Financial Management as Couples.
The question of finance regularly pops up amongst married couples especially those who are married newly. It is possible to be doing well with your finance properly arranging how much should go into food, how much should go into rent but when marriage comes in everything seem to appear different and you cannot tell for real if you should give in more to sharing the responsibility of the home equally or if someone should take a larger percentage.
Back in the day.
Some of us really like to take lessons from older parents and I know a lot of people who try to build their relationships on the pattern of their parents or grandparents. I quickly need to give you a reminder, back in those days 65% of homes had the father working and providing funds for the family while the mother would stay back at home to take care of the children and the needs of the home.
The situation is different today.
Only 22% of homes have the mother’s as a stay home wife and the husband footing every bill. There is a high rate of divorce and a lot of single parents are found in almost every state and every region. For married couples, women are waking up with the need of getting themselves a job alongside the husband.
Benefits of having a separate account.
Having separate accounts provides a level of liberty and you do not necessarily have to ask your partner about what they have used money for and if there is no need to ask, the level of quarrelling in the home will reduce greatly.
You could take yourself out or send some money to your siblings without asking for permission from your spouse, the both of you are financially independent to get anything you want.
There will be less fight over money matters.
Benefits of having a joint account.
When you combine your finance with your spouse, it gives room for the accomplishments of bigger things like buying your home, changing your car and other big things you may want to get.
When you share finance with your spouse, there is a tendency that the relationship might last longer, research has shown that 20% of the relationships that last for a longer period was as a result of shared resources.
The other way around it.
I feel the couple can have different purses for their money and then have some sort of joint savings where they a certain percentage will be put into, this way each person has access to his or her personal funds and the joint savings could be used to buy a house, a car or a family trip.
The Question.
Do you think having a joint account with your spouse is a good idea?
Which of the methods have you tried before and which of them has worked for you?