twocents.lifehacker.com

Photo: Anchiy (Getty Images) If relationships are about sharing, isn’t combining your finances the inevitable, last step in a mature relationship? Not at all. According to a recent survey , half of us maintain separate bank accounts from our partners. If you’re always fighting over shared expenses, splitting finances might be worth it for you. The downside to shared finances

Good communication and trust is important in a relationship, and that can include pulling a complete U-turn on your financial planning if it’s simply not working out. Pooling your income and expenses has its downsides, which include: Lack of financial independence: A joint checking or credit card account can be as much hassle as coordinating between split accounts, especially if you aren’t 100% simpatico about what’s allowed when it comes to discretionary purchases. Even if you agree to a fixed monthly spending budget for each person, the rules can be easier to ignore when the money is coming out of an undivided pool of income. Some couples prefer separate accounts because they can impose a a hard cap on individual spending (assuming each party covers any shared expenses first).

Unwanted scrutiny over purchases : You might think you’re okay with partner’s spending habits, but over the years, their bone-headed impulse purchases off of Instagram might get on your nerves. You also might want some level of privacy for holiday presents, or even, say, buying butt acne cream from Amazon.

Different spending goals: One person in a partnership […]