Introduction

Marital life should be blissful and last forever. This days, divorce rate is getting higher because of many factors. The love, they professed to each other just vanished when life certainties challenged their bond of marriage. One of those life certainties and factors is financial management and growth.

Finance plays major roles in the home and family management. After that glamorous wedding ceremony, the young family have bills and other expenses to cater for. Having proper financial framework or plan which stems from vital discussions on their financial status and it's management will be helpful. Many couple decides various ways of managing their finances. Let's talk about one of those ways.

Joint Financial accounts is a bank account that being operated jointly by the couple. They are both signatories to the account and decided what the best as concerned about the management of the fund held in that account. Income from the both couple are saved in that account for their family upkeep and expenditure. Before any effect on that account, the couple discussed about it and plan effectively for the growth and financial stability of their families.

During courtship and prior to the wedding ceremony, partners can decide on how their finances can be properly managed. For example, last week Sunday, during our outing, my girlfriend brought up the discussion. We talked about the importance and disadvantages of having joint Account after our wedding. We talked about how best to manage that account and reasons for that account.

During our discussion, we approve the opening and operating of single bank account for our family. Since we both are income earners with numerous exploit where we can earn money. We discussed how our family plan will be and saved money on that account after expenditures. Before any withdrawal, we will duly signed and initiated the transaction because we want the fund, only for our family expenses and growth.

Importance of Having Joint Account.

During our discussion, we agreed on this kind of financial account with the bank because of its importance. Some of benefits includes.

Budgeting And Planning

Having our fund managed jointly, will be helpful to plan our finance and understand how it goes. Budget plays important role in management of the finance. We get to our financial status and Ways to manage them to avoid debts but ensure stability. Our basic needs like feeding, health, clothing, medical care, children schools fee and accomodations are seriously considered and handled properly before other bills. Giving proper attention to those basic needs will ensure betterment of the family.

Estate Planning And Management.

In case of misfortune or death of one partner, joint Account gives one the right over management of the assets and estate to the sole benefactor, who is the spouse. With this proper management, the finance are properly managed for the interest of the whole family.

Shared Responsibilities

With proper financial management, both of us have shared responsibilities to care for our family needs. Traditionally, male provides everything for his family and guide them for proper care. But the wives are left at home without providing but managing what their husband provides. But with joint accounts, both parents managed the finance and care for the family properly.

Thanks to #hivenaija for this weekly prompt and platform for expression