Money Monday: Should married couples combine finances or keep them separate?

When Oklahoma couples tie the knot, one of the biggest decisions they’ll face isn’t just the wedding, it’s the wallet. Financial expert Paul Hood joined News On 6 for Money Monday with advice on how couples can handle money together, or apart, and why the conversation should happen before the wedding day.

Before You Say 'I Do,' Talk About the Money

“You know, marriage can be very complicated,” said Hood. “And if it’s at all possible when it comes to money before you ever get married, you’ve got to figure these things out.”

Hood says it’s essential to ask tough financial questions early on.

“Does one have a credit card? One doesn’t? Does one believe in tithing? The other one doesn’t? Does one believe in savings? The other one doesn’t?”

Combining Finances: Teamwork vs. Tension

“I personally believe that you should combine things, you know, two become one, and so everybody’s pulling in the right direction,” said Hood. “But you’ve got to be careful if one is overbearing one way and the other’s not. It can mess things up real quick.”

Still, he says there’s nothing wrong with finding a balance.

“I like the hybrid to where everything goes together, but you keep your little personal savings, and I have my fun money, and so we don’t have to answer to each other, but we’re a team.”

Why Money Can Make or Break a Marriage

“Marriage and love, it’s emotion,” Hood said. “But after you’ve been married for a few years, it becomes a partnership and it’s work.”

And Hood says the financial conversation isn't just about money, it’s often about deeper habits and expectations.

“You’re also having two different paradigms come through,” he said. “I’m a CPA and I do people’s taxes, but I end up becoming a marriage counselor half the time. It has to do with money.”

Paul’s Three-Point Plan for Financial Harmony

According to Hood, there’s a simple rule to keep finances and marriages on track:

“Give first, save second, spend third.”