Could joint finances be key to avoiding arguments about money? A MarketWatch survey found that most people using joint banking with a partner are “very satisfied” with their relationship.
Emily Luk, the CEO and co-founder of Plenty — a budgeting app for couples — joins Wealth Host Brad Smith to share her tips about how to successfully navigate merging finances with a partner.
Luk says, “No two couples are ever the same, but a really important place to start is actually before you even talk about how you want to merge money, really focusing first on what [conversations around money were] like growing up?” She explains, “That foundation is really important to make it easier to understand your partner, or else it makes all the other conversations so much more complicated and more likely for you to fight.”
The CEO outlines three tips for couples merging finances: defining what is “mine” vs. “ours,” setting financial goals, and ensuring there is personal spending freedom.
Watch the video above to learn more expert advice about combining finances in a relationship.
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