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Should You Combine Finances?

  • 🎬 Video
  • ℹ️ Description

You've just moved in with your boo, but the first rent bill comes and you wonder... "How should we split this?"

Two Cents on Twitter: @twocentspbs

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Two Cents was created by Katie Graham, Andrew Matthews, Philip Olson CFP® and Julia Lorenz-Olson and is brought to you by PBS Digital Studios. We love dropping some knowledge on all things personal finance and helping you make better money decisions.

Two Cents is hosted by Philip Olson, CFP® and Julia Lorenz-Olson
Directors: Katie Graham & Andrew Matthews
Written by: Andrew Matthews
Executive Producer: Amanda Fox
Produced by: Katie Graham
Edited & Animated by: Sara Roma
Images by: Shutterstock
Music by: APM

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💬 Comments on the video
Author

we have a phrase in Hungary: The bed is common, the pillows are not.

Author — Zsombor Erdész

Author

As someone from Sudan ..I don't know what to do with most of the information I get from your videos, but I am enjoying it ... Keep it up

Author — al modeer

Author

Looking at financial channels like this one has help me pay off all my debt besides my house. More millennials are becoming financially literate by watching YouTube.

Author — Marquis Patterson

Author

My wife and I are far from traditional, but we've discussed money early in our relationship. She brought in student loans, where I had none. I knew that going in and agreed to tackle that together. We paid off her student loans together and are debt free aside from our mortgage.

The way we share finances is we keep a certain amount of each paycheck to a personal account ($150/paycheck since we're paid on the same schedule) and the rest goes into a joint account to pay for the budget we've agreed on. I primarily do the finances and report back to my wife on the monthly reports (essentially). I don't question what she buys with her personal money and she doesn't question my personal expenses. We discuss larger joint purchases and how it will affect both of us (cars, trips, etc.). We also have a dedicated travel fund.

Author — Jason R

Author

Moral of the story:
Write it down and have an organized plan, don't just argue about it every month.

Author — Alastor

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I'm glad you mentioned the possibility of abusive relationships. Thanks for keeping your advice and pros/cons discussion realistic

Author — gracemistress

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Conveniently Im getting married this month, so this came at the perfect time!

Author — JC Arteaga

Author

1 of 4 failed marriages are caused by money problems. It’s a real issue. Thanks for tackling such a sensitive topic in a world with a variety of non-traditional set ups. Great video!

Author — Steve Ram

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I always think of 4 accounts: two joint accounts- one for savings and the other for Bills and expenses. Two personal accounts-one for me and the other for her.

Author — Donel

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I feel like the causation between couples combining money and staying together might go the other way around too. Like couples who had healthier relationships are more likely to combine their resources?

Author — Geof Tian

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Married couples should combine finances, but only after making a joint budget that both agree on. Non married couples should never combine finances because the person has no legal right to the other person's stuff. Also, NEVER buy a home or car with someone else on the loan or title if you're not married to them.

Author — Jesse K

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We have it split 50/50: my wife earns the money, and I spend it!

Author — Remco S

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We didn't have any problems sharing finances until we bought a house a couple of months ago. Now we're definitely going to try the envelope system you mentioned. Grill here we come

Author — Cam Rodriguez

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My mother payed for my father’s engineering degree, so that was a pretty good investment of her :P

Author — Herr Hurbig

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Am I the only one that didn't know they were married!? I've been watching these videos for over a year and always thought they were just hosting together.

Author — Ryan Proven

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Love this concept of "fun money"! Trust is the foundation of any successful relationship! As always, great video!

Author — Erika Kullberg

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This early and not even notification squad #YouTubeIsMyLife

Author — Tanaya Clark

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I haven't even had a partner in 3 years....welp, can't hurt to watch this video anyways

Author — Kano 404

Author

The wife and I have everything in a joint account with each getting a weekly allowance for our own spending. It really does allow us to do our own things without affecting the other.

We've been budgeting this way for nearly 9 years now. We have gotten out of student loan debt ~$80k combined and nearly completely out of debt ~12 months away.

Author — Chris Green

Author

We each made our own money before we got married and still make our own money. we both have our own accounts and have 1 shared account that My boo and I use to split all shared expenses 50/50 (down payment on a house, rent, date night...). We have made it kind of a friendly competition to see who saved the most money/income/month. We each use our own preferred budgeting app and Venmo often. Some of our parents don’t understand why, and say things like “you will grow out of it” meaning we will eventually combine everything. We disagree and believe as long as you trust the other person and communicate constantly each other’s goals, then budget/spend your money how you see fit. After all YOU earned it.

Author — robdogracing