A joint account between couples is usually a topic of heated arguments. Many people obviously have different perspectives about it, and it's totally fine if we all understand what works best for us and go by it. I have read lots of entries this week through the hive naija prompt, with different people sharing their stories of why they object or agree with joint account initiatives for couples. However, I will share my viewpoint about this subject and also share my experience with joint accounts between my husband and me.
Some common reasons why most people disagree with joint accounts are the fear of one partner running away with the money or squandering the money anyhow without the knowledge of the other partner, distrust, and fear of divorce, etc. To start with, let me draw our attention to this: love is not enough to get into a marriage with someone. I feel that before you walk down the aisle with your fiance, he or she must be someone you can trust, and of course, finance-inclusive.
What's love without trust? What's marriage with someone you can't communicate well with? You see, most of the issues we have in marriages today, we actually saw the red flag prior to the marriage but neglected it, thinking that things would fall into place at the right time.
The thing is that if you are dealing with a partner and have quality communication with them, a bond of understanding, and what have you, then it becomes easier to build your home. When all these are in place, the issue of finance might not be a problem. So the first thing is to know whom you are married to and be sure that you both have a common goal and vision. It makes things easier. However, if you are already in a marriage and want to consider a joint account, then you should know your spouse better, know how healthy your marriage is, and see if a joint account is something you can do or not. To be sincere, some people marry someone they can't discuss issues with without being afraid of the person. Some people marry a partner who doesn't want their opinion on anything, and if that is your case, then I think it's better that you maintain your personal account only while you keep contributing to the welfare of your family.
Personally, I feel that each partner should own his or her own separate account but have a joint account basically for family expenses or for a particular project the couple wants to achieve, and then based on their agreed amount, both of them will be contributing to the course either weekly or monthly as they wish. With this, each partner can use their personal hard-earned money without seeking permission from the other partner and yet contribute to the financial growth of the family.
It's important to know that trust and quality communication are vital while building our home, and that's a good attribute that makes a joint account thrive well at home. In my home, for instance, I run a joint account with my husband, and it started when we needed a family car. We budgeted for the project and agreed on a 60:40 rate of payment between us. That's to say, my husband contributes 60% of the agreed amount weekly, while I contribute 40% as well. We had a target and were so intentional about it.
This brought financial discipline and even increased our communication because we are always planning and re-strategizing on how best to achieve our goals faster. At the end of the day, we achieved the goal and celebrated ourselves. Then we thought of continuing the initiative for other family responsibilities instead of buy food let me pay for NEPA bills. Kind of shared responsibilities, which is also fine, but we went for contributing money to our joint account weekly without anyone defaulting.
It will interest you to know that these ideas have continued to thrive because of trust and discipline. It makes us have a focus and motivates us to work harder to make sure that our family financial goals are achieved. As much as we call it a joint account, I am the only one making withdrawals from the account as requested by my husband, and of course I don't take a dime out of the money without informing him.
This may not work for other people, like I mentioned earlier, but it's a practice that has worked for me for some years now and is still counting.
However, it's important that you know your spouse well and decide if a joint account will be healthy for you both or not. Whatever option you choose, it is important that you don't allow one partner to shoulder the whole family's responsibilities alone. After all, couples are helpmates, so teamwork should be encouraged.
This is in response to the Hive Naija Weekly Prompt, Edition 51.
Image 3 is mine
Thanks for visiting ♥️♥️🧡