Merging Money — What’s Your Style?
It’s wedding season in much of America, which means there’s a lot of talk about combining households and whether or not to combine finances as well.
We use the his, hers & ours method for our money. In our case, this means that both of us contribute a fixed amount twice-monthly to joint checking and savings accounts, and both of us keep separate accounts for the rest of our funds. We were both married previously, and in those marriages we each had combined finances. (Which partly explains why we decided not to do the same in our marriage.)
I’ve seen pros and cons to both methods, but this one is working well for us. The only method I haven’t tried is keeping completely separate finances while married. That I think would be very hard to do, but of course I don’t actually know, since I’ve never gone that route.
If you’re married or in a long-term relationship, have you merged your money? How has your choice worked out for you?