Durelle, 30, and Samantha Bailey, 30, from Stafford, Virginia, have been married for seven years. They both earn six-figure incomes. Durelle is a health services administrator in the Air Force, and together with Samantha, they run a marketing agency and are social media influencers.
The Baileys have a joint account for most of their central expenses, including checking, savings, investment, and credit card accounts. They also maintain separate accounts for “fun money,” budgeting about 20% of their monthly income for personal spending. This system keeps them accountable and helps them manage their finances as a team, balancing Samantha’s spending habits with Durelle’s tendency to save.
Their most significant expenses include travel and their two mortgages. The Baileys emphasize regular financial check-ins to review their accounts and ensure they meet their financial goals. Automation helps them manage fixed costs and savings.
Alex, 35, and Jeff Payetta, 36, from Huntington Beach, California, have been married for five years. Alex is a women’s life coach, and Jeff owns a janitorial products business. They both earn six-figure incomes, with Alex making twice as much as Jeff.
They merged all their accounts shortly after getting married, and Alex manages the finances. This approach simplifies their financial management and ensures transparency. Having fully combined finances made it easier for them to buy a house and manage their budget.
Their biggest expenses include childcare for their two young children and another expected, as well as home-related costs. The Payettas stress the importance of open communication and having a clear plan. Adjustments are made together when needed, such as packing lunches instead of eating out.
Balancing finances in marriage
Marceil, 39, and Katy Knauff, 40, own a full-service American restaurant in Seattle, where they live. Katy is a chef, and Marceil is a realtor.
Married for eight years, they keep their finances separate except for their restaurant business accounts. They maintain separate savings and retirement accounts but share a checking account and business-related financial tools. Weekly financial meetings help them keep track of expenses and reconcile their finances.
This system allows for surprise gifts and individual financial autonomy. Their most significant expenses include their old dog, HOA fees, dining out, and travel for Marceil’s real estate networking events. Consistency in their financial discussions helps make money talks easy and routine.
Sasha, 35, and Raj Dutta, 39, from Gainesville, Florida, have been married for five and a half years. Sasha is the VP of a PR agency, and Raj is a startup cofounder. Both make just over or under six figures, respectively.
Initially, they had independent accounts, but after buying a home, they found it helpful to open a joint account for significant expenses. They contribute a set monthly amount for bills and mortgages while keeping individual accounts for personal spending. This approach accommodates their different spending habits.
Their biggest expenses are their mortgage and weekly groceries. They advocate for finding a system that works uniquely for each couple rather than mirroring what others do. Regardless of the method, maintaining transparency and regular discussions can help couples navigate their financial journey successfully.
Tips for couples managing finances include communicating regularly about money and financial goals, finding a balance between joint and separate accounts that suit your lifestyle, automating payments to manage fixed costs and savings, and being open to adjustments while ensuring both partners are on the same page.