Fashion, God, Life, Family and Inspirational Solace
22 May 2014
Joint Account: Your Cup Of Tea Or Not
"Therefore shall a man leave his father and his mother, and shall cleave unto his wife: and they shall be one flesh Genesis 2:24"
Hello everyone, hope you are hving a wonderful week? I am doing great too, my week is good too. Money is a very important factor in a marriage, you need money to buy things, pay for bills etc as married couples the issue of joint account should have been discussed and agreed while you were still single. Now this is my opinion, if you are engaged to be married I think the issue of joint account shouldn't be in place till you are married. For married people I know some people would say but oh how can I trust my partner with money, or so e men will say oh my wife doesnt need to know how much I earn, or how much money comes in. If you belong to the former if you can't trust your spouse with money matters I wonder why you married him/her in the first place and if you are of the latter, I still wonder why your spouse shouldn't know how much you earn.
Joint account has its advantages and disadvantages, me and my husband operate a joint account but we have our separate private accounts, it doesnt mean I dont know how much my husband earns and vice versa, I do play around with him, I tell him 'his money is mine, our money is ours and my money is mine' hahahaha
There are many advantages to sharing an account with your partner. For one, it makes it much easier to pay joint bills - saving you the hassle of sending money to each other. It can also make it easier to keep track of your joint monthly spending.
On the other hand, some people prefer to keep their finances private. If this is you, you could consider having a joint account for your bills, but keeping your own account for personal spending.
If you're married opening a joint account together could be a much more convenient approach to managing your money together.
For example, joint banking could make it easier to:
Pay your joint bills
Pay your rent/mortgage
Budget for your food bills and other shared expenses.
Combining your money in this way could make things such as budgeting for regular costs, saving for the future (such as for a wedding, or a holiday) and any other financial commitments much more straightforward.
If you both pay in a set amount each month, it should also help to prevent arguments about money, as neither of you will be contributing more than the amount you've both agreed on - which could significantly reduce your chances of spending the night on the sofa!
What's more, if you have any money 'left over' in the joint account after you've taken care of all your essential costs, you can both decide on the best way of making use of it. You may agree to leave it in the account for any unexpected costs you may face further down the line, transfer it to a high-interest savings account to earn higher returns on your savings, or perhaps treat yourselves to an evening out at a posh restaurant or a weekend away, depending on how much 'spare cash' you have.
Joint accounts: the disadvantages
Of course, the security of your joint finances depends largely on the security of your relationship. If you open a joint account, you're committing to sharing your financial information with your partner, and giving them access to your money.
You and your partner will each know how much the other earns, how much money you spend and on what, along with all your other financial habits. This needn't bother you, but you may prefer to have some degree of financial privacy - in which case you may want to keep your finances separate, or have your own individual bank accounts as well as your joint bank account.
If the relationship doesn't work out and you split up, and it becomes clear that your other half has been keeping secrets from you when it comes to money, your own finances could end up in trouble too.
So, is joint account your cup of tea or not? Singles is it something you would consider when you get married? And married peeps which do you operate? Please leave your comments, and I would really love to know your thoughts.