When Lana Axelrod and Alan Perlman got married in 2014, they were happy to merge their finances. “We have a similar approach to money management, our values are aligned, and we feel that marriage means everything is shared,” said Axelrod, 33, who lives in New York City.
To that end, they opened a joint account where they deposited their wedding gift money and started funnelling their salaries into it every month. They agreed to use one credit card for all spending, and connected their accounts on personal financial management site Mint.com so they could track transactions. They made a plan to pay off their combined student loan debt, and later opened a joint investment account for retirement and other savings.