Gen Z and millennial couples are more likely to keep their finances separate — here's how to stay financially independent while remaining together

Open communication about money is essential to a healthy relationship. Many strive to achieve it by combining at least some of their finances and keeping joint accounts. Others, however, prefer to keep all of their accounts separate — and that's especially true for younger generations.

According to a Bankrate survey from February 2023, 43% of Gen Z and 31% of millennials say they prefer to keep all of their accounts separate. That's compared to 19% of Gen X and 18% of baby boomers.

If you'd rather maintain complete financial autonomy in your relationship, you might have to put in some extra work to ensure you and your partner see eye-to-eye on financial issues. CNBC Select offers tips on how you can achieve that and which tools can be helpful.

You may be keeping your finances separate, but if you're living together, you inevitably have shared expenses, which can include housing, utilities, groceries and more. It's crucial to determine which expenses you consider shared and how you're splitting them.

If you and your partner have similar incomes, this can be as easy as agreeing on a 50-50 split. But when one person earns considerably more than the other, you need to have a serious — and potentially awkward — conversation.

Every couple will define what's fair in a different way. You may decide to divide the expenses in a way that's proportionate to your incomes. For example, if you earn $5,000 each month while your partner earns $2,500 (50% less than you), then they'll pay half of what you pay for everything. If your rent is $3,000 per month, you'll contribute $2,000 while your partner or spouse will pay $1,000.

If that doesn't sit right with you, you can still agree to pay for everything equally. But this will limit what you can afford as a couple to your partner's much lower income. In the example above, you might have to agree to live in a $2,000-per-month apartment to be able to split the rent evenly.

No matter how you split your expenses, you also need to agree on how to organize your money as a couple. If you're not completely opposed to a hybrid approach where you share some accounts and keep the rest separate, a joint checking account may be the answer. Otherwise, you need to find other ways to ensure transparency.

A budgeting app such as Honeydue can be a helpful tool. It allows you to choose banking and credit accounts to connect and share information with your spouse or partner so that you track spending and coordinate bill payments together. The app will also send you bill payment reminders helping you stay on top of your shared expenses.

As a couple, you almost certainly have shared goals and dreams (and if you don't, finances probably aren't the biggest concern in your relationship). From something big like a down payment on a home to more modest ambitions like a small vacation or a new couch, you and your partner need to figure out how to manage your savings.

One good solution is to keep your shared savings in a high-yield savings account. These accounts earn higher interest rates than traditional savings accounts. And thanks to the power of compound interest — or earning interest on interest — your earnings will grow even quicker. You can also withdraw the money when you need to, although many financial institutions will limit you to six withdrawals per month before imposing fees.

CNBC Select has ranked the best high-yield savings accounts and suggests LendingClub High-Yield Savings as our top pick. We also recommend UFB Secure Savings as it's currently offering a generous APY.

You and your partner may agree on how to split expenses, but that doesn't mean you're in sync about how much to spend. To help you get on the same page (and stay there), you need a budget.

We've already mentioned Honeydue, which is our top pick for the best budgeting apps for couples. With the app, you can set up monthly spending limits for each spending category. The app will alert you if you or your partner are about to reach a spending limit.

Another excellent option is Goodbudget which tracks your household's spending using the "envelope method." Essentially, an "envelope" is a spending category, and you decide on how much to assign to each envelope. This is an especially good choice if you'd rather not connect your bank accounts since the app requires you to manually input your transactions into each envelope.

If you and your partner decide to tie the knot, you're not just entering a new phase of your relationship — you're also taking on a new set of legal responsibilities that directly affect your finances as a couple.

If you have an asset in your name, you might believe it's yours only. Say, you're paying a mortgage and the deed is solely in your name. Or maybe you've financed a car, and since you're the one responsible for this debt today, you might assume your partner will never be.

This might not be the case for spouses, especially in the case of divorce or death. These aren't pleasant things to think about, but separating your finances doesn't offer much legal protection when it comes to such events.

If you're getting married, consider signing a prenup. This will allow you to put in writing what you want to happen to your assets. You can change this agreement further down the line if you need to. If you're already married and don't have a prenup, a postnuptial agreement might be an option. Talk to an attorney about what you should consider and how to proceed.

Managing finances successfully as a couple requires frequent and open communication. Your financial life is dynamic, and circumstances, goals and priorities can change for both you and your partner. By regularly having honest conversations about money, you can ensure you're staying on track with your current budget and goals, as well as keep each other aware of any changes.

Plus, as hard as it can be, talking about money can improve intimacy in your relationship. It's a tough subject that can make people feel vulnerable. Showing understanding — especially if you and your significant other have different money styles — and working as a team can bring you closer.

If you're married or living with your partner, you can choose to keep your finances separate. But even in this case, you'll still have shared goals and expenses that call for a budget. Just like with anything in a relationship, communication is key. Keep it constant and honest, and it might help you support each other in new ways and reduce confrontation.

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