One day, the two met and fell in love. They decide to celebrate this by getting married, with a tacit agreement to pool all their money into one account and never again to split the cost of anything or have separate funds. I did.
They stood by this great financial decision until death did them part, and it made them happy forever. Or was it?
It may have once been “done” for couples to have one bank account and pool their salaries, but marriage in 2024 will look a little different for several reasons. It looks like. While many of the tenets of sacred marriage have remained the same (for example, you should never cheat on your spouse), the way we think about money in relationships has evolved.
“The cost of living crisis has forced couples to have a lot of conversations in some ways,” personal finance expert and Finder editor-in-chief Sarah Megginson told Yahoo Lifestyle.
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“In modern relationships, many people choose to have joint accounts for bills and joint expenses, and separate accounts for personal expenses. People who split bills proportionately For example, high-income earners pay 60%, while partners pay 40%.
While many couples may be choosing this to deal with money talk in their partnership, a recent thread on X shows that some people are still thinking that combining everything is the only way. It reveals how many there are.
Should my partner and I have a joint bank account?
In a post that has been viewed about 20 million times, one user wrote: “It’s crazy to see people debating whether to split the bills in half when they get married or split them proportionately to their income. Two people. I was left alone and what happened?” Is it now the norm for husband and wife to split paychecks and share household income? ”
It’s crazy to see people debating whether to split the bills 50/50 when you get married or split them proportionally to your income.
What happened to two people becoming one and married couples pooling their salaries as joint household income? Isn’t this the norm anymore?
— MJ (@morganisawizard) October 21, 2024
“Couples who manage their finances separately are just preparing themselves for the possibility of divorce. Change your mind,” was one of more than 8,000 responses.
“I think marriage means something different than it used to. I know couples who have kids but don’t get married because they don’t want to make a commitment. Seriously, what’s a bigger commitment than having kids? ?” It was something else.
“I earn twice what my wife earns and we pool everything together. I can’t imagine sending money to each other for bills, food, etc. Seems ridiculous,” said another. People shared.
“There’s nothing weirder than seeing a couple split the bill,” added another.
Another response was, “If you’re not pooling your resources, you just have roommates who have sex every now and then.”
“I mean, personally, I think as long as people stick with it and come to some kind of agreement beforehand, they want to decide how to handle it. But I also think you’re right. “The pooled revenue model is not as universal as it once was,” said another.
There are still many people who think having separate bank accounts during marriage is a sign of doom in the relationship. Credit: Getty
While some people said they had separate accounts with their partner and had no problems, the overwhelming opinion was that all couples should combine everything, without exception.
But what if you have a good reason to want to cling to the concept of “yours and mine” instead of diving headfirst into “ours”?
What are the disadvantages of having a joint bank account?
“I have a friend who went through a really painful and expensive divorce because her husband cheated on her,” Sarah explained to Yahoo Lifestyle. “Now, 15 years later, she is happily remarried and completely financially separate from her husband. Her experience proves the need to set boundaries and agreed to the arrangement and it worked out well for the couple.”
Financial expert Sarah Megginson says open conversations are important for financially healthy relationships. Credit: Provided
“Actually, this is the point: Ideally, everyone should have the freedom to choose what suits them. Just as there are pros and cons to having separate money, There are advantages and disadvantages to participating in the household finances.The ideal arrangement for both of you should be someone with whom you both feel most comfortable.
Of course, finding what you’re most comfortable with sometimes requires having uncomfortable conversations.
“I don’t think there’s a right or wrong way to manage your finances as a couple, but I think it’s really important for couples to have open and honest conversations about what they’re going to do,” says Sarah. says. “I’ve heard some real horror stories and heartbreaking situations, all caused by assumptions and lack of clear conversations. In one case, a hidden gambling addiction. In one case, the savings account was depleted and the house was at risk of foreclosure without the wife realizing it until she became her wife! She trusted her partner completely to manage the family’s finances. I think that’s the most dangerous option.”
When should you talk about money with your partner?
Regardless of what you do with your money once you get married (if you choose to get married), it’s important to have an honest conversation about what your expectations are and what your financial habits are.
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“I think you should start talking about your financial goals and plans as soon as you start making financial decisions together, like moving in together and signing a joint tenancy agreement or spending a little money on a trip abroad.” Couples ” says Sarah. “Many people struggle with money management and make bad decisions simply because they don’t know better or have developed bad habits. The more conversations we have and the more light we shed on this topic, the more people can learn and take steps towards healthier habits. ”
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