1 of 19

Write now Article Tools

Page 2 of 2

responsibility for keeping the entire finances under control?

3. Will you both treat a joint account the same? Do you both see money in the bank as available to play with (Spenders) or do you both see it as your scorecard for life and want to set new high scores (Savers)?

Separate
4. Does one or both have hobbies and activities that the other one is not involved with, yet has significant expenses?

5. Is each person interested in tracking and managing their own financial well-being?

6. Do you have different attitudes about spending and saving or significantly different ideas about how to reach the same financial goals?

7. Is there any interest in allowing expenses to be 'hidden' from each other (gifts, charity, etc) as long as the magnitude of the hidden expenses is reasonable? Or do you want to set aside some amount of money for each spouse to be able to play with while not being accountable to the other spouse for how it is spent?

Conclusion

You may discover that as a couple you have answered questions in both sections in the affirmative enough that you want to do both. Using a joint account for some expenses and separate accounts for others is a legitimate decision to make.

Regardless of what route you choose, it is very important to communicate with each other about finances. For joint accounts, it is more important to communicate and coordinate on larger purchases. On separate accounts, the importance is in making sure that both partners are remaining responsible and no surprises are lurking.

However you choose, sitting down with your spouse and choosing how you want to treat your finances is one of the best ways to get started on the right track for a financially successful marriage and can reinforce your relationship with each other.

Learn more about this author, Jack Thornton.
Click here to send this author comments or questions.

• << previous page
• 1
• 2

Add your voice

Know something about Joint accounts: Pros and cons of sharing a bank account with your spouse?
We want to hear your view. Write now!