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Love & Relationship

The Financial War: Should Couples Have Joint Bank Accounts?

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Financial openness in partnerships is good. Money does not necessarily build a home but easily breaks it. Some people profess love, but that love does not stretch to their money. The advantage of running a joint account is you can share responsibilities more easily.

To an extent, it’s a good but it’s not everyone who is sensible with money. Some marriages broke down or a spouse passed on before they realised the debt they’ve run up on ‘their’ joint account. Keep in mind that you’re each responsible for all the debts that either of you run up on a joint account. It works for some people who are disciplined and knows how to manage

There are some people you can’t trust with money. You ‘rely’ on them to manage your finances and they squander the money. Their integrity level moneywise is zero. People who cannot take care of their own business cannot take care of other people’s own. Someone who is not disciplined with his/her own money is not a person I’ll run a joint account with because they won’t be able to account for monies which grew wings.

Some people are used to ‘me, myself and I’, ‘we’ is not in their dictionary and running a joint account with this type of persons is a matter of ‘do it at your own risk’. Share the home responsibilities and spend your individual monies. Just weigh the pros and cons before taking that decision. Financial tensions in partnerships can cause resentments.

Personally, I won’t run an ‘everyday’ joint account with a spouse – savings I will do. We both put our monthly contribution for emergencies, save for shared goals, projects etc. and of course, I’ll run the saving account – not him. It’s not about trust for me – I just don’t want to ask a grown man where and what he’s using his money for. I’ll make sure wherever his money goes; I’ll be the highest shareholder – take care of the home first!

The time spent arguing and fighting over money can be used romancing and making babies. If it works for you fine, if it won’t – don’t force it. Even if there is an understanding and you don’t trust your partner, don’t do it. This is to avoid people sneaking around thinking they are playing on someone’s intelligence.

It’s better to discuss about finances earlier on in the marriage (preferably before you even marry) and decide if you’ll run a joint account or not and lay a proper financial foundation. And don’t be the couple who spend all your money on enjoyment, no savings, no emergency funds and start running round looking to borrow when something happens.

Life is not all about glitz and glamour – everyday won’t be Christmas.

The question is; would you have a joint bank account with your partner or do you have one?



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