Expert advice on managing money as a couple
Almost 40% of people in a committed relationship keep money secrets from their partner, report finds
(InvestigateTV) — A recent survey by Bankrate found just over 40% of committed couples completely combine their finances, 23% have completely separate accounts and 34% have a mix of joint and separate funds.
Cherry Dale, a financial coach with the Virginia Credit Union, said the way couples manage their money depends on each person’s financial style.
For instance, if one person is a saver and the other is a spender, Dale said they need to find the right financial strategy for both styles.
“I will say if you’re somebody that does value freedom and feels like you want to be able to spend, having separate accounts and then maybe having a joint account together to pay the bills that you know you’re going to split, might be a good way to give you that freedom,” Dale recommended.
Dale said to think about what you want life to look like 30 or 40 years down the road and talk about it, so you can plan for it.
A certified financial advisor is also a good way to go, according to Dale. A professional looking from the outside in can help you make some money moves together.
The Certified Financial Planner Board of Standards can help you find an advisor near you.
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