The U.S. Bureau of Labor Statistics reported that nearly half of married-couple households had both spouses working in 2024. Having two incomes makes it easier to spend more freely, work toward shared financial goals and enjoy better financial security. But that money can also lead to arguments and bad decisions.
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A recent YouTube video from money expert Rachel Cruze laid out five best practices for maximizing your dual income. Use these strategies to better manage your money as a couple and reduce disagreements.
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Have a Joint Bank Account
Some people feel uneasy about sharing a bank account with their partner since it requires giving up some privacy and risking that the other person will spend the money recklessly.
But Cruze said a joint account is important since it shows you’re both on the same team and makes it easier to track and manage your funds as a couple. She also added that trust is an important factor here, and there’s an exception to when a joint bank account makes sense.
“If you are in a dangerous situation or a situation that you can’t trust your spouse, then yes, have separate accounts,” she said.
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Budget Your Incomes Intentionally
Cruze recommended treating the funds coming in as a single income that you budget together. This is important for making sure you’re spending wisely and working toward shared goals.
When budgeting, identify and allocate funds to your expenses, from the essentials like housing and food to luxuries like streaming subscriptions and date nights. You’ll also want to account for categories like charitable donations, debt payments, investments and savings. Then, commit to sticking to the amounts you both agreed to.
The California Department of Financial Protection & Innovation noted that some couples tend to overspend when they have excess income. If that’s your case, discuss more productive uses for spare cash, like boosting your emergency fund.
Know Each Other’s Money Tendencies
Cruze talked about how she and her husband differ in their money tendencies. For example, she likes to spend money and prefers experiences, while her husband likes to save and prefers buying physical things.
Sit down and ask your partner questions to find out where you’re alike and different in how you think about and manage money. You might also discuss other recommended money topics Cruze highlighted in a blog post, such as your views on giving and your financial dreams and fears. It’s okay if you find more differences than similarities.
“In a really healthy way, both of these bring strengths to the table, so lean on each other in that,” she said.
Have a Routine for Managing Changes
As a couple, you’ll likely experience both good and bad changes that impact how you should handle your finances. Cruze gave examples like moving to another state, adding to your family, losing a job and facing health issues.
She advised planning ahead so you know how to handle income drops or increases that occur and set priorities for these situations. For example, consider which expenses you’d reduce in tough financial times or where you’d put excess money when your budget has more room.
Doing this can save you both some stress when changes happen. It will also help you make better use of extra money and reduce your chances of becoming financially insecure in a crisis.
Invest Consistently and Separately
“Have your individual retirement plans so that way your money like basically is growing in two different ways, which is awesome,” Cruze said.
She recommended regularly investing 15% of your combined income and contributing separately to the 401(k) accounts at your jobs and any Roth IRAs. Besides helping you diversify and stay on track for retirement, this strategy helps maximize both employer 401(k) matches.
But consider your financial situation as a couple before investing. In a Facebook Reel, Cruze said you should first be debt-free and have three to six months’ worth of expenses in your family’s emergency fund.
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Sources
U.S. Bureau of Labor Statistics, “Both spouses employed in about half of all married-couple families.”
Rachel Cruze, “5 Ways to Maximize Your Money in a Dual-Income Household.”
California Department of Financial Protection & Innovation, “Personal Finance for Couples: Managing Joint Finances.”
Ramsey Solutions, “How to Talk to Your Spouse About Money.”
Rachel Cruze, Facebook Reel
This article originally appeared on GOBankingRates.com: Rachel Cruze: 5 Ways To Maximize Your Money in a Dual-Income Household
