Mine is mine, or ours is ours?
Biting the bullet and joining your bank accounts might seem daunting, regardless of how long you’ve been together.
Should you, or shouldn’t you?
Money can make or break a relationship if it’s not managed right. In fact, it’s one of the most common reasons that couples split up!
That’s why, if you’re considering sharing accounts with your partner, it’s worth considering all the pros and cons:
The Pros
- Simplicity. Having one account can give you a simple at-a-glance look at how much money you have on hand for day-to-day expenses and entertainment.
- Transparency. There can be no hiding your take-out lunches with this method, and honesty will come easier when you can see each other’s transactions.
- Goalsetting. It’s easier to reach your goals when you work as a team. You’ll also have a higher balance, allowing you to avoid account maintenance fees on low-balance accounts, freeing up even more money.
The Cons
- Lack of privacy. It’s hard to buy a Valentine’s Day gift for your spouse when they can watch you purchase it in real time!
- Breakups. A joint account can make it challenging to make a quick break if the relationship goes south and next to impossible if it’s physically and financially abusive.
- Accountability. Some are savers, and some are spenders. Sharing accounts might create tension on both sides as one wants to save and the other wants that morning Starbucks fix.
Combining your finances has many more pros and cons, and it gets trickier when physical assets and other investment products enter the scene.
Is it right for you? We can help you figure it out. Call my office at (330 836 7800 Ext. 1) or set up a time using my online scheduler for a 15-minute financial review. https://go.oncehub.com/LeeHyder
Regards,
Lee Hyder
