What's yours is theirs, right? This is often the motto for married couples, especially when it comes to finances. At least that's what I gathered when two months ago I went on the air during my show and asked for advice on whether or not to combine bank accounts with my wife Lauryn. There were a few exceptions of people who had been married for years and preferred having separate accounts, but mostly I was encouraged to join financial forces.
So we did.
We are two months in, and I must say, you were right. We love it. One obvious benefit is not having to worry about who's paying for what. If we go out for dinner or drinks, there's no concern of who's got the bill because it's coming from the same place. Beautiful. However, that's not even close to the biggest benefit I've noticed.
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My fiscal responsibility has increased ten-fold. Seriously. I think it's because of the fact that I'm now hyper-aware of every purchase I'm making, because I know that my wife is going to see it. This is a very different approach than I used before. I would just set aside whatever I needed for my half of the bills, and then just "willy nilly" spend whatever was left on golf, golf balls, golf clothes, beers at the golf course, etc. What's it matter? She'll never know! That wasn't the way, it turns out.
Combining finances also really makes it feel like you're more of a team, which is what I suppose marriage is all about. I know that there isn't a one-size-fits-all solution to marriage and finances, it definitely depends on your own unique situation, but this has worked well for us.
Follow me on IG for more personal finance advice. Actually, don't. I mean, yes, please follow me, but whatever you do, do not take any advice I give seriously.