A while ago, just some years back, this topic created a buzz on social media(Facebook to br precise). People gave their takes here and there. Me, I read some, I ignored others but I don't think I learned much.
UnsplashGoing by the lots that I have heard and read, finance is a sensitive aspect that could easily trigger arguments in homes. Besides, it is very instrumental to ensuring functionality of home by a large degree, therefore it is important tp ensure stability.
I've heard stories of husbands wanting the wives to remit their incomes to them and I've also heard how bad it got for most of the women who went along with that. This one always never settled well with me. But joint accounts....
I've seen joint accounts as runnable and nothing huge enough to cause a fuss. After sll, isnt it aimed at ensuring a smooth running of the home? Inspite, I've realized that a good number of persons are against the initiative. The thing though is that, I feel that maybe some of the couple who end up regretting the move get it wrong. To me, it's unreasonable that a couple would own just one account where they remit all of their monies in rather than still having separate accounts for their other personnal businesses.
I always have thought that a joint account functions in a way whereby, the couple keep personnel account(s) of their own but the joint account is where they deposit some certain amount, as they have agreed, following a duration, which they use to run day-to-day bills in their home, maybe even for long term expenditures, all in the interest of the home.
I think It's important that a couple come to an agreement but even before that, it is necessary that they understand the financial uprightness of each other. Then, there should be a plan consented to by both parties on how often cash is taken out and what it is used for. Something like a budget. Money is often a cause of tension and rift amongst people and if there isn't a working plan, it gets very easy for things to fall apart.
Say, when one person takes out from rhs accounts without the knowledge of the other or when one no longer puts in the agreed amount or when they no longer spell for what they had spent an amount for, it could be reasons that cause for tension. It gets itchy if just one person is signatory to the account. It makes no sense that both aren't when it is supposed to be joint
Unless, otherwise, they have to split bills and/or share responsibilities between each other.
What would work for joint account is accountability. I might only give in to the idea of a joint account though if it was used to run home expenses. For any other reason else(say, just owning a single account as a couple), most probably not. Easy way to run it is to make a financial tracker and keep stock of every penny that goes in or out and what they were used to do. That way, little to no misappropriation occurs. Whether it be safe or dangerous, that largely depends on how it is run and maybe, individual motive.
Thanks for gracing this post.
Greetings!