DeepSummary
In this episode of Money Rehab, host Nicole Lapin interviews married couple Evie and Shane about their unique approach to managing finances as a couple. Evie and Shane have maintained separate bank accounts and finances since getting married, splitting joint expenses like rent and groceries 50/50. This system was Evie's idea to avoid conflicts over differing spending habits, as illustrated by Shane's fondness for buying occasional muffins versus Evie's tendency for occasional larger splurges.
Evie and Shane share that their separate finances approach has worked well for them, even after having a child recently. They have a joint credit card for mutual expenses and take turns paying the bill through requesting Venmo payments from each other. They plan to split costs like childcare and future college tuition 50/50 as well. While their incomes differ somewhat, with Evie earning more, they feel the 50/50 split is fair and allows each person autonomy over their personal spending.
The couple acknowledges considering a proportional split based on income differences at times but has stuck to the 50/50 approach for simplicity. They are open to re-evaluating their system as life circumstances change but find the openness and avoidance of financial conflict to be key benefits of their separate finances strategy so far.
Key Episodes Takeaways
- Maintaining completely separate finances and bank accounts can help some couples avoid conflicts over differing spending habits and values around money.
- Splitting joint expenses 50/50 regardless of income disparity can promote fairness and autonomy for each partner over their personal spending.
- Having a dedicated joint credit card or account just for shared expenses can be a useful tool for couples keeping finances separate.
- Open and honest communication about finances, without judgment of each other's purchases, is important for this separate finances approach to work smoothly.
- The separate finances strategy may need to be re-evaluated as major life events like having children occur, but it can still apply to future costs like college savings.
- Avoiding the mindset of one partner subsidizing the other's responsibilities or lifestyle choices through income differences is a key benefit cited for keeping finances completely separate.
- Separate finances does not preclude supporting each other financially through temporary hardships like job loss, as long as it's treated as a short-term situation.
- There are various options like proportional expense splitting that couples can consider as potential alternatives or evolutions to the strict 50/50 separate finances strategy.
Top Episodes Quotes
- “I didn't want my savings to go to those muffins.“ by Evie
- “It felt kind of like it was frustrating, I think, in the beginning, because when we first started, but when we were at that point of engagement in our relationship, I think you were working part time and I was working full time, for example. And so it's like we didn't. I didn't feel like, oh, I want to work and toil away, and he's, you know, working part time and snowboarding all the time, and then I have to cover more of his rent because he's choosing that.“ by Evie
- “Our plan is to split. Our plan is, which we haven't done yet, is to start a college fund where we're both putting an equal amount every month.“ by Evie
- “It allows us to choose the lives, the amount that we want to work, but it keeps it totally even.“ by Evie
Entities
Company
Person
Book
Product
Episode Information
Money Rehab with Nicole Lapin
Money News Network
2/24/24
What’s yours is mine? Not for these Money Rehabbers! Nicole talks to the (absolutely lovely) Evie and Shane, a married couple who don’t share a bank account. According to them, separate bank accounts = less fighting = more romance. Agree? Tune in to hear their story.
Encore Edition. Originally aired 3/23/22
$ Investors: Robinhood has the only IRA that gives you a 3% boost on every dollar you contribute when you subscribe to Robinhood Gold. Learn more at Robinhood.com/boost
$ Want the kiddos in your life to become money masters? Check out Greenlight, the best money app and debit card for families (and get one month free!): http://greenlight.com/moneyrehab
$ Is mental health a resolution for 2024? Get 10% off your first month of therapy with BetterHelp at: http://betterhelp.com/moneyrehab
$ The secret to health and wealth is in your gut. Literally. Get 20% off a 90 day bottle of Just Thrive Probiotic and Just Calm. Try it at: justthrivehealth.com and use promo code: MONEYREHAB.
$ Want one-on-one money coaching from Nicole? Book a meeting with her here: intro.co/moneynewsnetwork