Should We Merge Bank Accounts?

1. Eliminate questions and doubts. Obviously, separate accounts haven't ruined your marriage. However, storing your money in two different places does create an invisible barrier. It clashes with the idea of "what's yours is mine," which I think is an important pillar of a good marriage. Practically, it puts responsibilities on individuals instead of you and your wife as a team. Someone has to make sure these bills get paid while the other person is in charge of those bills. That kind of division is a breeding ground for mistakes and blame. If all your autopayments are set to draw from the same fund, that gray area gets eliminated.

2. Earn more. Even though you won't increase the amount of money you bring in, you can make a lot more on compound interest when you let your money sit together. Whether it's a savings account with a decent rate or buying a CD or a bond, the possibilities are a lot more appealing when you put all your money in one pot. It's pretty simple, really: two dollars can get a lot more done than a couple of single dollars fending for themselves.

3. Accountability. We all have good and bad habits. Whatever your Money Personality—whether you're a Saver or a Spender, or a Risk Taker—you are prone to making good and bad choices (and if you don't know your money personality, take the 3-minute test at www.5MoneyPersonalities.com). When you're the only one who checks in on your money, it's pretty easy to ignore those less-appealing habits. You might even convince yourself that those practices are wise and helpful. For example, compulsively saving your money without investing it is not a good financial practice, even though some people take great pride in piling up their wealth in one place. You and your wife are there to support and better each other, and letting your guard down so you can talk honestly about money really elevates that conversation.