Pros and cons of joint bank accounts
As Jon and Kate Gosselin have showed us, sharing a joint bank account with your boyfriend or husband can end ugly, especially if one person should decide to leave and take, say, $200,000 with him.
However, many couples still choose to maintain a bank account together because of the many conveniences that doing so provides. So should you and your partner have one? Below are 6 pros and cons to consider.
Pro: It makes it easy to pay joint expenses.
When you're married or living together, you and your partner share many expenses together, such as the mortgage, utilities, food, household items, etc., so it makes sense to keep the money that pays those bills in one account that you both fund.
Con: Your partner will know just how much you spend on shopping.
One of the great things about being single is you don't have to be held accountable to anyone but yourself; If you feel like treating yourself to a pair of Louboutins, there's no one to say that you shouldn't. However, once you're in a relationship and share a joint bank account, your partner is going to want to have some say in how the money is spent, which just might curb your shoe habit.
Pro: You will know if you partner is spending a lot of money.
On the plus side, if your husband knows how much you're spending, that means you know how much money he blows through too. Especially if he has put the kibosh on your shopping habits, you can say 'no' to his weekly golf habit and expensive nights out with the boys.
Con: Finances are a big reason why a lot of relationships fall apart.
Financial problems are one of the main reasons couples break-up, and especially when you are putting all of the money into one pot, couples might not always see eye to eye on how it should be spent. What may be a necessity to one may seem like a frivolous expense to the other. Maintaining separate accounts might just spare you some arguments.
Pro: It helps you keep an eye on the overall picture.
On the other hand, sharing a bank account can help you and your partner work towards your mutual financial goals, whether it's saving for a house or just saving for a vacation to Italy. By pooling your money together, you can keep your eye on the bigger picture.
Con: Either of you could drain the account without telling the other.
It may be your money when you're holding it in your hand, however, the moment it is deposited into your joint bank account, it becomes both you and your husband's money. This means that either of you can take it without needing each other's permission, even if you're the one who earned it. During good times, no one thinks their relationship will end; however, taking precautions and making sure you don't put your eggs all into one (joint) basket is never a bad idea.
Do you and your partner share a bank account? Share your story in the comment box below.
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