20 minutes | Mar 20, 2014

Three Reasons for Combining Finances Within a Marriage: Better Conversations Podcast with Derek and Carrie Olsen. Ep. 007

Three benefits of combining money within a marriage. (Tweet this) Do you keep your money separate or throw it all in a big (or tiny) pile? Carrie and I have heard many arguments for and against merging money together within a marriage. When we did our first budget together, we learned a ton about each other. We explored each others values, priorities, feelings, and previous experience as related to money. We had conversations that otherwise wouldn't have been brought up for years. Those conversations were foundational in the early days of our marriage and continue to shape our relationship today. Carrie and I discuss three benefits that we have experienced as a result of throwing our money into the same tiny pile. Combining our money allows us to make informed decisions. Knowing each others financial habits, goals, and opinions helps us make good choices together. Combining our money has allowed us to get to know each other better. The non-financial conversations that we have as a direct result of combining money have made our marriage better.  Combining our money sets us up to avoid future conflict. Not only to simply avoid it, but to know how to better handle issues when they do arise. Some married couples lack the ability to produce a positive outcome when suddenly faced with a serious financial challenge. The ability to produce a positive outcome in the future partly hinges upon the skills acquired from "practicing". -Derek (and Carrie too!)   P.S. "It's just easier to keep separate accounts" isn't a good enough reason. Easy isn't always the goal. P.P.S. Combining money within a marriage does not cause problems, it might uncover a few and dealing with them now is a good thing. Most problems are already there, not created. There is no sense in avoiding what is already there. Join us this May for the Money and Marriage Webinar Series If you enjoy what you hear, we would love to hear from you. Leave your review on our iTunes page and we will read it on an upcoming episode. Introductionist: Steve Stewart from Money Plan SOS Thanks Steve! I’m a believer, husband, father, and super-passionate about helping people become debt free. The mission of my website it to help you discover the truth about debt, to expose the manipulative messages from those trying to get to your money, and to show you how to build wealth, not credit.  -Steve
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