Financially as a Couple


How to Have the Money Talk: Learning to Live Financially as a Couple

Whether you are dating, engaged or getting married, one of the major decisions that couples have to make is if and how you are going to manage your finances together. Money management, personal budgets, saving for financial goals, and couples expenses are all topics that should be discussed sooner rather than later in a relationship in order to avoid any potential conflicts of interest.

To Merge or Not to Merge Your Finances

Traditionally when couples got married, they merged all aspects of their lives including their finances, but nowadays this is not necessarily true. Many couples still choose to merge their finances, but many couples also choose to keep their finances separate. There are advantages and disadvantages of merging finances as a couple. When couples merge their bank accounts, credit cards and personal loans, they may quickly find themselves losing track of their monthly income and expenses.

Merging bank accounts can help couples save money on their monthly bank fees because it is definitely cheaper to pay for only one monthly bank account maintenance fee than it is to pay for two. Couples who merge their finances can also save on their monthly bank account fees by maintaining a minimum monthly balance. When couples have two incomes being deposited into one bank account, it may be easier to maintain the minimum monthly balance and have your monthly bank account fees waived.

If you choose not to merge your bank accounts, you have to keep in mind that it is not a sign of distrust in a couple. It’s ok to have separate bank accounts because not merging your bank account just means that you prefer to manage your money individually.

Saving for Couples Goals

Many couples choose to save together for joint goals as well as save by themselves for their individual goals. Saving money in separate accounts for your couple goals and your individual goals is a good financial strategy. It is definitely easier to manage money and track your progress for different goals when the money is being saved in different accounts.

Saving for joint goals as a couple is a great financial strategy because you can save money twice as fast and in half of the time. If your individual or couples goal is to pay off your debt, having two people make payments towards outstanding debt helps you save on interest costs and pay off your debt sooner.

Why did you choose to merge or not to merge your couple’s finances?

The information in this article is provided for education and informational purposes only, without any express or implied warranty of any kind, including warranties of accuracy, completeness or fitness for any particular purpose. The information in this article is not intended to be and does not constitute financial or any other advice. The information in this article is general in nature and is not specific to you the user or anyone else.



Kristina is a Financial Services Professional with over 12 years of experience working in the Banking industry. She helps people invest their money wisely and plan for their retirement at DINKS Finance. Kristina enjoys helping people plan their personal budget, pay down their debts, and enjoy their financial lives.