I came across some interesting stats from Wealthsimple: -Only 15.8% of Canadians combine their finances when they move in together. -Another 20.5% wait until they buy a home together. -And 34.5% don't combine finances until they're married. I'd be curious to know how many people combine finances after they have kids. They didn't include that metric. For my husband and I, we don't have a joint account. My husband and I have assigned responsibilities instead: I pay the property taxes, cover the utilities and water bills, and pay for our daughter's activities. He pays the mortgage and is responsible for home repairs and maintenance. We usually split groceries. That said, we also own and run a business together, so in many ways it's all coming from the same pot anyway. The lack of a joint account has never been an issue because we're aligned on our financial goals, communicate openly, and financially trust each other. I don't think there is a "right" way to manage money as a couple. The best system is the one that works for both people and allows both people to be financially responsible. My parents always had a joint account. Most people in my circle tend not to have everything combined. Financial autonomy seems to be increasingly important in today's relationships. Are joint bank accounts outdated? How do you and your partner manage your finances? Is it different from how your parents did it? If not in a relationship, what would you want to do? If you're in a relationship, I'd also love to hear why your system works for you (or why it doesn't). I have a feeling there are going to be a lot of different perspectives, and that's what makes personal finance so fascinating :)
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62 Comments
Michael Conroy@conroy119 · 1mo
I don't really understand the idea of a married couple having "their own" money. Everything is shared! It's a team effort. My wife and I don't have joint accounts yet, but I also don't really see the point of them in many ways. The budget and finances are done together in a combined spreadsheet. We track all spending monthly across all of the different accounts in one place. Same for portfolio tracking, its a household net worth.
Harvey Specter@harveyspecter · 1mo
Dave Ramsey would flip out if he read this haha
Adrian @amswann · 1mo
We just combined into a joint account after our move to our new place. We’ve been together for 12? years (I think lol) and two kids together. I figure it would be easier to manage the money that way. Plus she has no desire to do the finances so I’ll gladly take the wheel. Hey Wealthsimple hurry up with authorized traders.
Sean @seantheinvestor · 1moEdited
For us, it’s never been “my money” or “your money”. It’s always been “our money”. Marriage made us one team with one set of goals, so we try to manage our finances that way too. We keep separate accounts for convenience, but they’re all connected through Wealthsimple Household, so we see everything as one financial picture. It doesn’t matter whose account pays the bills; we simply use whichever makes the most sense for cash flow. Then whatever is left gets saved or invested, making sure we’re consistently topping up both of our TFSAs, RRSPs, and other accounts together. Our credit cards are joint as well (supplementary holders), so we both have full visibility into our spending. That transparency has eliminated a lot of friction and helps us make financial decisions as partners instead of individuals. Every couple has to find a system that works for them, but for us, thinking in terms of “ours” instead of “mine” has been one of the best financial decisions we’ve made.
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