The Best Way To Combine Finances

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[Tockohead]

My wife and I combined all finances 20 years ago but recently started doing something a little different that's working great. After we do the monthly budget, any leftover income that we would typically distribute to fun goals such as home projects, travel, etc., instead we split that surplus between the two of us. This gives us our own, personal funds that we can then distribute as we wish, without needing approval from our partner, to any goal we desire. We've been doing this for about three months and our spending has gone down and our financial satisfaction has gone way up. We're starting to clear personal goals that would often sit on the backburner for years while still working towards mutual goals.

[clevercupcake]

The amount of spam comments on this video is insane

[JeanValjean]

Woah, the comment section is invasion of the scammers.

[mikeshaw]

Agree, when you two said I Do there was no longer your and his, even with children. I came from a family that that said his/hers and used the labels step-children. My wife who is also from a blended family they only said children, brothers and sisters. I can state without a doubt the way my wife’s family did it was much better.

[tdillins]

It only works if both partners are willing to budget. My spouse doesn't budget so we can't combine accounts until she does.

[sprint]

Wouldn't a separate account for 'fun' money help keep things even? Have a joint account for necessities, agree to put so much back into retirement or savings and then put a set amount into individual accounts so they know their spouse isn't spending too much on themselves and they don't have to ask each other if it's okay to buy something.

[daveblackman]

Been married for 5 years and kept our accounts separate and plan to keep it that way. What works well for some doesn’t have to work for everyone.

[kekejefferson]

No. Both have their own savings, checking and a joint for bills. Have a bill acct if you a biz before marriage.

[PhilipMurray]

I think this should be the best time to put cash to work rather than allow it lie waste to inflation. I'm ready to invest about $350k of my savings in stocks. I just need ideas on how to navigate the bear markets and other sectors to diversify

[laurenh]

All income is deposited into joint accounts. One joint checking account...pays bills. One joint savings. Separate individual checking accounts. Pay all bills from the joint account and send an 'agreed upon' weekly allowance to each separate checking account. Any additional money needed should be discussed. Transparency is the most important thing.

[saw]

Keeping finances separate is fine, why join when you don’t have any need to do it. Same account can always be trouble if there is a.divorce which is 50/50 in America. As long as the spouse take care of their duties and expenses I think it’s fine.

[ThreePuttBogeys]

As soon as the question started I knew Dave was going to bring out the old book of common prayer! 😂

“Unto thee my worldly goods u pledge”

Classic Dave!

[andrea]

Make sure you create a trust for your son. Don’t assume that if something happens to you the step parent will do the right thing by your child. You’d be surprised how often kids are left out in the cold when all assets are left to the new spouse.

[djpuplex]

Most women have a separate account. They empty the joint before they file leave the guy high and dry. I'm a nurse I hear it all the time

[davidmilhouscarter]

George, if you would get a credit card you could use airline miles and fly to Boise for free. 😜

[sstjacques]

I have to disagree, separate accounts saves your sanity... this way when you spend something, you don't have to ask your wife to buy something with your money.

[darkskinamerican]

Me and my wife have separate accounts so that we can spend our paychecks on whatever we want without having to ask each other for permission. We just split the bills, and it’s been working great for us, been married 7 years

[Bamapride]

I have always had a joint account when was married but also at same time she and I both had an individual account. She was a SAHM and relied on 1 income and basically sent the spend money from the joint account to our personal ones for the spend accounts so that we didn't have to try to get a hold of the other as had coworker invite out to eat or she wanted to buy something while out in town etc. She was also not good with the autopay bills and would just check the account that day and see the available balance and say that was how much we had in the account is one the reasons to have individual spend accounts to go along with the main joint account

[JoelJoel]

If you're not willing to combine, what are you afraid of? And if you're afraid, why get married?

[dimsterrafiq]

In sickness and health
Whether prenup or not!