Married and trying to decide on whether or not you should have a joint bank account? Only 40% of married couples share their banks accounts and my husband and I are one of them.
Having your money in one joint account can make your financial lives simpler, as you do not have to track multiple accounts. You don’t have to worry about transferring money around from one account to the other. You also don’t need written permission from your spouse to access the account.
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Yours,Mineand Ours“
Talk to each other on how much you can each spend after you’ve paid the bills each month. Discussing a budget ahead of time can help you avoid bouncing checks, over drafting or just petty arguments between the two of you.
Some people say not to open a JBA because once you sign that paperwork you both have 100 percent rights to that account. Meaning either of you can pull out or spend the money from that account at any point. If you are worried about your spouse spending all the money or wiping the account clean then you have some relationship issues to talk through.
If you trust your spouse than there should be nothing wrong with a joint account. You both can pay the bills, pull money out when needed and put money in whenever. It’s simplifying your life together and sharing everything you have. That’s the point of marriage, right? You made those special vows to one another to become one couple – not multiple secret, separate accounts!
Are you a joint bank account couple? How do you like it?
