This is a subject that continues to elicit a lot of reactions from various women, whether single, in a relationship or married.
While some couples easily choose to have a joint account in order to build their trust for each other especially when it comes to matters finances, other women cannot, at the least, fathom the idea of having a joint account with their partners and would rather save their money in their own individual accounts.
Are your finances better alone or with your partner’s help?
Despite your choice, one of the most important questions to consider with your partner is how household finances will be handled when there are two people at the helm, versus one.
For example, that may mean taking shared responsibility for paying the household bills and other expenses.
Caroline Bongo, a mother of seven says she prefers an individual account over a joint account.
“We agreed with my husband to have our own individual accounts but we have joint accounts mainly for savings and business. However, I must say that there is no one perfect fit for everyone. It all depends on your temperaments as a couple and what sort of spenders you are,” says Caroline.
According to her, some couples will perfectly work with a joint account while others will kill each other if they handle a joint account.
“Having a joint account means that as a couple, you must have the same level of financial maturity and independence for this to work. Otherwise, if one of you is adamant to overspend, then there is a likelihood of misunderstandings when it comes to managing the finances,” she adds.
Advantages of sharing a joint account
- Couples with joint accounts may find it easier to keep track of their finances because all expenses come out of one account. This makes it harder to miss any account activity, such as withdrawals and payments, and easier to balance the checkbook at the end of the month.
- If you are a couple that has built trust with each other over time and mutual financial prudence, having a joint account may be a good way to pool your family finances and achieve your financial goals.
- You can determine how much money each of you will contribute to this joint account depending on your respective incomes.
With a joint account, it is important to;
- Set some ground rules governing how that account will be operated i.e. what is its purpose
- Identify why you are pooling resources together.
- Both be signatories to that bank account
- Keep yourselves accountable to each other.
For a joint account to work, you have to align your financial literacy, spending habits, and even financial goals. You have to be reading from the same page so that you can be able to work together from a joint account.
It is important to have money discussions often and use what works for you best depending on what is happening in your marriage. No matter what method you use, make sure you get it right when it comes to money matters.