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Should married couples merge theirincomesand have one joint account?
Financial expert Dave Ramsey seems to think so.
But its a controversial topic, and not everyone agrees.
His podcast, The Dave Ramsey Show, attracts millions of listeners every week.
Many people trust him and go to him for advice.
Keeping separate accounts creates financialsecretsand division, wrote Ramsey in a separate Facebook post.
Another expert, Lindsay Bryan-Podvin, agrees.
The financial therapist and author of The Financial Anxiety Solution believes that merging money decreases the likelihood offinancial infidelity.
Research has shown that finances are a common cause of arguments for couples.
And Bryan-Podvin says this often happens when each spouse has completely separate accounts.
Maybe somebody is racking up a ton of credit card debt or taking out personal loans.
Or maybe they dont have a greatcredit scoreand arent working on improving it, Bryan-PodvintoldNPR.
When everything is pooled together, their financial plight also becomes yours.
If theres a big income gap or different spending habits, merging everything could lead to feelings of resentment.
Some couples feel more comfortable keeping things separate, while still sharing joint expenses.
That way, they can maintain some independence while still working together.
Bryan-Podvin also believes some financial independence is important.
She suggests a theirs, mine, and ours approach.
This means theres a joint account where the bulk of yourmoneyis shared.
Itll be used to double-check that bills, rent, mortgage, vehicles, etc.
are paid on time.
Additionally, the couple can save toward future goals together.
But each spouse also has their own separate account with a bit of money for small purchases.
For example, a pair of jeans.
Regular check-ins or even money dates can help ensure things stay on track and prevent misunderstandings down the road.
And this has been proven by at least one study.
It cannot be emphasized enough that the most important thing is communication, Lupo once again stressed.
Whatever approach you take, if you both feel comfortable and respected, combining finances can work.
Its all about finding what feels right for you as a team.
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