When you get married, you become one with your spouse. What’s
his is hers. What’s hers is his. Does that also include your finances?
I was all for having just a joint account when I first got
married. Everything was going well until I realized I had married a spender. It seemed like every week he was buying
another computer monitor or buying new equipment for our home gym.
The only time it would bother me is when I would ask if I
could spend a few dollars on myself. The answer was always “no” because “we”
had just purchased that brand new computer monitor or new equipment for our
home gym.
Towards the end of our marriage, I got smart. I opened up a personal
account. Whatever bills I was responsible for, I made sure I transferred enough
money into our joint account and kept the rest for myself to spend on whatever
I wanted.
I remember talking to one of my Aunts about the situation. She
told me that her and her husband never pooled all of their money together. “He
doesn’t need to know about every new dress I buy” is what she said at the end
of our conversation.
I agree.
I think every couple should have one joint account for the
bills and two separate accounts for personal spending. This will force the
spender in the relationship to be mindful of what they’re spending their money on
and to teach them some money management skills.
What’s your take on couples that only have a joint account
vs. those who have a joint and separate accounts?
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When you get a chance, please visit
my friend Tyrone’s blog. His posts are insightful and very thought
provoking. See his blog here.
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