The Pros and Cons of Couples Having A Joint Account

[Etini Willie]

When two people marry, they become one. Their thoughts, their minds, their bodies, their souls. Their finances? Say what? This is the merging that proves difficult. Joint finances. Joint account. As turbulent as this topic is, research has shown that a vast majority of failed marriages can be traced down to financial issues. One of the sensational sub topics of this is if it is right for couples to have a joint account.

A couples' joint account is a kind of bank account where both parties being husband and wife have the right to perform transactions on that account. Sometimes it requires consent or no consent from the other spouse. The imprtant thing is that husband and wife have equal access to the account.

The positive side of couples maintaining a joint account is that it checks excessive spending. Whatever any of the couples spends is directly monitored by the other couple. This can check extravagance and impulse spending.

The negative part is that one couple can keep spending without bringing in as much as he/ she spends. After all, he/ she has access to the account. It can lead to financial recklessness if any of the couples is financially irresponsible.

 

[Learners Quest]

There are many factors to consider when you are in a relationship and one of them is whether or not to open a joint account. On one hand, it can make things more convenient for you and your partner. On the other hand, it could also lead to arguments and financial problems. Here are some pros and cons of couples having a joint account:

Pros:

1. You can easily keep track of your spending.

When you have a joint account, you and your partner can easily see where your money is going. This can help you keep track of your spending and make sure that you are both on the same page when it comes to your finances.

2. You can build your credit score.

If you and your partner have a joint account, it can help you build your credit score. This is because the account will appear on both of your credit reports.

3. You can save money on fees.

Many banks offer discounts or waived fees for couples who have joint accounts. This can help you save money on things like monthly maintenance fees or ATM fees.

Cons:

1. You may argue about money.

If you and your partner are not on the same page when it comes to your finances, having a joint account can lead to arguments. For example, one person may be more spendthrift than the other, which can cause tension.

2. One person may feel like they have more control.

If one person is the primary breadwinner in the relationship, they may feel like they have more control over the joint account. This can lead to conflict if the other person feels like they are not being given enough money to spend.

3. You could end up owing money to your partner.

If you have a joint account and one person racks up a lot of debt, the other person may be on the hook for that debt if they cannot pay it off. This can cause financial problems for the both of you.