Thursday, June 26, 2014

Great interview about Couples Finances from DINKS at Mint

What are your thoughts on how couples handle bank accounts? Should you have joint accounts? Separate accounts? What are the advantages/disadvantages of both options?
We've learned through years of blogging about couple's finances that this is a very personalized question. We recommend doing what feels right to you as a couple, but it is essential to discuss this early on, since you can't assume that your partner will have the same perspective that you do.
We have a mixed cash management approach overall. We opened our first joint savings account when we were engaged, but didn't open a functionally joint account until last year. Now we each contribute to that account for specific household expenses and keep our own accounts for the remainder of our money. We find this works for us, since we need to have a way to pay for basic household expenses but we also want the freedom and flexibility to manage our individual finances.
Whichever way you set things up, you should do so with the goal of reducing conflict around finances and both being happy with the arrangement. Like my father once said, it's not worth it to fight about finances.
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