by Thomas Baskin

Created on: March 04, 2008

When we say "I do", that is the moment that everything becomes one. Or is it? Most marriages that falter usually do so because of finances. It is important for couples and soon to be couples to sort out their differences and come up with a plan as to how the financial part of their relationship will come together. Here we will look at the pro's and cons of a joint account.

Pro: All the monies made in the household will be put into one account, allowing each person access and providing transparency when it comes to financial matters.

Con: Each person spends according to what their used to, but only one person is actually balancing the account.

Pro: Having one account makes budgeting easier by not having to track money across many different accounts.

Con: Surprises for birthdays, holidays or special occasion days are not that surprising if the other spouse can see that the money was spent on a gift.

Pro: If one spouse makes more than the other, the money being put into one account gives equal access to both.

Con: If one spouse makes more than the other, the money being put into one account gives equal access to both. The "I make more money than you so I should be able to spend more money than you" syndrome may occur here.

Pro: Neither spouse can lavishly spend without the other noticing it.

Con: One spouse may feel controlled and build up resentment from not being able to do what they want to do.

These are just some of the issues that come into play when deciding whether or not to get a joint account. The best way to decide is to sit down with one another, and find out how both of you feel when it comes to money, i.e. who likes to spend and who likes to save? Who likes to budget and who doesn't? This way both of you can plan accordingly without stepping on the others toes.

I found out that the best way to do things was to have a joint and a separate account therefore each person can still have some freedom to spend as they wish, while still contributing to a joint account for whatever that account purpose is. Let not money rule you and your spouse, but you and spouse rule the money.

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