Table of Contents
75\% of couples in the US share at least 1 bank account. The younger the couple, the less likely they are to share bank accounts, but they also see much higher divorce rates compared to couples over 50. So the data overwhelming says yes; married couples should share bank accounts.
Some couples combine every account, from simple checking to retirement funds, credit cards, and the household budget. Others keep separate funds while also sharing one or two accounts for paying bills or taking an annual vacation.
Following Orman’s advice, you can use the joint account to pay all your shared expenses and still keep the majority of your own hard-earned money separate. Orman says no, and points to an easy equation that makes it fair to both partners. Orman says your combined bills should be divvied up based on your incomes.
What happens when one spouse earns more than the other?
The spouse who earns the majority of the household income may also feel resentment towards his or her spouse. If the spouse who earns less income spends money on goods that are not essential, the spouse earning more money may feel taken advantage of or feel that the household budget categories and expenditures are unbalanced.
How do you determine how much spending money each spouse should get?
Determine your income and expenses, as well as how much discretionary income that you have. Then determine how much spending money each spouse should get. Not only will this clear up where the money is going, but it will also make it so each spouse has agreed upon how much can be spent by the other spouse.
How much more housework does one spouse do than the other?
If two spouses are not earning the same income, housework often makes up for the inequality. If one spouse works 50 hours a week while the other works 25 hours, the one who works less can do 50\% more housework than the one who works more.
Sharing Expenses In a Relationship. Sharing expenses in a relationship, whether it’s with your significant other or a roommate, can be tough. For your individual expenses (student loans, cell phone, credit cards, etc.), I recommend paying those yourself.