Fabric Vault

Fabric Vault

When you’re in a relationship, how do you handle money? Do you have separate bank accounts and split dinner checks? Or do you mush everything together? No matter how you approach finances, a new online tool, Fabric Vault, helps you get organized and on the same page. Here, three couples reveal how they share money…

Aaron and Julia Robbs

Julia and Aaron

“Julia’s the financial mastermind,” says Aaron about his wife of eight years. “Everything is shared, but she handles it all.” The couple had separate accounts when they were first married, but now they mesh all finances — including the business that they run together. “I like to know where we stand,” says Julia. They also touch base before buying anything over $100. “Last night, I wanted to get AirPods,” says Aaron, “But I was like, maybe we should talk about it first!”

Christine Han and Tocha

Christine and Tocha

Married for seven years, Christine and Tocha share a savings account, but also have separate checking accounts and credit cards. They keep each other’s passwords written down, but they wouldn’t be easy to find. “I have a notebook at home called ‘Grandpa notebook’ in Korean, and for better or worse, it has all my passwords and information,” says Tocha. “I’m going to burn it after this post!” Meanwhile, Christine’s list of passwords is on her computer desktop. “And you know what I call it?” she laughs, shaking her head. “PASSWORDS.”

Lisa and Michael Fine

Lisa and Michael

Parents of two, Lisa and Michael have been together for 21 years — and all their money is shared. “We know everything about each other,” laughs Lisa. “We are not one of those couples where there’s mystery.” Michael handles the finances, and, although Lisa’s name is on all the accounts, she wouldn’t actually know how to access them. “If Michael died, I would be screwed,” she says. As for Michael? “If Lisa dropped dead tomorrow, I’d be like, Oh? I’m fine,” he says. “I mean, I’d be devastated for the rest of my life, and I’d be huddled in a corner, and my parents would have to move in, but I’d know where the money is.”

Fabric Vault

Did you know that over four out of ten couples would struggle to find each other’s financial information (like bank accounts and investments)? Fabric Vault is an amazing free resource for helping partners get on the same page. Vault discloses basic information to each other, like what accounts are in what bank, but lets you and your partner decide how much to share beyond that. So, it can simply mean that you have everything in one place — or it can be a great jumping-off point for financial planning. How good would it feel to say, “I know where everything is!”

How do you share money with your partner? Would you know how to access all the accounts — including bank, investment, 401(k), mortgage, life insurance, credit card, etc? Fabric Vault is such a smart and easy way to organize everything.

(Photos by Heather Moore for Cup of Jo, taken at 51st Cafe & Bakery. Wallpaper provided by Flat Vernacular. This post is sponsored by Fabric Vault. Thanks for supporting the brands that help keep Cup of Jo running.)