JOINT ACCOUNT ROCKS ............

Love is blind, especially when it comes to finance. However, money has always been a discipline that requires both eyes wide open. Many couples who are more caught up in the throes of their new relationship than in planning realistically for their future open joint accounts, only to find out later that they have put themselves in a disadvantageous situation. And contrary to popular belief, relationships do not have to sour for a joint account to be a bad idea, although, of course, the joint account does make breaking up even harder to do.

A huge debate arises when it comes to marriage and money about whether or not spouses should have a joint checking account or separate checking accounts.  One popular thing that people do nowadays is they keep one joint account to pay the bills from and then they keep a separate account for each of them to spend money on “personal” things.  This is a total cop-out when it comes to managing money with your spouse.  A marriage is not a joint venture.  You cannot pick and choose which things that you want to share as a couple and which things not to share.  You must be handling money as a team. 

 Handling money is extremely important in a marriage.  And just like everything else important in a marriage, communication is key to keeping your money handling healthy.  If one of you wants to spend all the time and the other wants to save all the time, come to an agreement.  Set aside some “Blow” money to use for having fun and blowing it without any worries about what it gets spent on.  Set aside money that will be saved for long term and short term. 

Reasons Why I think Joint account rocks

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·         Encourages regular communication about finances

·         Built-in accountability partner on spending matters

·         Fosters unity in money matters

·         Strong sense of working together to meet financial goals

·         Clear that all household income is treated as “our” money

·         No conflict or administrative work in “splitting up the bills”