When you said "I do" on the day of your wedding, you also took shared responsibility in each other's finances. For newly married couples, they are in a dilemma whether to maintain a joint bank account or to have it separated. Although there are some advantages and disadvantages of maintaining each, you have to make the decision as a couple.
After your wedding, you should start making mutual decisions. The issue of having separate or combined money is just one of the several issues you will be facing throughout your married life. Let this article guide you in making the right decision.
Money as a Partnership
Money is a big part of your married life. As the adage goes, you cannot live in love alone. Money issues are one of the most common causes of separation for couples. To avoid confronting issues like this, talk about the matter as early as possible.
Some couples find it easier to save if they keep a shared account. Men, especially, want their wives to keep track of their income. Because they can be squanderers at times, they appreciate to have a managing wife to help them save for the family.
Some men give their whole salary to the women and just leave only a small amount for their allowance until the next payday. If you agree on the set up, the wife has the task of doing all the budgeting. She has to pay all the bills, do the grocery and save a part in their joint bank account.
Privacy Issues
Some couples prefer to keep each of their personal bank accounts and open another joint account after the wedding. The idea lies on their individual needs to save up for their personal necessities. With this set up, both will deposit an equal amount of money to their joint account.
The funds are for the payment of utilities and other expenses at home. For their personal leisure, each of them has their own money to spend. Some couples claim that this set up teaches them to manage their own finances. In cases of emergency, they have their own savings to rely on.
Difference in Earnings
If one is earning more than the other, the idea of sharing equal amount in the expenses at home is not very practical. If you see this as an issue in your marriage, keeping a separate account is advisable. However, you should deal on how to divide the expenses at home. Remember, putting tabs on salaries can cause your marriage to break apart. If this is an issue for you, better settle the problem before it causes a bigger explosion.
The idea of having a joint account varies from one couple to another. Each couple should find out which one is most beneficial for them. Because money is a major part of your relationship, you should agree on the best way to handle it. Whatever you choose, make sure that in the end, it will help you make your marriage bond stronger.
