Money can be a difficult subject in any relationship.
When deciding to create a partnership, many couples think the first step is a joint bank account. But sharing bank accounts with your partner may make your budget issues even worse, according to Suze Orman, host of the “Women & Money” podcast.
The bestselling author and her partner, K.T., short for Kathy Travis, have been together for over 20 years, and have never opened a joint bank account.
Having joint bank accounts can lead to power imbalances and a loss of autonomy, Orman said.
Orman recommends using a simple equation to determine how much money each person will contribute to household expenses. Watch this video to learn how to split finances in a way that will be fair to both partners.
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