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Should we have separate bank accounts?

There are reasons why a couple should have separate bank accounts, but there are reasons why it is better to have joint accounts. In any case, a couple should discuss the topic of having separate accounts when monies are being spent together.

Reasons for having separate Accounts:

  • Normally, when a couple meet in their later years they have already established bank accounts.
  • A person may have a loan with the bank and have already created a lasting relationship.
  • A separate bank account lets a person feel as though they have control of their own finances
  • One party may have credit problems.
  • It is much easier to budget for purchases other than household needs.

Downfalls of having a separate bank account:

  • One party may feel insecure of the other person who has a separate bank account.
  • Separate bank accounts may lead to distrust in a relationship.
  • Spending too much money on things you can't afford
  • Couples may have a lack of faith with each other.
  • Not knowing your financial status as a couple may present a problem

Communication plays a significant role when a couple decides to establish separate bank accounts. Checking accounts are much easier to account for when their are separate accounts. Separate savings accounts may present a problem when one party saves more than the other.

Budgeting with separate bank accounts creates an atmosphere of responsibility and liability of what has been spent and what needs to be accounted for. A separate bank account can work as long as the lines of communications is always opened.

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