Should I Have a Joint Account With My Spouse?
17th February 2021
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"What’s mine is yours" is as romantic as a sentence can get, but it can be a recipe for disaster when applied to your finances.  However, this does not mean there is any way to make joint accounts work.

 Pros and Cons of Joint Bank Accounts

As you are sharing a life, it could make sense to also share a bank account which is much less significant. But, before you make that choice, it is important to be aware of its pros and cons.

 +It’s convenient


A joint account makes everything simple. Everything is in one place and easy to access, so no time or nerves will be wasted. But, this benefit can only be exploited when there is communication between partners.



A partner who stays at home or earns won’t feel less worthy due to having a lower income when funds are truly shared. Taking care of kids and the household are even more than a full-time job, in fact, it is more like a 24/7 job.



Just like when companies merge, you and your partner get to be a team as you make your financial choices together.



One as opposed to two counts equates to less fees.

 But, there are also two important cons that you want to avoid at all cost.

 -Potential conflict


If you need to justify your financial choices or you feel like making a splurge on something outside the budget you made with your partner, you can easily end up having a spat.

 -Personal wants


With separate accounts, you gain autonomy. You don’t have to justify your expenditure and this can contribute to a harmonious relationship as you won’t get far unless you satisfy your wants. After all, what is life without pleasure as paying the bills is not what gets us to get up in the morning.

 What To Consider When Merging Your Bank Accounts and How To Make It Work

Financial compatibility plays a big part in making a relationship work so let’s make sure you get it right from the start.

 Money management takes two

To make your joint account work, you and your spouse need to make a good money management team. This involves making a budget and being in accordance for the listed expenses, beginning with rent, Eversource CT utility expenses, food, emergency fund and all the way from your needs to your wants. You need to set clear priorities as a couple to avoid your personal priorities getting left behind. You will either manage your money or the lack of it will end up managing you and destroying your relationship.

 Know your partner’s financial values

If you and your partner value money differently, this is a serious matter and if not addressed, it can easily be the deal breaker. Excessive spending and gambling are the reason why many relationships end. If one of you is more money-savvy than the other, you’ll be fine as long as you talk about it beforehand and make a strategy that you both commit to stick to. Setting up clear boundaries can sometimes be the greatest expression of love, both to yourself and for your spouse.

 Don’t ditch your own piggy bank

Even if you decide to open a joint account, no one said it’s forbidden for both of you to have a little fund on the side to pamper yourself once in a while, without compromising your common budget. The trick is for both of you to have access of each other’s accounts so that way, there will be no secrets. If you’re with the right person, he or she will never control you.

 If it’s not broke, don’t fix it

When you find the right rhythm, the right app and establish the right routine, don’t be tempted to change it. Focus pays off and you cannot afford to waste energy and time.


Sharing a life together does not mean you have to share every piece of your life. It’s fine to want some space, in fact, it’s healthy. As for joint bank accounts, the answer will be different for every couple. It’s up to you to find what works best for you and your spouse. But whatever you decide, the most important thing is that both of you are on the same page with your partner from day one.

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