6 thoughts on “Should We Have a Joint Bank Account with Our Spouse?

  1. That’s an interesting post. I’m at the other end of the spectrum from you so it’s enlightening to read about your views. For us, we fully merge our money all into one from day one. We also have never argued about money, nor ever involved ourselves in who should pay this, who more or less etc right from the start. We do it this way because We believe when a couple is married, they become one. There’s no you, there’s no me, no yours, no mine but it’s ours. So everything we do, we do it together and there are no secrets. But I agree, it’s easier this way if both partners have the same view on managing money. We both don’t splurge, neither are we particularly frugal. If either of us want to buy branded goods, which is once in a while, we would happily encourage the other to do so, yes even if its a sport rim or new body kit! Just as long as no one’s drying up the account we are happy. It would however, be hard if both partners are each at the extreme end. I would, for instance, never agree to joint account if my partner is unwise with money. So I agree both partners need to be on the same page if they want a joint account. I think joint account is about trusting in each other completely not only financially but also trusting fully that the marriage is forever joint. Without trust, there will surely be constant bickering & questioning over money issues. But I guess that applies with or without joint account.

    1. Hi Homeschoolsg,
      Thanks for sharing your opinion on the other side of the spectrum. It’s interesting to read how couples like yourself manage their joint accounts. Yes, ultimately it’s about trust whether the joint account exists or not. I’m happy to read that you and your husband are on the same page when it comes to save, spending and finance management.

  2. Hi Emily, interesting read!

    I think having a joint account suggests that the separate accounts are private and personal. I have many friends who don’t divulge how much they have in their separate accounts to their spouses (and they don’t know their spouses’ account balance either). I think it is a selfish way of looking at a marriage. Imagine one party scrimping and saving away thinking that they are short of money when in fact the other half has a fat account. A couple should enjoy and go through hardship together!

    For us, we have separate accounts and no joint accounts. However, we know how much exactly each other has and there are no secret accounts. WYSIWYG! We have complete trust over money and PIN/passwords are shared. I pay all the bills and if running low on money, I will get her ATM card for the rest.

    I think this creates a sense of ‘we’ rather than ‘you’ and ‘me’. Saves us money too because when we are lemming after something nice (but do not need), we would openly consult each other because we feel that we are spending ‘our’ money afterall. So far so good!

    1. Hi Daddy Darren,
      Thanks for sharing your view on this topic, and I’m glad to hear that your arrangement works well. I totally agree with you that a couple should enjoy and also go through hardship together. It’s unfair if one party is saving and the other party is spending it away.

      Btw, you have a really nice blog too!

  3. i think this is something all husband & wife have to have a mutual agreement on the shared finances for the household especially when children are involved.

    For myself, we have a joint account that we both contributed at certain percentage into it monthly with additional 10% for bonuses. The money is used for household expenses(groceries, utility, taxes, monthly conservancy), maid, kids childcare, tuition, enrichment classes, yearly insurances.

    Then we have our own savings account that we maintain ourself, we dont ask about who has how much, but we roughly know how much each person is saving(lol). im a spender, my hubby is a saver, this way works better, else we will argue abt it eventually. Im spending my own money so he cant intervene much as i still contribute to our household expenses without fail. i love this independency !

    traveling wise, we shared. at times. each of us will sponsor for the trips. This works fine till now after 7 years of marriage. *touch wood*

    1. Dear Mico,
      That’s a very good arrangement. Personally, I like to have my own account and spend on things that I like too. And since it’s my money, he doesn’t intervene much also.

      And here’s wishing you and your family and Happy & Prosperous Chinese New Year! 🙂

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