As a singleton, it’s smart to have at least three bank accounts — one for checking, one for traditional savings, and one “dream savings” account — according to Sophia Bera, CFP and founder of Gen Y Planning.
That approach becomes a bit more complicated when you combine finances with a spouse or life partner.
While Bera acknowledges that every couple has different circumstances, she generally recommends her clients set up “yours, mine, and ours” accounts.
Many couples tend to prefer a joint account for taking care of household expenses, but it feels good to maintain some financial independence, she said.
“I do see a lot of benefits to each person having a little bit of money for themselves every month that they don’t have to answer to,” Bera told Business Insider during a Facebook LIVE interview. “Whether it’s a certain amount per week that they each get or a certain amount per month,” she said, that’s up to you to determine the frequency and amount that makes the most sense for your situation.
Bera added that the money in your individual account should be used for yourself, or even to treat your partner with a gift or surprise.
“I think what gets hard is when we have individual accounts and no joint account — sometimes it doesn’t feel like we’re on the same page financially and working toward the same financial goals,” Bera said.
To that end, it’s especially important to have conversations with your partner before combining finances to discuss personal money philosophies and life goals so that you’re able spend and save in a way that benefits both parties.
Watch more from Business Insider’s Facebook LIVE with Sophia Bera: