Combining Finances

Get on the same financial page from the start.

Talk It Out

Communication is the key to financial harmony

When you and your partner decide to combine your lives, you'll also need to discuss your financial future together. Most couples would rather do anything other than talk about money, but it's better to settle on a financial strategy now than have a disagreement about it later.

Be open and honest

Take inventory of your financial situation: your bank accounts, credit card balances, investments, insurance policies and anything else. When you both have a good idea of what you have and what you owe, you’ll be able to figure out how best to move forward.

Ask yourself what you want

Financial independence is something we all work hard for, so it's ok if you're not ready to give that all up right away. Think about how – or if – you want to combine finances.

Pick an Approach

Find a strategy that works best for you both

When it comes to merging financial lives, there's no right or wrong answer. It really depends on your own personal needs and personalities.

How to do it

You can have a joint account where you both deposit all your income, pay your bills from and set aside savings. Or, have one joint account for shared expenses and savings goals, plus another joint checking account for fun money that you can spend however you want.

Something to think about

A combination of both separate and joint accounts works, too. A joint account makes sense for shared expenses like rent and groceries, but you still have your own account to use on what's important to you.

How to do it

Set up your budget according to one partner's income, which means limiting essential expenses like rent, utilities and groceries to less than 50% of that person's income. Use that one income for everything, from dining out and shopping, to paying off debt and saving for retirement. Then, send all income from the other partner straight to another savings account.

Something to think about

Each of you will probably bring some financial baggage into the relationship. It's better to lay all your cards out on the table and set expectations. Also, if one person will handle the bills, take a moment to show your partner how it's done just in case.

How to do it

Split costs based on what each partner earns. Open a joint account where each person contributes a percentage of his or her income to pay for essentials -- ideally under 50% of each person's take-home pay. Then, use this pot to decide how much you can afford for living and other shared expenses.

Something to think about

Remember to be fair when taking from the community pot. Come to an agreement on what's "yours, mine and ours" to avoid unnecessary arguments.

How to do it

Set up a joint checking account for the rent, bills, groceries and other shared expenses, then contribute equal amounts each month. This means you both have equal access to the funds, so you’ll need to trust that the other person is going to use the money the way it was intended.

Something to think about

It can be fun to set joint goals and work toward them together. Whether you're saving for a home improvement project or want to prepare for the unexpected, it's always a good idea to keep a certain amount in a joint savings account. How to Save for Something Special

How to do it

Be clear about who is responsible for what and figure out a system that works well for your both. You could either pay your share of the bills from a personal account or send your partner money each month.

Something to think about

Consider creating a cohabitation agreement that outlines the details of your arrangement – especially if you're not married. If you move in with a partner who pays a mortgage, it may be more fair to pay for select expenses instead of contributing to a home that isn’t yours.

  • Sharing a joint account and splitting everything equally

    How to do it

    You can have a joint account where you both deposit all your income, pay your bills from and set aside savings. Or, have one joint account for shared expenses and savings goals, plus another joint checking account for fun money that you can spend however you want.

    Something to think about

    A combination of both separate and joint accounts works, too. A joint account makes sense for shared expenses like rent and groceries, but you still have your own account to use on what's important to you.

  • How to do it

    Set up your budget according to one partner's income, which means limiting essential expenses like rent, utilities and groceries to less than 50% of that person's income. Use that one income for everything, from dining out and shopping, to paying off debt and saving for retirement. Then, send all income from the other partner straight to another savings account.

    Something to think about

    Each of you will probably bring some financial baggage into the relationship. It's better to lay all your cards out on the table and set expectations. Also, if one person will handle the bills, take a moment to show your partner how it's done just in case.

  • How to do it

    Split costs based on what each partner earns. Open a joint account where each person contributes a percentage of his or her income to pay for essentials -- ideally under 50% of each person's take-home pay. Then, use this pot to decide how much you can afford for living and other shared expenses

    Something to think about

    Remember to be fair when taking from the community pot. Come to an agreement on what's "yours, mine and ours" to avoid unnecessary arguments.

  • How to do it

    Set up a joint checking account for the rent, bills, groceries and other shared expenses, then contribute equal amounts each month. This means you both have equal access to the funds, so you’ll need to trust that the other person is going to use the money the way it was intended

    Something to think about

    It can be fun to set joint goals and work toward them together. Whether you're saving for a home improvement project or want to prepare for the unexpected, it's always a good idea to keep a certain amount in a joint savings account. How to Save for Something Special

  • How to do it

    Be clear about who is responsible for what and figure out a system that works well for your both. You could either pay your share of the bills from a personal account or send your partner money each month.

    Something to think about

    Consider creating a cohabitation agreement that outlines the details of your arrangement – especially if you're not married. If you move in with a partner who pays a mortgage, it may be more fair to pay for select expenses instead of contributing to a home that isn’t yours.

See how other couples manage their finances

It may help to see what other couples are doing, then figure out what's right for the two of you.
We surveyed 2,000 people about how they manage finances in their relationship.

We currently live and are . When it comes to our finances, we're thinking about .

Your Approach:

Your Approach:

How your financial habits compare to other couples who are living and

Live off one paycheck
Income-based contributions
Split household bills only
All separate

Credence Global Bank makes it easy to

When you open a joint account with us, you get all the important features you expect from a bank – plus convenient access to your accounts, online banking and mobile apps and award winning, 24/7 customer care.

Learn More About Banking With Us

Credence Global Bank makes it easy to

When you open a joint account with us, you get all the important features you expect from a bank – plus convenient access to your accounts, online banking and mobile apps and award winning, 24/7 customer care.

Learn More About Banking With Us