(IntegrityPress.org) – Many couples choose to merge their finances when they tie the knot. The strategy makes sense because of the significant number of expenses married couples share: their mortgage or rent, household costs, and any expenditures related to their children. Yet, separate bank accounts might also be helpful in many scenarios.
Many couples with different earnings feel individual accounts allow for fairer money management. If you make significantly more than your spouse, you may find it inequitable for them to have the same level of discretionary expenditure as you.
Another justification a lot of couples propose is independence. You can purchase items you want without feeling like your partner will oversee them with a separate account and bank statement.
Additionally, individual bank accounts may simply be less confusing, especially if both of you were financially independent for many years before marriage. If you’re used to managing your finances a certain way, it might be easier to proceed in that fashion rather than changing things up unnecessarily.
Just because you’re sharing a life together doesn’t mean you have to share the same bank account. Having separate #bank accounts in #marriage or a serious relationship may be the perfect solution to harmonious #money management. https://t.co/qX3iW304AF
— Integrity Financial Planning (@investpersonaly) August 18, 2022
So, how do you know if separate bank accounts will work for you and your spouse? It could be a way forward if you both value your independence or have drastically different spending habits or income levels. You can also have a joint account to cover outflows like your mortgage or your kids’ college funds.
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