Why We Haven’t Combined Our Finances

I’ve had this post sitting in draft for a while but never hit publish since we didn’t really make a decision not to combine our finances. This is something we’ve talked about on and off since we got engaged, but things moved so quickly (honeymoon baby and the purchase of our first home 6 months after our wedding) so we never got around to it. Neither of us feel strongly about combining, and if one of us had, we probably would have done it by now.

When I mentioned that we hadn’t combined our finances, I received a lot of questions about what works for us and why we made the choice to keep things separate. Our current system works really well for us, so much that we don’t fight about money, so there’s been very little motivation or pressure to change things.

Most of my friends who got married within the last couple of years are exactly where we are. They’ve had kids, own homes together, and see everything has theirs, but like us, haven’t (officially) combined. It’s working so well, so why change it? I’m still not sure we should.

So here’s what we do, which has worked really well for us.

The down payment on our house was split 50/50, we share a joint checking account and credit card, and each month, we each transfer the same amount into that account. The funds in our joint account pay our mortgage, nanny, and all day-to-day/household expenses (groceries, bills, etc). Our bathroom renovations and all major purchases are also split 50/50, so even with this big project, there’s no wondering who paid for what. Everything else is still technically separate.

We talk about our finances collectively and are saving up to eventually buy an investment property together. We’re invested in our family and financial future, and again, talk about everything as ours, and for now, it’s working really well for us.

I’d love to hear from you. What are your thoughts on combining finances vs. keeping them separate? What did/would you do?

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