Recently, I posted the picture below from Dave Ramsey on our social media accounts with the caption: Do you and your spouse have a joint or separate bank account? Oh my, I never expected the world wind of comments that were posted. This is such a good topic that those that are married or even those thinking about marriage should discuss.
The discussion about having a joint bank account ran from “when you marry you become one so nothing should be separate” to “using it as a way to manage the household expenses.” What was really interesting about the conversation was everyone was passionate about their decision.
Normally, when Dave Ramsey says something people take it as law but not this time. Marriage finances are definitely that topic that can make or break a marriage. Money shouldn’t ever be a reason for dissension in marriage so that is why it is so important that couples come to an agreement on money management in the marriage. Money should be a blessing to your family and not a curse. If the discussion on how to spend and save money is never discussed, there will be some discord in your marriage.
Joint Bank Account or nah?
It all depends. You and your spouse would have to decide what system works best for your marriage dynamics.
- What is the intent behind having a separate bank account versus a joint account?
- What level of secrecy will be had if you have separate accounts?
Couples who are able to manage their finances together have regular discussions about finances and are partners in the money management of the marriage finances.
Those that are pro joint bank account said:
Brian: For me, we have a together account and I have my own. She keeps our checkbook updated. I like to do things for her and myself that she doesn’t need to know how much stuff cost.
Haneef: It so depends on who is financially mature. Sometime when you first get married one spouse isn’t good with money. For our home we have a joint account takes care of all household needs and so on. And we have deprecate accounts that we both have access to. This way if we’re out and we want to purchase something it doesn’t come out of the funds for our home needs. Works for us.
Those that are against joint bank accounts said:
thenspiyahdlife: We have joint accounts. How can the wife do her duty as steward of the household if they’re living financially seperate? Grow through money problems together, that’s the point I marriage. I find it interesting that we trust our bodies to people we don’t trust our money with. Which is more valuable?
hisandhermoney: @datingmyspouse do you mean that one spouse is a reckless spender or an ignorant one? There’s a difference. If that spouse is reckless and unwilling to adjust their ways then it would be unwise to combine. However if they’re ignorant and just don’t know any better because no one took the time to educate them on money then you should come together. When we got married Tai had no debt, perfect credit, and was a natural saver. I had no savings, 30k of debt, horrible credit, and bad spending habits. We’ve never once had separate accounts despite our differences. The reason for that is because I was willing to change my ways for the betterment of our future together. That’s what marriage is all about. Two imperfect people coming together to fill in the gaps that each bring to the union.
Those that are for joint and separate accounts said:
evelynne92499: Hmmmm we have a joint account and both have a separate account. Works great for us; especially if we want to get something special for each other. Plus both our parents taught us from young; always have your own “pot to piss in” because although you’re not looking for “the dark side” always be able to take care of yourself in case of anything.
Michaela: We have our own + a joint account that income tax return goes onto. We tried to do the joint for everything but I didn’t like seeing all the he spent his money on (im the saver).
He pays the bills, I handle everything else. Money saved goes in the joint account as well. We only use the joint for major home projects and unexpected bills. It’s working. I’ll confirm with the hubby later tho
Marriage is definitely about a partnership. You and your spouse should be on the same page concerning the matters of the marriage. This could include you guys deciding that joint in marriage but separate in bank accounts work for your marriage.
Just keep in mind that whatever decision you decide on, communication (effective and open) is a MUST! Joint bank accounts shouldn’t be used as a form of “spying on” or “controlling” your spouse or the money. Just as having separate accounts doesn’t give you the freedom to do things that would be harmful to the marriage. In both instances, TRUST is a factor!
What are your thoughts about couples having a joint bank account?
Amanda Love says
We have a joint account and sometimes I wish we didn’t. I do however have a separate account as well and I like it that way. Our joint account is used towards household expenses and my individual is all mine. It’s a choice that each couple have to decide on their own. What’s good for one may not be good for another.
Lois Alter Mark says
My husband and I have been married for 33 years and have always had a joint account. I can’t imagine having to worry about and juggle other accounts!
maria @closetohome says
We have a joint account but now I have a separate one for my blog. Makes expenses easier.
Shauna says
We have a joint bank account as well as separate ones. It is nice to have our own money then ‘house’ money. HA!
Jennifer B says
I agree with this. My husband and I have shared the same bank account for many years and it’s easier that way.
becca says
Husband and I have a joint account. I also have a separate account i opened for blogging expense to keep it separate though it currently has nothing in it as i haven’t made anything blogging.
Heather says
I never once even considered keeping separate banking accounts when I got married.
Debbie Denny says
Hubby and I have a joint. Plus we each have a separate one
Kelly Hutchinson says
I have never had anything but a joint account with my husband. I think couples should share their money.
Liz Mays says
It’s often a good idea to create an account together. I don’t think it’s necessary for you to make all of your accounts joint though.
Diane @ Philzendia says
We have a joint account and we both also have individual bank accounts.
Kristin says
We have a joint account and it works great for us!