Should Couples Have Joint or Separate Bank Accounts

The past several weeks as I was in and about a small scenic getaway, I met with several couples that shared some concerns that relate to their relationship. A common theme from the couples was the issue of bank accounts, theirs, yours and joint accounts. The following thoughts will give couples some insight on the pros and cons of having joint and separate banking accounts.

Separate Accounts

First, let's look at a few cons of having separate accounts. As a couple starting out, you both will discover that each of you are different in ways you both value money and how different you may spend your money. One of the prime concerns of couples I spoke to was the concern of trust and privacy. When having a separate account a partner usually takes ownership for their own bills; privacy can sometimes cause concern if you are not fully open with your partner. Another con is the handling of money; when you have your own account you are leaving your partner in the dark with regards to finance. The biggest con in having separate accounts is that overtime it could cause disagreements and arguments, which can lead to a breakdown in your relationship.

Joint Accounts

Now, let’s look at the pros of having joint bank accounts. In my research, I feel confident about two facts; The first is that more than 50% of couples share a joint account, second, when ever, as a couple you share things, that sharing brings about a bond of teamwork, meaning, you both are in this relationship to reach certain goals and dreams. Couples who share tend to be more open in their relationship and avoid all the doubts of trust and financial problems.

The next pro for having a joint account, is that you both have a road map that drives your needs and wants. Working together as a team will often lead to a successful life together and cement the future that insures happiness.

Finally, the last pro, which may be the most important one is, with a joint account, both of you combine your assets, which could help eliminate and reduce your debt and give you more financial freedom.

Good Luck !!