I'm not married yet but I find this topic very interesting, a topic whether to agree to couples owning a joint account or not, hmmm as simple as this may sound it is critical, the answer might be yes or no depending on your perspective. I will dwell on both sides/ perspectives, the YES or NO answer.
If you ask me if it's a right thing for husband and wife to have a joint account I would say yes it is the right thing to do, reasons being that :
It can help reduce careless spending
It helps in saving for the future
It helps for accountability
Transparency.
Now allow me to elaborate more on these points.
In a situation where one person loves to spend more than the other this helps to put the person in check, mind you it can be the man or his wife that spends lavishly it's both ways although it is believed that it is majorly women who spend lavishly and I have seen on many occasions that it is true. So if there's a joint account your partner knows what goes out and cautions you .
When as couples you have a joint account it helps to know how to save the percentage to spend and also the percentage to invest and save.
Not everyone will really want to be accountable especially with money involved so it helps to be accountable, how much goes out and how much comes in.
As we all know to be transparent means to be open about everything so as a couple running a joint account it is so that there's is no privacy as to what comes in and goes out in aspect of finance and also it helps to build just.
Trust! Trust!! Let's go to the negative aspect of opening a joint account as a couple.
So yesterday while at work we were discussing about a man who instead of putting his wife's name whom he got married to four months ago as his next of kin he instead registered his younger brother鈥檚 name as next of kin and then the lady is asking for. We opened the phone line and everyone gave their opinions and we were weighing options as to why the man wrote his brother鈥檚 name Instead of his wife, mind you they don't have kids yet the marriage is just four months old.
My own opinion was why get married to someone you don't trust, now what I am driving at is some couples may not want to open a joint account because they don't trust their spouse and in some cases the wife earns higher than the man so in order for it not to be seen as though the lady is taking over the affairs of the house because she earns higher so they tend to run separate accounts.
If you ask me I will love to run a joint account with my spouse 馃槈. Now with these few points of mine I hope I have been able to convince you and not confuse you why couples may or may not want to run a joint account.
See you tomorrow. Same time, same account, same writer.
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