Joint Account: The Key To Financial Stability Or An Avenue For Conflict between Couples.
Hello Everyone.
How are we doing?
Welcome once again to my Blog. I am so delighted to participate in this week's prompt. And I will be sharing my take on couples having a Joint Account.
Having a joint account as a couple is one of the goals of financial stability. Adopting the use of a joint account has helped most couples monitor their finances and it has also been disastrous for other couples depending on the circumstances and the couple's financial management habits. Joint account makes it easier for couples to track expenses, savings contributions, pay Bills and every other transaction. In a Joint Account, both partners have access to funds in the account.
There are some Advantages of having a Joint account as couples
One of the Advantage of having a Joint Account as couples is that it will help couple share responsibility and commitment towards financial goals. They will be intentional about their finances monitoring their growth, being able to track expenses and settling bills together.
Another is that when couples manages finances together it can help enhance trust and communication between partners, as there will be having discussions about their spending habits, budgeting, and long-term financial plans.
But there are also some Disadvantages of having a Joint account as couples
One of the disadvantage of having a Joint Account as couples is that Since both partners have equal access to funds, there could be a misuse or disagreements over spending habits. If one partner overspends or mismanages funds, it can cause conflict between the couples.
Personally, i never liked the idea of having a Joint Account like with the way Marriages are with alot of negativity one might end up ruining you financially. This particular mindset actually came up when my Cousin got married and they both opened a Joint account for savings but in the long run my cousin's husband ended up rendering them financially incapacitated. He always takes money from the account with an excuse of funding a Big project that will better their lives as couples but unfortunately there was no Big project he was financing. He ended up spending the money they both saved on his personal affairs and this has actually tore them apart making them engage in a conflict.
Another Disadvantage of having a Joint Account as a couple is Financial Independence. Some individuals may feel a loss of financial independence when all funds are pooled into a joint account. This can lead to conflicts if one partner feels restricted or controlled.
Joint Account have its safe side and also its bad sides alot of factors should be considered before opening a Joint account
Couples should be open to each other and be honest while communicating about their finances, how they spend their money and what is expected of them to successfully manage a joint account.
They should agree on what the Joint Account will be used for in order to prevent conflicts and misunderstandings. Because most people do use the money in their Joint Account for personal problem solving rather than the proposed use.
So having a Joint Account as a couple can be safe and it can also be dangerous, there should be communication and understanding between couples before they go ahead to open a Joint Account for themselves.
This is my response to the Week's prompt.
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I am @gloreal.
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For me, individual couple should have his own separate account but there should be a joint account for family expenses where both contribute based on their agreed rate or amount.
This would enable them use their personal money without necessarily seeking permission to the other partner and on the other hand, still contributing to the finances and growth of their home.
Exactly. But alot of them only deposit all their life saving to a Joint account forgetting that even if theyre married they still have a life of their own to live and at such Joint account creation should be just for a specific purpose and personal account should be created for personal purposes. Thank you for stopping by.
I believe the spouses should both have separate accounts firsts and foremost. Opening joint accounts without your personal account is what leads to these kinds of things I presume.
Exactly my point. Individually they should have their own personal accounts too while creating a Joint account.
There is always advantages and Disadvantages of some decisions we take in life. About join account BTW couples..it's necessary to have adequate deliberation about it first and of course it shouldn't prevent individual accounts. This is how I run mine with my husband
Infact the money in this account owned by us is always for daily family expenses
He put in 60% weekly and I put in 40%
Exactly Ma. There are Advantages and disadvantages in every decisions we take so communication and understanding is one criteria before creating a Joint account together. Awesome how you and your Husband manage the Joint Account. Thanks for stopping by my blog.
Everything has advantages and disadvantages, what works for others might not work for others. So I believe people should embrace what works perfectly for them without trying to do what others are doing.
Definitely... Thanks for stopping by my Blog.
Nice write up. Having a joint account should born out of the couple's acceptance. It should not be forced on anyone.
Definitely. Thanks for stopping by
I think that it's good if joint account is only run for a specific purpose like running the family affairs while individual still maintain his or her private account. Couples should be of total agreement before venturing into it.
Yes that is why i said that Communication is the key. Couples should talk and have an understanding before venturing into creating a Joint account.