Ask Jean: I'm Newly Married With A One-Year Old. Should We Combine Our Money?

Trying to make the most of ask jean newly married? You are in the right place. Below we break it down in plain English, with practical tips you can actually use.

Key Takeaways

• A reader asks HerMoney CEO Jean Chatzky: "I'm newly married with a one-year-old.
• Should my spouse and I combine our money?" Q: Today’s question comes from Megan.
• She writes: I am newly married and also have an almost one-year-old daughter with my husband.

A reader asks HerMoney CEO Jean Chatzky: "I'm newly married with a one-year-old. Should my spouse and I combine our money?"

Q: Today’s question comes from Megan. She writes: I am newly married and also have an almost one-year-old daughter with my husband. I would love to hear the best way to combine income (or not).

A: Thanks for your question, Megan. Congratulations on your marriage AND baby!

Here’s the thing-there’s no one right way to manage finances as a couple. It really boils down to what works best for you and your spouse.

What I might suggest you try, though, is the “yours, mine, and ours” approach. In dual-income couples, which it sounds like you are, you don’t have to choose joint or separate accounts. Numerous find the easiest setup is to have a joint account that both of you fund to pay shared expenses (everything from the electricity bill to diapers). A high-yield savings account HYSA is a excellent option.

Then each partner can have their own account to pay for individual purchases (maybe it’s a new bag you want, a night out with girlfriends, whatever!). Both partners share the financial burden of day-to-day expenses while maintaining financial independence. Note, though, that the odds are you and your partner earn different salaries. Your contributions to the joint account-and subsequently the paying of your expenses-might not be equal, so take time to figure out what’s fair.

“Some of the most happily married couples I’ve seen are ones that kept their money separate for their entire marriage,” Emily Sanders, managing director of United Capital Financial Advisers in Atlanta, recently told HerMoney. “It takes away some of the power and control issues that tend to be associated with how we use our money.” For more on how to split expenses, save for big goals (like a family vacation or your child’s education), and invest alongside your partner, click here.

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Final Thoughts

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Originally published at savingswitch.com.