In America, new couples fall in love every single day, get engaged, live together, and eventually get married. After deciding to spend their life together, couples must then make another crucial choice: whether or not they genuinely want to share every aspect of their lives. You must now decide if you want to share your everyday life and your finances with your partner if you are in a committed relationship.
There are good arguments on both sides of this important financial (and life) decision, depending on where you stand. Do you wish to share your money with your spouse, then? Permit me to ask you a personal question.
Why Opening Joint Bank Accounts Is Beneficial
A doubled income results in a doubled amount saved. If you and your spouse have jointly established short- or long-term goals, depositing both incomes into the same account makes your savings grow more quickly—or at least appear to grow more quickly. Opening a joint bank account has this as a significant benefit. The most important thing is to make sure that you and your spouse agree on how to spend money that comes out of a joint bank account. There may be arguments in the marriage if one partner spends more than the other.
There is always someone looking. Having a combined credit card or bank account can encourage you to think twice before using that card if you are a spender and your spouse is a saver. Your spouse will be able to see every transaction, which may help you avoid making unneeded or excessive purchases. Big Brother’s constant supervision can occasionally encourage us to save more money and reduce our expenditures. If you know your spouse is looking over the credit card bill, do you make more thoughtful decisions when making purchases? I am aware of this.
The Drawbacks of Joint Bank Accounts
You might not always concur. When you and your spouse have a bank account, you must both agree on how you want to spend your money. Sadly, you might not always agree on how much money to spend, when to spend it, or where to spend it. The biggest source of stress in a relationship and the main reason for many breakups is money. Be honest with your spouse about your financial goals and constantly think about the other person before making a purchase if you want to prevent money from interfering with your relationship.
Spending too much money can exacerbate relationship issues. After my boyfriend and I finished college and began working full-time jobs, this was definitely the area where our relationship struggled the most. We both spent the all of our salary checks within days of receiving the money because we were both so happy to no longer be broke college students. As you might guess, this caused a great deal of pressure in our relationship because we didn’t take each other into account when making our purchases. We were both living (and spending) like we were single but in reality we had joint bills to pay each month and neither of us had the money to pay them. Money was simply the surface issue; the real issue was that we were both living (and spending) like we were single. This was a serious issue.