How Should Married People Manage Their Bank Accounts?

How should married people manage their bank accounts? I have some sound advice for these newlyweds.

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[NicoleOfferman]

Been doing this with my husband since before we even got married and works out great for us.

[cw]

That joint account is key, that is where all bills, food, clothes, are paid from. Honestly really the only thing my wife and I use our other account for is for gifts for each other

[penelopepitstop]

I totally agree! We have a joint checking account and we each have our own personal checking account, plus we each have various savings accounts. We are not millionaires by any means - just smart with our money. I have about 5 or 6 savings accounts and each pay period I have money automatically drafted into those accounts. I have savings accounts for each of our children, my retirement, a vacation account, and a separate Disney World account. My advice I give my children is to save, save, save - even if it's just a little bit.

[UrbanAfricano]

Very good and smart answer. This is why I have my own account now. Nobody tells me how to spend my money

[boodadavis]

Thank God for this response Unc Steve. Over & over I’ve been told a married couple should combine all finances b/c the Bible says “You are now one”. Me & my wife still have our separate account but also have a joint account. It works for us & we still wouldn’t hide what’s in our personal accounts if for any odd reason we needed to know. I hope was still are pleasing the Lord but it really has been working for us thus far. We never ever fight about money which is a huge blessing

[alexandria]

Girl you knew he was a spender and wanted to marry him... y’all should work on it before the wedding and set up a plan.

[marymay]

Great answer. 4 accounts work for us. You base this on how much money you all make, then estimate your monthly bills and go from there. It's how you manage your money. Set up your accounts the way it works for you all.

[sarahgaither]

This is perfect! My fiance and I have been trying to decide if we should start combining everything or not (the way we do it now is complex and annoying to track). I'll show him this video. So straight forward and easy.

[shekiera]

Yes this makes so much sense !!! Great answer !!

[NM-okwb]

You should do this before marriage too. The most common breakdown is 50% necessities, 30% discretionary, 20% savings. Obviously play around with the percentages based on your income and needs.

[justinduhimbaze]

Watching this is very interesting at this time. Thanks Steve for always shedding light on these big topics

[Kamsi-yjsi]

The greatest empowerment every woman should have is being empowered financially and mentally. This way you will be at the top of your food chain. Being finally free is one thing every woman should be looking after. I wasn't financial free until my 40’s and I’m still in my 40’s, bought my second house already, earn on a monthly basis via my investment and got 5 out of 5 goals, just hope it encourages someone that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your future! Investing in the financial market is a grand choice I made. Great video! Thanks for sharing!
Very inspiring! I love this.

[tightywhitey]

Thank goodness my wife and I have always been on the same page about money. It’s pretty simple for us, if it’s a need, then no questions asked. If it’s a want, then it’s not a need 😂

[Mina-rbut]

Dave Ramsey would say “ Combine all income” lol. I like this response so much better

[noeltube]

IF YOUR WIFE IS A STAY AT HOME MOM, SHE SHOULD GET A MONTHLY ALLOWNACE. And I don't mean a tight allowance, I mean one that allows her to feel appreciated for all the work she does for the home.
As a man, this is the only way.

[pure.bengal]

Successful people don't become that way overnight. What most people see at a glance- wealth, a great career, purpose-is the result of hard work and hustle over time. I pray that anyone who reads this will be successful in life..

[Vgamefrk]

This is much better than Dave Ramsay’s opinion of just combine everything all the time.

[jomarcarloorlanda]

we have 5 accounts. Joint, 2 Allowance, Savings, and kid (college fund). All income will go to the joint (considered as family income all bills or autopayments are charged here, but we also have a joint credit card used to pay items can be charged with a credit card. this includes groceries gas all expenses to take advanrtage on cashbacks or points. Credit card bill must not exceed the average deposit on the joint account.). We get both monthly allowance fix (if someone works overtime we he/she gets 50% of that overtime pay for allowance). In the savings account (we autotransfer a fix amount and whatever left in the joint account at the end of the month goes to the savings.) The kids account gets a monthly fix autotransfer (also from our overtime 10% is added)

We treated our family income as how businesses do their financials. never again did we end up spending more than our monthly income and get burried with credit card bills.

[tboykintb]

Rgt Rgt Keep that part tight cause 💰 always become an issue in relationships & will kill a marriage. to the person who gave Unc that advice & to Unc for sharing said advice... 😉👍

[nerdynoa]

I love this and wish my gf would see this to understand what I have been trying to tell her