10 Reasons You Shouldn’t Get a Bank Account With Your Spouse

It used to be that when you got married, you combined your finances into a single account. Today, however, couples are taking different approaches.

For some people, combining bank accounts is a foregone conclusion. After all, you live together and need to pay bills together, so therefore, a joint bank account is the way to go, right? Wrong. There are many reasons why you actually shouldn’t combine your finances and it’s not about being trustworthy or relying on your partner. It’s about being fiscally smart.

We’ve rounded up a list of reasons why financial experts say separate accounts is the way forward.

1. You Manage Your Money Differently

Money is typically the main source of arguments between couples and it’s because they have different ways of managing their finances. For example, one person may be a saver, choosing to put money away for a rainy day while the other one is a spendthrift.

Maintaining separate bank accounts can help avoid these kinds of arguments. However, it’s always a good idea to have open discussions.

2. Personal Goals May Differ

Everyone has their own personal finance goals. One of you may be saving up for a large-ticket item such as the fancy new iPhone that came out or a luxury vacation.

Having someone else dip into your finances may derail these goals. Keeping separate accounts is a good way to ensure forward progress.

3. Additional Security

We should all crave financial security and it’s a bit hard to do that if you have someone else on your account. You and you alone are responsible for the money in it.

Additionally, you don’t have to worry about your partner taking off with your money, because they don’t have access to your account.

4. More Control

This kind of goes in tandem with managing money, but you won’t be at your partner’s whims if you have your own account. You can control what money goes in and out, with nobody to answer to but yourself.

Having more control over your finances can give you peace of mind.

5. More Privacy

There are many reasons why privacy is a concern when it comes to spending. For one, you might want to buy a gift, and it’s hard to conceal that in a joint account.

Some people also view a lack of privacy surrounding their funds as a loss of independence. However, just be aware that being too private could lead to some arguments.

6. You Could Separate

When people break up or divorce, one of the things they fight about most is money. In fact, some may even make sneaky moves before a split to hide money away.

With your finances separate, you don’t have to worry about splitting the money fairly or some going missing. You can just take your separate accounts and move forward.

7. Different Income Levels

If you and your partner have different income levels, it could be wise to keep the money separate for a variety of reasons. It can be tempting to spend more, for instance, if there’s more money in an account.

Additionally, some people are just prone to micromanaging and that can cause strife.

8. Past Experiences Weren’t Good

If you’ve been in a relationship before where you shared a bank account and the experience was less than stellar, it can put you off to making the same moves in the future. And that’s okay.

You’re allowed to want to safeguard your money and your independence. Just be upfront with your partner about your experiences and expectations.

9. You Plan to Leave Money to Family

If you have a significant sum saved up or you want to leave what you do have to a child, for instance, in the event something happens to you, having a separate account can help avoid legal entanglements.

The money in your bank account is solely yours and you have discretion over what to do with it.

10. One Has More Debt

If you or your partner has more debt than the other, it’s smart to keep your money separate, at least until these debts are paid down or off. Just because you’re in a relationship doesn’t necessarily make one person’s debt your own.

In this situation, though, it’s important to be upfront. Especially if your debts make it impossible for you to match a standard of living. You might need to live differently for a period of time and being honest can help mitigate arguments.

So How Do You Pay Joint Expenses?

There are a number of ways to set up a system to pay joint expenses, you just have to make sure it works for you. You can split them evenly, with one person responsible for sending payments. The other partner will simply pay them half of the expenses, either via cash exchange apps or cash in hand.

Or, you can have a joint bank account simply for expenses and maintain your own separate bank accounts for your individual purchases.