Getting a joint bank account can seem like an unnecessary part of marriage. For those that are newly married you might think that as long as you and your spouse communicate about purchases you are fine. However, having all of your funds in one place can reap many benefits. Here are the top 5 reasons why!
1) COMMUNICATION-A joint bank account is a chance to have open communication of finances with each other. Communication is key to all aspects of marriage but especially when it comes to money. Money is one of the major causes of divorce and can bring troubles to any marriage! Open communication about expenditures can be extremely challenging but it is much better than the alternative.
2) UNITY-The money you earn is yours AND your spouses. It belongs to both of you. No matter what either of you makes it is yours. It makes all the difference when that line of power is blurred and no one is able to hold all the cards. Of course, we will still know who the breadwinner is, but adopting the attitude of unity with money will be a major step towards being on the same page financially.
3) CLARITY-You won’t ever have to wonder where the money is going because you will know! It takes away the uncertainty of who should pay for groceries and who should pay for dinner, because you are pulling the money from one unified place. It will eliminate a lot of tension and confusion when it comes time to pay the bills.
4)SKILL SETS- You and your spouse will have different skills when it comes to money. Typically one of you will be better at spending, and the other better at saving and working towards future purchases. This can (and will) create conflict but the value of both talents is huge. If you can work it out to include some fun AND some saving into your finances you will be better off.
5) CONTENTMENT-Having all of your money in one place removes much of the tension surrounding money in relationships. Money can cause a chasm between two people and destroy marriages. If you work together and keep communication open your marriage will grow in strength and you will both will be happier for it!