Joint bank account or separate? The approach you choose depends on you and your partner’s financial history and goals, says Lindsay Bryan-Podvin.
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If you’re in a serious romantic relationship, you and your partner may be thinking about how to combine your finances. Should you share a joint bank account? Keep your accounts separate? Do a combination of both?
The path depends on you and your partner’s financial goals and history. So before you decide, have an open and honest conversation, says Lindsay Bryan-Podvin, financial therapist and author of The Financial Anxiety Solution — “ideally before relationship-changing events such as moving in together or purchasing a car together.”
Talking about money can feel like awkward, but it can also strengthen relationships. “We’re deepening our connection. We’re dreaming ahead together and creating a plan,” she adds.
Bryan-Podvin talks to Life Kit about what it means to successfully merge your finances with your partner, the merits of each approach – and strategies for success. This conversation has been edited for length and clarity.
Sharing a joint bank account seems to come with a lot of benefits. One large-scale study from 2023 found that couples who put all their money into one pot tended to be happier. They stayed together longer than those who kept some or all of their money separate. Why do you think that is?
My hypothesis is…