My wife and I had just come back from our honeymoon.
We decided that we would share only 1 joint checking account and since my bank was closer to our apartment, we decided to close my wife’s account and transfer all the money.
The manager at my wife’s bank got a little defensive and started asking questions why we were leaving and such. I expected that.
But what I didn’t expect was the reaction by the banker over at my bank when we went there to add my wife to the account.
When we told the banker what we did she said “Oh, why didn’t you just keep your wife’s account open. I mean, it’s usually best to have separate checking accounts. Plus, you never know…”
I politely smiled and said that we wanted to share only one account.
She accepted my answer but I could tell she didn’t really understand why.
And this isn’t really that surprising.
There are literally hundreds of financial experts out there who recommend married couples open a joint account for paying the bills but keep separate accounts. But I think this spells trouble.
Why a Single Checking Account is Better for Your Marriage
You see, the number 1 cause of divorce in America is over money issues.
Now, do you think setting up a culture of “mine” and “your’s” with separate checking accounts at the start of your marriage helps you as a couple work through money issues?
No, in fact, it kind of gives you an out to not have to deal with how you spend your money. If I have my money and you have your money, then we can spend it however we want.
Yet, learning how to share everything you have is so important to making your marriage last.
My wife and I discuss pretty much all discretionary purchases.
Groceries, clothes shopping, Amazon… these are all things we either shop for together, or talk with each about before we shop.
Even small purchases like an extra coffee purchases we make for 2-3 bucks may come in conversation since we know that those little expenses can add up if you’re not careful.
So you see, only 1 Checking account is not only a way to simplify your finances but a tool to bring you closer together.
If you have a problem with being willing to share an account, there may be an issue of trust that probably needs to get dealt with.
Do you disagree? Let me know.