Should Newlyweds Share a Bank Account?

If the idea of mingling your money with your spouse’s money makes the hair on your skin stand up, then you need to have a heart to heart with your honey.

There really is no wrong answer here. Couples for many reasons decide to keep their money separate, yet they share equal in the expenses. There are other couples who have individual accounts and then a third account for the bills. However it works best for you is the right answer.

Here are some pros and cons from both sides of the issue:

Joint Chequing Account

Pros: A joint chequing account allows either party to have access to the funds. Since both names appear on the account, again either party can take care of discretions on a statement. With having just one chequing account, all money gets pooled in together making it easier to pay the larger bills without waiting for another payday.

Cons:  Both parties have access to the account. In a relationship where two people occupy the same funds and have debit cards, this sometimes can present a problem if one person does not tell the other about a purchase. This means that automatically one person is going to be the responsible party and handle the bills.

Separate Chequing Account

Pros: A separate chequing account can give you the ability to have some of your money at any time. Since you are only responsible for half the expenses, the money leftover can be used without anyone observing your habits. This can be good or bad.

Cons: If you have no self-control with money, then your partner may end up paying your share each month, and this can create problems early on. You may want to hand it over to someone who can make better decisions.

This decision is one that should be made together after careful discussions. It is important to maintain financial responsibility, especially when first starting out as a married couple. No matter which decision you make, if you come to regret it, you can always opt to change your mind down the road.

 

 

About 

Jennifer Gueringer is a Social Media Associate at Enova International, Inc., and is interested in finding new and creative ways to be financially savvy. Find out more about her on Google+.

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