A Married Couple Explains Combining Their Finances

A Married Couple Explains Combining Their Finances


Spencer Alben: How do you
think we are with money? Alex Alben: Oh, we actually
don’t talk about money at all. Spencer [laughing]: Yeah, right. I’m Spencer Alben,
and I’m a video producer. Alex: I’m Alex Alben,
and I work in the music industry. Spencer: And we
have been married for just over two and a half years. Alex: Yes, two years,
eight months, to be exact. Spencer: I think we are big fans of enjoying your life and
enjoying your money. You know, a lot of people kind
of save up for retirement, and it’s like work, work,
work, and save, save, save, and then you can spend. We really believe in things like travel, going out with friends, entertaining. You’re turning it on me? Alex: Ha ha! Spencer: OK, there was one week where I was really into juicing, and it seemed like it was
gonna save us a lot of money because juices are, like,
$10 a juice at the store, so I was like, I’m gonna
buy all the produce, I’m gonna juice my own juices, it’s gonna be great. And I did it for one week. When we got married, the
next day we went to the bank, we signed all of the accounts
so everything was joint. But even though the paperwork was done, we didn’t totally know how to actually spend our money together in a way that makes sense. Alex: Each person in the relationship should have their own kind
of, like, discretionary fund where this is your money, you don’t have to ask my permission or have a conversation with me to buy whatever you want with it. Spencer: So, there’s one checking account where all of our direct
deposits feed into from work. And then, every month, we funnel money from that account into our own
personal checking accounts. Alex: I will diagram it for you. I want red. Yes, please. Spencer: OK. Alex: Thank you. The money comes in, to
the landing account. Blue, please. [laughing] So then you have the two
other checking accounts, so this is Alex, this is Spencer. No, I can do better than that. Eraser. [laughing] This is totally illegible. Spencer: But, really,
it’s just that there’s one main account, and then it
funnels to two other accounts. Our next money milestone
is buying a house. Buying a house is really
expensive, turns out. Alex: Turns out. Spencer: Turns out. I think knowing what’s
important to you both in the relationship is really important in managing your finances well. So, having a conversation about, what do I like to spend my money on? And is that the same for you? Oh, my [laughs]. Alex: The master must
sign his masterpiece. Spencer: Always. Always.

48 comments on “A Married Couple Explains Combining Their Finances

  1. so all they do is combine their money and split it between the two accounts, how it that any special where is the savings investing etc btw im assuming their big spenders so they will have a hard time getting a house

  2. I expected them talking about risk profiles investing, goals, allocating resources to reach goals, insurance etc. What was this about.?

  3. I get what people are saying but I actually appreciate the video, money is a touchy subject in relationships and I think this makes envisioning the convo easier . It also helps to see how other couples are managing joint finances, made me realise what I would and would not prefer. Cute couple.

  4. They key to having equality and stability in a relationship is to have complete financial independence from each other, having one person control all the money or having a joint account is really bad.

  5. I'm not married, never have been and never will be but I don't believe in joint accounts hugely due to the fact watching my parents handle (or more like mishandle) their financial affairs growing up, separate accounts please or GTFO
    defeats the purpose of marriage but IDGAF

  6. I agree with the girl starting from @ 2:44 marriage is not only spending life together but agreeing on a plan. if both parties are on their own different separate wavelengths than what's the point there's no unity. it's like war you have to be on the same page to win.

  7. My husband and I combined our bank accounts after 10 years of marriage. I regret not doing it sooner because we work great as a team. I create our budget each paycheck and text it to my husband. We’re both big spenders but have goals we want to accomplish so we’ve been recently saving like crazy.

    I learned nothing from this video.

  8. Yes we have no real plan but we can draw this little picture that kind of explains that we have a plan but we really have no idea what we're doing…

  9. I would do it the exact opposite way. Have each your own checking and savings account (with current interest rates you don’t need a savings account but whatever). And put a set amount per month to the one shared account where you pay everything from that you do both like rent/mortgage, groceries, investments, new dishwasher, date nights etc. If you have extra money in the shared account you can either share it at the end of the year or invest more. If you’re short in that account you know you’ll have to increase the monthly input.

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