If both people are actively maintaining their accounts and keeping track of their income and spending, then it’s less likely that one person will end up blindsided by the other or that one partner won’t even realize when the other drives the couple into debt. Having one person be the “money person” in a relationship creates inequality and can be a source of conflict later on. You’re Both Actively Involved in Your Financesįor couples who merge their finances, it’s common for one person to take on the role of “household manager” or “money manager,” allowing the other person to check out when it comes to the financial side of the relationship. Here’s a look at the pros and cons of keeping your money separate from your significant other. Some wonder if keeping their money separate means that they aren’t willing to fully commit to each other.
While keeping finances separate is an option for modern couples, not everyone considers it a good idea. These people have started to carve their own financial paths and might find it difficult to blend their money with another person. Although some people still get married at a young age, many wait until they’ve finished undergraduate or graduate school and have built up their careers. People are also committing to each other later in life, according to The Atlantic. Not only do women get to work outside the home and earn their own money, but they’re also, in many cases, likely to earn more than their partners. Joint finances was a given since, in many relationships, just one person was the income-earner. As The Atlantic notes, up through the latter part of the 20th century, women were often wholly dependent on their husbands’ income and financial status. Times have changed when it comes to couples and finances. If you’re not sure which path to take, examining the pros and cons of each and having an in-depth conversation with your partner can help you choose the method that works best for you as a couple. The first thing to do is determine if you want to keep your finances completely separate, join them together, or merge some areas while keeping others separate. If one person earns considerably more than the other, that can also be a source of tension and stress in your relationship.Īlthough it’s not a magic bullet or a way to breakup- or divorce-proof your relationship, deciding early on how you’ll handle your finances as a couple can help prepare you for any future financial challenges.
You may experience money stress because there isn’t enough money coming in and you’re struggling to make ends meet. Money differences can arise because one of you likes to spend while the other prefers to save.
One study, published in the Journal of Divorce & Remarriage, noted that 40% of couples stated that the way one spouse handled money was a cause of their divorce. While the study showed that money isn’t the top source of marital or relationship conflict, it’s often the reason couples break up or divorce. A study published in Family Relations that evaluated the diaries of 100 married men and 100 married women for 15 days revealed that the following topics were the most common sources of marital conflict: children, chores, work, leisure, and money. If you asked a random assortment of couples about the subjects they fight with their significant other over, you’d most likely hear the same things over and over again.
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