![]() ![]() If our money was combined, not only would we likely end up arguing about it, but I'd have to compromise my saving habits and give into spending more every month. Being able to have full control over my own personal budget has allowed me to save at least 20% more a month than my partner. My partner prefers to spend in those categories and save less money every month. I prefer cutting costs when it comes to spending money on food and entertainment. I can stick to my own budgetĪnother reason we decided to keep our finances separate is because we disagree about the type of budget to keep. Filing separately each saved us thousands of dollars in 20. Since we filled separately, we're in a lower tax bracket and each owe less. After looking at both of our income, she determined that if we filed together, we'd be in a higher tax bracket and have to pay more. ![]() We'd pay more for taxes if we filed togetherĪfter we got married, I chatted with my accountant and asked her if my partner and I should file our taxes jointly or separately. If we had our money combined, I might not have had the opportunity to put as much money into these savings accounts as I did and instead would have opened up my financial portfolio to more risky types of investments that I didn't feel comfortable touching this year. Instead, he prefers using his cash to trade stocks. While my partner agreed that this was a smart strategy, it's not what he wanted to do with his money. I'll make a few thousand dollars in passive income this year because of that money move. Rather than invest my cash into different index funds or bet on certain stocks, I took the majority of my cash and put it into high-yield savings accounts and CDs, earning around 4% APY in interest. In January, I decided to go on a savings spree. See Insider's picks for the best joint bank accounts » 1. While we both have similar financial values (we both make an effort to avoid debt and keep a high credit score), we have different opinions when it comes to spending, saving, and investing.Īfter being married for two years, I realized that by keeping our finances separate, we've saved thousands a year. While we've been transparent about our finances from the start of our relationship, we didn't talk about whether or not we'd commingle our bank accounts, investments, or credit cards after our wedding.īut after spending nearly a decade trying to get my personal finances back on track, I felt too nervous to give up my game plan and merge my money with his. Both partners share the financial burden of day-to-day expenses while maintaining financial independence. In 2021, right before I got married, I told my partner that I didn't want to combine my finances with his. Then each partner can have separate accounts to pay for individual assets. By clicking ‘Sign up’, you agree to receive marketing emails from InsiderĪs well as other partner offers and accept our ![]()
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