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Is it better for couples to share all of their expenses or to keep some extra money? We asked personal finance expert Ian Calvert.
Through Rosa SabaBusiness journalist
Mon, Dec 27, 2021timer1 min. read
There comes a time in a relationship where so many costs are shared that it makes sense to combine your finances.
But it’s not always a good idea to go all the way, says Ian Calvert, vice president and director of HighView Financial Group. Instead, try to find a happy medium that makes your life easier, not harder.
He recommends a “hybrid approach,” where couples create a joint account for shared expenses like mortgage, groceries, and bills, but keep their own accounts for other purposes.
“There could be a person who is just a natural saver and a person who is a natural spender,” he said. “So always having some independence for each person… that could be useful, beneficial for a lot of couples.”
Calvert said couples should be transparent and discuss the mix of finances before making big financial decisions together, like buying a home. Personal financial information about income, assets and debts will be disclosed if you apply for a mortgage and surprises are best avoided, he said.
He also recommends treating retirement savings as a joint expense.
“Imagine a spouse who is a good saver and who puts money in his RSP and accumulates his retirement assets, while the other spouse ignores it and maybe has more expenses today”, a- he declared. “It could cause friction.”
If one person is making a lot more money than the other, the couple might want to discuss how to fund that joint account proportionately, Calvert said.
Having a joint account can also force couples to have frank conversations about their finances and their future, he said.
“It can kind of create that sense of equality,” Calvert said.
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