Thursday, March 6, 2014

Marriage Financial Times - Why Keeping Joint Accounts is to Your Advantage

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The reason why I chose to address this issue as 'Marriage Financial Times' is to make it sound like 'New York Times', a newspaper. We all know the essence of newspapers and we either agree or disagree with some of its contents, we all have our opinions and we all have our different understandings and perspectives of it. That's probably what this post will be like.

The financial times I am referring to isn't the tough season but days before the tough seasons. We all don't wish for tough financial seasons but with or without the invite, it surfaces. So how do you prepare for them?

I understand that some men find it difficult to open up totally to their wives in terms of their finance because if it is not solid, they might seem vulnerable or weak? So they never consider the thought of having a joint account with their wives. But if your wife doesn't know about your vulnerability/weakness, who else should know? And when it gets so bad that it begins to affect the family budget, who will put up with it?

In most cases, your good wives will never see your shaky finances as a vulnerability/weakness or that you're a failure, they will see it as normal situation that usually doesn't last. They know what affect you affects the whole family and they will work with you to balance things out. Every man who is a husband believes they married a good wife. Or are you saying you married a bad one?

But it's not just the men who are averse to joint accounts. Some wives also counter the idea of having a joint account with their husbands out of insecurity. They fear that the joint finances will get diverted into other causes which may never be fully explainable to them. Let me make it simple, some wives believe their husbands will engage in 'resources diversion a.k.a misappropriation of funds'. I am not saying they are always or never wrong. But again I ask, who did you marry? An embezzler?

In my opinion, having joint account with one's spouse has advantages more than disadvantages and the disadvantages can be prevented to enable a couple realize the plenty advantages. These are some of the advantages of having a joint account with one's spouse.

1. Family goals are more quickly achieved
2. Family budgets are easily made
3. Both parties are most likely not to spend out of affordability circle
4. Limits are known
5. Both parties will always know their financial strength.

While I was working in a Real Estate Consultancy firm, I went to get a cheque from a client who wanted to lease a house from us, the cheque had both of the couple's name on it; a joint account. For just that reason, I respected them more.

A joint account doesn't deny the husband or wife of having their own personal account, definitely they always had one before marriage, it shouldn't freeze! Maybe just a particular percentage out of the monthly salary, wages or income will be dedicated to the joint account, that way, everybody will have access to doing whatever they wish without having to take permission or write a report.

Finance is an important aspect of marriage, and whatever the time it is, our spouses should never be shut out.


  1. I have seen this gains in my home, from the beginning we believed in it . Joint accounts do simplify lots of things, it is only a problem where there is no trust.

  2. I am also a big believer in joint accounts for the home, it helps a lot.

  3. I agree that there are many advantages but the disadvantages come in the case of separation or divorce. As a law student, I've seen what having joint accounts or being co signee's on a property can do to a woman (especially). In other words, financial decisions like this need not be taken lightly. For the sake of peace and future security, financial independence - at least a little of it - should be available.


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