HACK 194 Merge with Caution

One of the biggest decisions in your life will be whether to marry and who to do it with. But before you tie the knot, it’s worth talking about how you’ll manage your money as a couple.

There’s no “right” way to merge your finances as a couple. A few options to help you kickstart your own discussion:

• Merge everything: Become joint partners in every account, from debit to credit to everything in between.
• Partial merge: Create a joint account for expenses that serve you both, like housing, transportation, and funneling money toward your savings. You might send part of your paycheck to this shared account via direct deposit or transfer money manually.
• No merge: Keep your money separate and share money only when necessary. For instance, if your partner pays the rent, you might transfer your half to them each month.

The method you choose isn’t as important as the fact that you choose a method at all. Couples benefit greatly from discussing their preferred financial management system before they walk down the aisle.