This
question was asked in regards to “finance sharing” and whether you should share
your money or keep separate accounts.
Money is an important thing that each couple should talk about;
especially regarding the topic of sharing your income. The simple answer to this question is up to
you. It is personally between you and
your partner as to what you do with your money and split the responsibilities
of your bills and accounts (Bach, 2002).
Having
a joint account is important so that both of can have money to have access to. So discussing which bank you join and how
much of your money will towards that and what it actually will go towards is
important. However, having separate bank
accounts is a must. Money is a personal
thing and even with your spouse it is something that can be kept private (Bach,
2002). So having your own separate bank account is a good thing.
There
is not much to say about this question because ultimately it is up to you and
your partner as to how you split up your money and what type of accounts you
decide to get. So it is mostly on how
you view your finances and how organized you want to be with them. Because most couples have a way they sort out
their finances by who pays what bills and such.
But as stated earlier, it is completely up to you as to how you want to
do it but have a joint account as well separate accounts for each partner is
beneficial so you can retain your privacy but still have mutual funds when it
comes to big purchases such as a mortgage, a new car, and etc. It’s a personal choice as to what you do.
Bach, David (2002), “Smart Couples, Finish Rich”
4 comments:
This is something I have struggled with in my relationship. I don't believe in having a joint account but I do believe in splitting costs equally in half. My partner, however, does not pay my bills because they are under my name and so he assumes that I have acquired most of the costs. Yes I have made all the purchases but purchases that are beneficial to us or our family. Another concern in regards to a joint account is not spending the funds in the account equally, is there any suggestions or tips you came across when researching this topic?
-Liz T
I currently work at a financial institution and this issue does vary a lot with couples. Some couples only have a joint account together while other couples only have their own separate accounts. I agree with you, Joe, that it is a personal choice and that it is something that needs to be discussed and decided as a couple.
-Bergen
My husband and I each have our own bank accounts but we talk to each other and figure where out where our money goes. I like how you emphsized that it is up to us, my husband's parents both have their own bank accounts but they refer to their money as "my money" or "your money"- showing that every couple is different. Thanks!
Chelsey
My parents have separate bank accounts and I have watched them argue for years about who pays for what. They each have "their money" and "their bills" and yet their is still disagreement. I like how you said that it is completely up to the couple whether a joint account will work for them and that it can be as simple or as complicated as they want it to be. I know from watching my parents what my opinion will be when the time comes for me to make my decision. Thanks for your post Joe!
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