{"id":1566,"date":"2025-02-10T04:14:52","date_gmt":"2025-02-10T09:14:52","guid":{"rendered":"https:\/\/sharewatch.com\/wp\/2025\/02\/10\/sharing-bank-accounts-can-deepen-a-couples-relationship\/"},"modified":"2025-02-10T04:14:52","modified_gmt":"2025-02-10T09:14:52","slug":"sharing-bank-accounts-can-deepen-a-couples-relationship","status":"publish","type":"post","link":"https:\/\/sharewatch.com\/wp\/2025\/02\/10\/sharing-bank-accounts-can-deepen-a-couples-relationship\/","title":{"rendered":"Sharing Bank Accounts Can Deepen a Couple\u2019s Relationship"},"content":{"rendered":"
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When Nia Darville Stokes-Hicks and Armondi Stokes-Hicks married two years ago, they set up five bank accounts.<\/p>\n

Each had an individual bank account for personal spending, and they shared a checking account for paying household bills. They had a joint savings account. And they had yet another account for money the couple set aside to use together. They weren\u2019t unusual \u2014 34 percent of couples have a mix of accounts, and 23 percent keep their finances entirely separate, according to a YouGov poll conducted three years ago for CreditCards.com.<\/p>\n

With American couples marrying later in life, according to the Census Bureau, maintaining separate accounts has become more common than it once was. By the time most people reach their late 20s and early 30s, they\u2019ve been working for six or more years, have set up their own checking and savings accounts, have established credit and might even own a home or a brokerage account. Often people want to maintain their own financial independence after marriage, but experts say this isn\u2019t necessarily a good idea, especially if you\u2019re thinking about long-term goals like saving for retirement.<\/p>\n

\u201cGone are the days when couples get married right out of school and open up their first bank account together and learned together how to manage money,\u201d said Bill Nelson, founder of Pacesetter Planning in Arlington, Va.<\/p>\n<\/div>\n<\/aside>\n<\/div>\n

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Having separate accounts made it more difficult to see the household\u2019s total financial picture, said Mr. Stokes-Hicks, 28, a former Netflix writers\u2019 production assistant who works as a Starbucks supervisor and lives in Jefferson County, Colo. He and his wife agreed to simplify their finances last year when they realized they weren\u2019t using their individual bank accounts \u2014 they were spending with their credit cards and paying them off using the household bills account.<\/p>\n

Now they share three accounts: a high-yield savings account, a checking account for household bills and another savings account. Both are enrolled in employer-sponsored retirement plans.<\/p>\n

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