When a couple first gets together they have separate money and separate bank accounts and don’t have to talk to one another about their expenses.
When a couple moves in together they still may keep separate checking accounts, but their expenses are shared more so money is then needed to be discussed.
After a couple has lived together for a while and if they decide to get married then the decision must be made to either combine checking accounts or keep them separate.
This may become a source of conflict between the two of you so you will need to look at the pros and cons of both in order to have the best arrangement.
The Benefits Of Sharing A Bank Account
There are several key benefits to sharing a checking account.
- You feel more connected working with one another to achieve the goals you want to set financially. The fact that all the money is treated as both of yours drives home the ‘what is yours is mine’ philosophy.
- Having one joint bank account makes bill-paying easier. There will also not be any conflicts on who pays what bills.
- It’s easier to save up money for big ticket items you both want.
- There are no secrets and you may be less likely to spend money foolishly when you share a bank account with your significant other.
The Benefits Of Having Separate Bank Accounts
There are also reasons that having separate accounts is beneficial.
- You can easily keep track of your personal saving goals, and your own expenses. You will have more independence with your spending without affecting someone else.
- It can prevent a lot of arguments dealing with finances when each partner is responsible for all of their own expenses.
- The privacy of what you do with your money is kept intact.
- When you share a bank account, you may not really feel that you actually have any of your own money. You might feel trapped into buying whatever your partner also deems necessary.
There Is A Third Option
It would seem that a good solution to the problem is to keep a joint account for bills and groceries that you both have access to – and to keep separate ones for your needs and wants.
When you have a joint account that only goes to bills it can be easier to pay them. You can set up automatic payments for the bills while you still have access to your own money and can use it for whatever you wish. This can also be a place for joint expenses like stuff for the house or date nights.
If you do decide to open a joint bank account together, only do so when you’ve been with your partner for a long time. Sharing your money with someone can be a big deal so it is important to make sure you trust one another.
What do my readers think? Are joint bank accounts the way to go?