How many bank accounts should you and your partner have?

By Drum Digital
16 September 2014

Money management plays an extremely important role in creating a happy and respectful marriage.

Money management plays an extremely important role in creating a happy and respectful marriage.

The number of bank accounts that exist in a marriage is one of the most important aspects of this money management.

The bank accounts should create an environment that is both dependent and interdependent– the secret to a long-lasting marriage.

Here are the accounts and the reasons why they should exist:

The Wife’s Separate Account

Every woman needs her own money.

Women should have a separate account to treat themselves to anything that strikes their fancy as long as her financial obligations and commitments to the family (savings goals, debt-elimination goals, retirement goals) are met.

The Husband’s Separate Account

A man should also have his own money.

Men, like women, desire to have nice things and to splurge on things that they want. If he is handling his financial responsibilities to the family, “let the man be.”

The Family Joint Account

The first two accounts allow for the healthy independence needed in a marriage.

This family joint account ensures that there is the intimacy and dependence that characterizes marriage and differentiates it from a roommate situation.

Married couples need at least one joint account to pool resources, determine goals and work towards financial freedom.

Some of the specific accounts could be earmarked for education, vacation, savings, joint and retirement so you may end up having more than one joint account.

-BLACK AND MARRIED WITH KIDS

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