A marriage is traditionally considered a union of two people and their families, but should it be a complete union of funds as well? While most couples still combine the entirety of their finances, it may not be the best approach to money management for you and your future spouse.
Depending on your own personal spending habits, opening a joint bank account may or may not be the right choice for your marriage. Read on to see the pros and cons of merging your money.
Advantages of Joint Checking
There are plenty of advantages to creating a joint checking or savings account with your partner. As a married couple, the lines between what’s yours and what’s not are blurred. A joint account allows for easier saving and spending on shared expenses, such as rent or mortgage payments, utilities, and fun purchases for the both of you. Although some may see a joint account as financial vulnerability, it promotes clarity and open conversation between the two of you. After all, your wife will be able to check the balance of the account at any time, so you won’t be able to keep a secret splurge away from her. Just like your other major life decisions, you will be making financial choices together.
Advantages of Banking Separately
Let’s say you’ve been financially independent for years. You’ve found the one you want to share your life with, but you don’t feel entirely comfortable pouring all of your savings into a pile with your husband. Tying the knot doesn’t necessarily spell financial reliance on someone else, just like keeping your preexisting accounts won’t always lead to marital turmoil. If you two decide that a single joint account isn’t your fit, then you both have some more leeway with your spending choices. Find a good deal on the laptop you’ve been eyeing? Go for it! And if you wanted to buy your sweetheart a little something special, you wouldn’t have to worry about him catching the surprise before he receives the present. You won’t have an account readily available to cover shared expenses, so this route will require the division of responsibilities. He’ll pay the phone bill; you’re in charge of groceries, and so on.
What Should I Do?
If you can’t decide on completely combining your funds or keeping things entirely separate, why not create a joint account to be strictly used for shared expenses and purchases? Make sure that the both of you are making comparable contributions to the account and you don’t dip into the mutual funds for your own personal wants. In the end, there’s no definitive solution for all couples; it all depends on the financial preferences of you and your fiancé.
