Highlights:

• Couples who combine finances tend to build more wealth - but you don’t have to merge everything
• How to keep money tension to a minimum (and boost happiness in your relationship!)
• Get the security of having your own money, and the benefits of growing wealth together

Talking about money as a couple can be tricky. Do you combine everything? Keep it all separate? Something in between?

There’s evidence suggesting that couples who fully merge their finances tend to benefit the most.

But you can have those benefits and keep the freedom to spend how you want with a hybrid approach.

(Plus this gives people the safety and security of having their own money, and this is always important!)

Get the best of both worlds - work together towards big life goals, and have the flexibility to manage your own money. Here’s how.

1. Use a mix of joint and separate accounts

The "yours, mine, and ours" approach is one of the most effective ways for couples to balance financial teamwork with independence.

• The joint account covers shared costs like rent, mortgage, groceries, utilities, and shared savings goals (like a vacation or a home down payment)
• Your personal accounts give you the freedom to spend on your interests without having to check in with your partner every time. For example, I spend as much as I want on books from my own account! 📚

A joint account is also a good place to keep emergency funds. What if someone is out of town when the dog decides to eat a lightbulb (true story)? You both need access to that money, stat.

This hybrid setup makes it easy to share responsibilities, without anyone having to justify their daily latte or video game purchases.

2. Split expenses fairly (not necessarily equally)

The reality is that in most cases, splitting expenses 50/50 isn’t fair.

(Unless both partners earn the same amount, in which case it’s perfect!)

Instead, it’s better for each person to contribute based on their income level.

For example, if one partner makes 60% of the household income and the other makes 40%, they’d split shared expenses the same way.

That way, both have a similar percentage left over to use as they’d like.

3. Be open about financial goals and challenges

A big mistake couples make? Not talking about money.

Relationships are easier when you’re on the same page as your partner with finances.

Whether your goals are saving for retirement, knocking out debt, or buying a home, getting clear on what you want is important so you can build a future that works for both of you.

Research found that couples who had fully merged finances had higher relationship satisfaction over time because it encouraged more discussions about money and priorities.

Even if you keep separate accounts,  or choose a hybrid route, being financially transparent and working toward shared goals can make your relationship stronger!

4. Keep debt under control

“Couples who separate their accounts for financial autonomy can prosper, but they need to do one thing: stay out of debt,” says financial planner Andrew Dobson.

Keeping separate accounts isn’t about ignoring each other’s finances. And if one partner is dealing with debt, it’s important to be open and discuss how to move forward together.

Also, if you take out a mortgage or a loan together, make sure you understand how co-signed debt works - both partners are responsible for it, even after a breakup.

5. Invest together - but keep control of your own accounts

Investing as a couple doesn’t mean you have to merge everything.

TFSAs and RRSPs are individual accounts, so even if you invest together, by default you’ll each have separate accounts.

One way to keep things balanced is to make sure your investment strategies complement each other.

Like if one of you is more risk-averse and the other is more aggressive, your combined portfolio can balance out!

Also, consider naming each other as a successor holder on your TFSAs. That way, if one partner passes away, the other can take over the account without affecting their contribution room.

Passiv makes investing as a couple easier

If you’ve ever tried managing investments across multiple accounts, you know it can be tricky! This is where Passiv can help.

It lets you:

• View and manage both of your investment accounts in one dashboard, while keeping them separate
• Rebalance your portfolio automatically, making sure your investments stay aligned with your goals
• Collaborate on investments without fully merging accounts, giving both of you control and flexibility

And if one of you is the "money person" managing both accounts, Passiv makes it easy to handle everything.

It gives you the best of both worlds - you can grow wealth together, while keeping your financial independence.

Try it today and see how much easier it is to manage your investments together!

Check out Passiv!