How Couples Should Split Their Finances
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- เผยแพร่เมื่อ 3 ก.ค. 2024
- Having separate bank accounts can help partners maintain their autonomy, according to financial expert Suze Orman. Watch this video to see how you can fairly divide household expenses.
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How Couples Should Split Their Finances
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Dave Ramsey left the chat.
Thinking same thing lmfao dude probably crying at this
Why...? what does the Dave Ramsey teach...?
@@monica4158 combine finances as a married couple
What ever I earn belongs to my wife also and whatever is hers is hers. She doesn't need to bother about bills, groceries, mortgage, fuel or her own car insurance. She can work as much or as little as she wants. I am blessed at the amount of love she has for me and always look out for my best interest. Would not want it any other way.
That is just asking for gold diggers
You have gold?@@JustYourAverageToes
Got to get on the same page about finances with your partner. Relationship suicide not to.
How should couples split their finances? However they want!
thank you for saying this! Do what works for you and your spouse.
I've been telling my girl this for over a year now, nothing wrong with keeping the accounts separate without it having to mean you don't trust your significant other. One account together and the others separate. Easy!
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What’s the point of separate accounts? What does it do? In the event of a divorce, your separate account will still be considered. There’s no advantage of separate accounts. You wanting privacy because you feel you aren’t able to purchase or earn what you want with your spouse is a disadvantage that needs to be addressed.
@@wittyusername9544 those accounts may not count as marital assets in some cases.
Depends on if there is a pre-nup and if it’s a pre marital asset. Also depends on how long the marriage was for if they divorce and if there’s children involved.
This is not should, it’s a suggestion.
It’s not a one size fits all i guess
Thank you, Suze. 50/50 isn't really 50/50. People need to understand that. So many relationships go south due to this realization, and it's usually of the person who makes less but still has to foot half the bill.
Agreed
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then the one contributes less have to do more chores than the one who pays more
True
You could just add up the total and calculate it based on that. It might be a 60/40 or even a 66/33 type of situation. But that wouldn't bother me. Like she said individually we would pay equal percentages even if the amount isn't equal.
Even simpler, do it the Islamic way. Each person has their independent accounts and the husband pays for everything.
Lmao
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but that is not simple if the husband is poor
Then he beats her
@@michaelvan6675 pretty.sure domestic violence is rife in western culture
There isn’t 1 way that will work for everyone. We have our finances completely combined and work from 1 joint account. We both came into this relationship with nothing so what we have, we made together. I don’t want to go out to dinner and having to decide who will pay for it. It’s our money, we pay for it together.
We make a budget every month together, we both have an equal say in how we will spend, save and invest it.
We both have fun money to spend as we please and the other doesn’t get a say in that.
This works for us. You do what works for you
I agree! My partner and I merged finances a few months ago and it was a complete game changer. I no longer have to keep track of his payments since it all comes out of shared accounts. We are both spenders so this set up keeps us aligned. What works for us may not work for others, but to me, this is best.
Seriously, we do so much stuff all the time, who wants to decide “who pays”. Do you each buy your own food and plane tickets? You split hotel bills? That is crazy. Our money is combined, and my wife does all the vacation and fun planning and spending. I do all the investing. We don’t even think about how we pay for things. It comes out of our account, it is so simple. We make sure we are living within our means and we enjoy our time and money together.
Susie thinks that there is no power difference, but she is the high Earner. And she keeps her money away from her partner. Her partner is not as rich and can’t afford as nice a lifestyle. She is keeping her partner down below her by not sharing her wealth. Pretty sad. Why be greedy with your own life partner. Why keep your money out of their hands? Just terrible.
If there is a joint account, for joint expenses (which I assume also mean the addition of monthly disposable income and savings), is there really a need to have to decide who pays for what? Genuine question here, I don't have to worry about this anytime soon, I just thought the title of this video was interesting.
@@aydac2456 i feel like it’s more fair if both partners have the same amount of fun money to spend, not a percentage of income. That fun money could be in a separate account.
Both partners should contribute equally in a relationship, not just in money. One earns more usually and one does more cleaning or taking care of children. The high earner can earn that much because they don’t have to worry about what happens at home because of the other partners activities
So what if you want to treat spouse to something special, a birthday gift, anniversary, or just a nice surprise? Does the person receiving the gift just think to themselves, I just bought myself a gift? And same if you have many people in your lives that you buy gifts for, you think it's OK for one spouse that has a significant larger family they buy gifts for for those to be funded by their spouse? This is the aspect of having a joint account I'm curious about.
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You're doing more work for the same outcome as a joint account. I know some married couples that still venmo each other their portions of the bill 🤦♂️
I’ve seen married couples split a restaurant bill in front of me. It’s absolutely bizarre behaviour. Good luck with your sham “marriage”
@@DavidRamseyIII I mean whatever works for them haha everyone isn't the same
Wow this was an eye opener
How do you become 1 then, I was of the same mindset and my marriage counselor said that , how are we becoming 1 and I can't even have a joint account
Prenuptial Agreement really helps
I do agree!
Me and my husband have 1 joint account that all our joint expenses come out of, bills, mortgage, groceries, nights out. We equally contribute to it every few weeks. Otherwise, finances separate. We don't have to question each other on how our own money is spent whatsoever. It works perfectly for us.
That said - we both have the same money philosophy, no debt, no frivolous spending, make sure you save $X each month... if one partner has out of control spending habits then this may not work.
Very good
I ageee with this but the couple have to be very open and honest about their income for this to work.
Obviously you have to have some transparency in the relationship. My colleagues know what I make...so why wouldn't my partner?
Love it
Nice
Lol I would like to see Dave Ramsey’s reaction to this😊☺️
Dave Ramsey advises the same. He did tell this to one of his callers (on his podcast)
@@Rianatl7 he absolutely does not lol
He’s too old school
If equal percentages worked, why don't the same work for taxation?
We're talking about love relationship not the state issues
yup thinking about percentage is very helpful
it could be useful how can you split income when you get married to a partner with children from a previous marriage
Interesting
If there is one thing the pandemic has taught me, it's that one should have a stable investment plan because no one knows when another one might come
*“Make things as simple as possible but no simpler.” - Albert Einstein*
I know this is a hot button issue! I personally feel that a JOINT ACCOUNT is the best way to go! A healthy and strong couple should feel like a team and both working towards the same goal: One account for both income where everything is seen and accounted for. My husband and I have been together for 10+ years and we now have a little one and we’ve always been better and stronger because we openly talk about money and we put all our income in one pot.
There's this thing called financial identity and it is individual, just as your credit score, passport, social security number, etc. If two people trust each other, why do they even need to know every detail about how the other spends every dollar they make. No need to have joined accounts to be able to have an open conversation about money, which is a conversation that honestly should happen relatively early on in the dating phase ones things get serious.
As a former financial advisor for one of the big banks, I can tell you that it's a huge setback when people with 100% joint accounts/finances realize that one of them doesn't have a financial identity. This sometimes becomes a financial handicap for the couple's financial projects while they're together, and a whole new level of mess for the couples who seperate.
We have both, an independent financial identity and a joint financial identity as a married couple. My credit score is my own.
With all due respect, I understand what you are saying and it’s great if having separate bank accounts is what you recommend. I’m just sharing what has worked for me and I know for many other married couples. My personal opinion is that having a joint account is what is best for anyone who wants their marriage to succeed (this is assuming that there is trust and loyalty which hopefully there is if one decides to get married).
@@kenny1514 What setbacks are you referring to? I have had a joint account with my wife during our 10+ years of marriage and have never experienced these setbacks you refer to. If anything, the joint account has helped us in managing our finances together.
If you chase women you’ll run out of money. But if you chase money, you’ll never run out of women. Lmao
A lots of women earn good amount of money and men can't manipulate them with money. Lol.
It's "You'll lose money chasing women, but you will never lose women chasing money."
🤣🤣🤣
Such a insecure boy behavior. I pity your partner. Lmao
Love Suze
*“It is preoccupation with possession, more than anything else, that prevents men from living freely and nobly.” - Bertrand Russell*
What if one partner is really bad with money?
And here I though it's the man who should be paying mortgage (rent)... New year resolution- Looking for a new partner
I completely agree that couples should pay the same %. Same should be for taxes.
well not necessarily makes more sense for the higher earner to pay less in taxes.
This is so interesting. Dave Ramsey says you should have joint accounts since you combine finances. What do you all think???? Just curious.
I think that is absolutely primary.
But once all the baby steps are out of the way, each should be allowed to carry a personal account for whatever they wish. "They earned it".
Dave Ramsey also thinks you can buy a working car for $1000
It has been said that you can tell where someone's heart is by looking at their bank statements. To desire to have separate finances is just a symptom of the desire to not align your hearts and minds as a couple.
To each their own, but in my opinion a truly healthy marriage is a singular, progressive force. A team, with a common goal and common resources. When money is combined, goals align. Tough conversations are forced to happen about family priorities. No one is left saying, "I thought it was your turn to buy the groceries" or "you still owe me for dinner last night".
The way taxes should be. An even %
Why is Suzi so scary - I left and came back to comment. Can't believe she's still married. Sometimes she makes sense but I avoid her like now.
Cringe, this is bad advice. We are married and have a joint account. My money is her money and vice versa. We plan the future together, how we sped our money and have full transparency, which also helps our communication and ultimately our relationship.
If you are not able to trust your partner with finances, it shouldn't be your partner in the first place or you have a lot more to talk over first.
We have a joint account AND personal accounts, for each of us. We use the joint account only for our shared expenses (electricity bills, food, our daughter's clothes). If one of us wants to buy a new watch or want to spend a day at the spa, it's paid from the personal account and the other person doesn't have to say anything about it.
@@anoukc6928 and i find this method to be the best...literally financial freedom and a relaxed life.
@@anoukc6928 why should it matter if one of you wants to spend on yourselves? My husband and I have joint accounts and don’t throw a fit if one of us wants to buy ourselves something. In my opinion it goes back to trust, mutual financial goals and communication.
@@LaJulieOrtega Trust is there, believe me! But I'm independent and I want my own bank account. Maybe it's cultural too we're from a country who women are extremely independent. We are not married, so I really need to manage my own money because otherwise I have no protection. We've been together for 21 years, living together since 19 years and it works perfectly !
@@anoukc6928 Gotcha 👍🏼 Well if it’s working for y’all good on ya. You’re right, it’s probably a cultural thing. My husband and I were raised pretty similarly and were on the same page when it came to joining accounts when we got married. We never thought differently of it. At the end of the day every couple has to be on the same page, whatever that may be, when it comes to important aspects of the relationship. I would argue especially when it comes to finances and raising kids.
Yeah, that's equity in finance...
That's a good initial approach, but what to do if one invest lots of time in developing career and with time the income grows, but the other does not invest any time in career development. With years the disparity will keep growing and it's possible to predict the one day the ratio might come to 90/10 in % or more.
The one not working is likely holding the home and family together, enabling the other one to advance in their career
Me and my girlfriend living off welfare and we never complained about each other finances!!
The lower earning partner should just earn $0 and enjoy the good life.......
Good thinking! Also you should know and see who you will be marrying!! Social classes play a role most of the time.
What if the other persons income is 0 or close to it ? Not really fair to the other person
My husband & I keep our finances separate. We have our 1 joint account. We don’t necessarily split our bills 50/50.
I do agree, the portion you pay should be proportional to your income. Which is why you might as well just have a joint account. Having a joint account doesn't mean your money isn't your own any more than having a separate account enables you to spend like a lunatic behind your spouse's back.
Truly money is never the real issue in a relationship, the issue is how you communicate about it. People will accept you're in debt, they won't accept being lied to about that debt.
How is that fair to the person making more? They get less in return for their money, whereas the other gets more. It doesn’t make it fair at all.
@@aaronduell9797 Well the first issue with your mindset is making this an us vs. them issue.
If you want to calibrate your standard of living to the income of the partner that earns the LEAST, that's ok. But let's be real: most people don't want to do that. Most couples want to maximize their standard of living however they choose. And in that event, no it's not "fair" for someone making $120k a year to pay the same proportion of bills as the partner making $30k a year. It actually doesn't make any sense.
@@aaronduell9797 lol just say you're selfish and go. If you as the person who makes more want to see your PARTNER be in a much worse scenario, I don't know what to tell you. How is it fair to the person who makes less?
@@TwiinStar1224 I think you're missing my point. It's selfish either way to consider what you earn as your own if you're a married couple.
@@aaronduell9797 I'm not missing your point. You said in another comment they pay 30% to enjoy 100% of the home. That makes no sense to then act like it's joint money.
I agree with the percentage system, it's unfair to do it 50-50 or to just let one person pay 90% of the expenses. But yeah every couple with have it a little bit different. For example, I live with my boyfriend and he pays for all of our basic monthly expenses (utilities, groceries, subscriptions, expenses related to our dogs) but we live in my apartment so he doesn't have to pay rent so it's pretty fair. The rest like dates, trips we split based on our incomes like the video recommended.
I agree heavily with this, thank u for this rational logical approach. It works well & there is way less things that could go wrong if the relationship ever went south, less risk means less stress on the relationship.
Which was the rational part?
Ummm, this is an unpopular opinion but if both couples put their money in one pot. Then use the pot to pay necessities first, savings, and lastly luxuries.
Ex. Husband makes $7000
Wife makes $3000
The POT: $10,000
Shared monthly expenses: 3k(Dates & Shopping funds included)
The POT: Remaining $7,000
Monthly Savings: $2,000
The POT: Remaining $5,000
Wife: I want to go to NY for my Sister's Wedding; $2000
3,000k left for the month. All bills and recreational needs are meet.
Invest in a mic.
I strongly disagree with this.
How is that fair?
I have been married for 17yrs and finally I'm getting a separate account. My wife has double standards when it comes to her side of the family. I hate doing it this way but you know what if she wants to treat her parents let it be at her expense.
If you don't mind me asking, what is your concern about her treating her parents? If you were both to do it for your parents as well would it make a difference?
@@vikik7877 Yes it will make a huge difference.
Fire the audio guy
Now, can the rich and corporations pay their fair amount of taxes using this logic?
Lmao the corporate tax rate is lower in many countries like Sweden or Ireland.
Should a couple create a trust to pay the bills?
I think having one joint account (likely checkings) together and the rest separate makes sense.
Separate bank accounts = separate lives
I agree. And Dave Ramsey would also agree.
You can have separate accounts PLUS a joint account. That's how we do since 18 years and it works great.
@@anoukc6928 I've been thinking about this for my fiance. Is the joint account credit card or debit? How does money get funded into it?
@@Tunechi65 , I'm not expert but as a thought is to create a spreadsheet and include all the joint bills, figure out the percentage based on income, and direct deposit those amounts from each person every payday, ensure to include extra for saving towards holidays and family stuffs. After all the real expenses are accounted for , the remainder of income goes into eachs personal account for personal fun stuff luxuries for ourselves, or surprise gifts for the other, or just an extra rainy day fund. Could be separate banks if you wish.
@@Tunechi65 It's debit. To put funds we make transferts from our personal accounts to the joint account. It's instant. For example, I put $1000, then he puts $1000, so there's $2000 in the joint account. Bills like electricity, internet, home insurance, etc. are paid from this account. Personal expenses are paid from our personal accounts. Each of us have an individual credit cards, we use credit cards for groceries, etc. And we paid the bill from the joint account but only the shared expenses. We've been doing that for 19 years.
I say open an LLC together like business parters and keep all income in that
Hahahaha this is some quality sarcasm. I love it.
@@scottwible1532 makes life easier can work together and never need a divorce attorney because business is like marriage make marriage a business too
I agree with this. Equity > equality
00:42 How brilliantly blunt :D
I like how she has to show all her teeth when talking.
Lmbo .😅
Only the people making lesser amount of money than their partners find this fair.
What would you consider fair? 50/50?
My boyfriend and I used to earn the same salary so we split everything 50/50 (except personal expenses, like clothing). Now I earn more than him so I pay for much of our expenses.
Sounds very convenient for him :-/
That sucks
@@gennagresham3986 actually he did pay when I wanted to stay home for more than a year after our daughter was born (maternity leave in our country is 1 year). So now it's my turn to support him
You carried the baby that belong to the both of you so yeah, it's very convenient for a woman to take care of him. It's awesome if it works for your dynamic so there you have it. More power to you
@@EvelynDHaene Yes, it does work! We don't have money issue, but starting a new business isn't easy the first years. I work in law enforcement and my work conditions are good so I don't mind to support him while he's working on his business. We're not married so if I leave he doesn't get anything from me.
Couples should have their own incomes and their own bank accounts. If you want to share an account for a specific purpose go for it, but every person should be responsible for its finances. If the relationship fails, you don’t depend on the other’s pity!
How Couples Should Split Their Finances BEFORE MARRIAGE
Yes, I think this is true because most of the wives after marriage don't work anymore
@@nlbqi4 And by 'don't work any more' you mean work incredibly hard taking care of the family without direct hourly reimbursement, insurance benefits or PTO??? haha!
@@functionalfloridalandscaping hmmm🤒
If you don’t want to combine your finances you probably shouldn’t be getting married…
All guys should have a safety net and hidden accounts
Do you not trust your spouse? 🥺🥺 why get married if you have to hide
@@connie0613 50% of marriage now ends in divorce, they will all have trusted their partners before hand but then ultimately cheat/steal etc and the system is against men. Most are wise to this and taking precautions including many high earning women
@@connie0613 well why have car insurance if you don’t plan to crash ?
I didn't even make it to 1 minute. It's not a marriage, a family, unless you have a joint account. Else it's two people doing business together
I have news for you - marriage is also a business transaction. Marriage for romantic reasons is a fairly new concept, barely 100 years old. In previous generations, almost all marriages were for political and economic reasons.
A family handles assets and liabilities on a daily basis - why are you romanticizing marriage, and pretending otherwise? Speaking about money honestly and directly, doesn't mean people don't also love each other. A joint account doesn't mean squat if a husband / wife don't treat each other with respect and love.
if my monthly income is 100k vs my partners 3k, am I supposed to pay the entire 3k mortgage?
Lool... It's still simple math... You pay 2900 she pays 100 approx.
@@tobilobaakinnubi4305 honestly math was never my strong suit. Can you do that math for me?
Yes! In a democratic world, this is how people want the rich to be taxed. Imagine an economy of this nature. Inflation!!!!!
@@Arenem88 have separate house or just have only ur name and pay all mortgage
@@xiongbenjamin hahhaha omg are you kidding
No, you eat 50% of the food in this house and occupy 50% of the space, your pay half, that's fair. Wheather you make more or less then me is none of my business, your not my wife.
I fully disagree with the percentage scenario as it breeds resentment. Find a place where you can both contribute half rather than living outside your means.
What if one of you decides to spend more time with the kids so they make less money? Of its a percentage it still works.
This method seems very awkward.... so both spouses want equal access to the house, its utilities, resources, etc, but only one pays 30% while the other pays 70%? How is this appropriate? If the one spouse only got access to 30% of the house... like a roommate situation... that would be one thing. But I assume this home is being split 50/50 in its use??? So if I make more money than my friend who I am sharing a pizza with 50/50, and we each eat half the pizza... I somehow have to pay 70% of the bill and they pay 30%? This logic seems a bit nonsensical, no? Totally confusing...
You're not building a life with your friend, is the huge OBVIOUS difference. That freind isn't going to come home with you and wash dishes to make up for the fact that you paid more.
In a family structure, however, these things are usually balanced by one partner carrying a larger load in other areas of the relationship.
in true love, You shouldn’t have to pay more just to access something.
Who ever can bench the most determines who has the most power in the relationship.
This video should be way longer
Something that I don't understand is that you say having two separate accounts help with the power balance. That way whoever makes more doesn't have more power/say with how you spend your money. But if you base it off percentages, that person can still say: "Well I make more money than you. you aren't holding up your end, you need to do more" So doesnt that still create power imbalance? At least with a joint account, you are working together toward both of your future.
My wallet, my choice!
You crazy, no that's being split down the middle in price.
I can’t wait to never get married
🤣🤣🤣
🤣🤣🤣
Also, what's the point of keeping it separate if in case of a divorce she's going to take half of it (if not more) anyway!!
This is utterly bs,studies have shown that splitting finances is not good for marriage.
Why do I feel she angry at me :d
yikes
Democrats follow Suze, Republicans, Dave. :--)
Isn't Suze Orman a scammer ?
I thought she was retired or not relevant too...
Ok Karen
I am still trying to figure out the couples that are making $10,000/month combined. I know it was just an example but still, I don't know that many people who make that.
It should be 50 - 50 with the option to pay with domestic work
Junk advise. Have you ever considered that the person making 7k is working longer hours or had to spend more time in college than the person making 3k? They shouldn't be penalized for being more educated or working longer hours.
to make this fair, I think the one making 3k should do more house chores than the 7k one. So its fair that way
I disagree with this.
How can you be both on the same page financially and being able to communicate effectively towards your dreams and goals if you live separate lives?!
There ain't no point in marriage, don't sign contract with someone that gets rewarded for breaking the contract. Learn brothers, learn.
I am a firm believer in joint accounts for married couples. Having your own accounts that are not accessible to the other is just asking for fights down the road. If you feel you need a separate account, then you might want to re-evaluate if the person you are marrying is right for you.
That sounds predatory
This is bad advice. Married couple should not handle their finances like this.
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I was stupid not. To do it n lost every thing in my divorce
It surprises me that married couples have separate bank accounts
Do you still put all the money in one pot if your partner spends money like it's going out of style?
Why? I think it's normal to have separate banks accounts. You can also have a joint account in addition too.
This is one of the worst advice ever.