Money can be a difficult topic in any relationship.
When deciding to form a partnership, many couples think the first step is a joint bank account. But sharing bank accounts with your partner can make your budget problems worse, according to Suze Orman, host of the “Women & Money” podcast.
The bestselling author and her partner, KT, 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 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 fairly for both partners.
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