![]() ![]() I trust my husband when it comes to our finances and he trusts me. My husband and I have separate bank accounts that we spend our discretionary funds from and I can tell you it doesn’t have anything to do with trust. People choose to have separate bank accounts for all sorts of reasons and sometimes it just makes life easier for them. Separate is not always about trust for some people. Like seriously, who comes up with this stuff? Separate bank accounts mean you don’t trust your spouse. Related Reading: 6 Savings Account Every Family Needs to HaveĤ Misconceptions About Married Couples and Separate Bank Accounts (If you plan to attack, I won’t even entertain you with a response.) So, let me get into this really quick, but first, let me add a disclaimer: If you have an opinion contrary to mine, I don’t mind you sharing, but let’s be for damn sure clear on this one thing - don’t attack me. These misconceptions often deter good people with honest intentions from trying something that could help them build wealth together. With this controversial opinion of mine out in the open, I decided I wouldn’t argue the merits of either but I would delve into the common misconceptions folks have about people who decide to have separate bank accounts. But the point is, there’s no one way to do your finances and if you and your spouse communicate with each other, it’s quite possible to make separate bank accounts work for you. However, we respect each other enough not to spend money from each other’s individual accounts (I’ll explain later, stick with me). We spread our money out over several accounts that we BOTH can access at any time. Personally, my husband and I made the decision before we got married to have joint finances. One of those things just so happens to be married couples and separate bank accounts. It’s one thing to offer advice, but it’s another to browbeat someone because they had the gall to decide to do something different than what you would have done. ![]() “As a result, couples who can focus on money problems and reduce their debt may discover that they have also solved most of their marital problems.If there’s one thing that annoys me, it’s when self-righteous folks tell other folks what they think they should do with their money as if their opinion is the only opinion that is valid. “ can be an overwhelming source of worry and stress,” a New York Times wellness guide reads. Gathering the motivation to have that initial conversation about money can be difficult, but once you get started and have a game plan, it can be a tremendous relief. Should I pay off debt or save for retirement?.Here are a few resources that can help you answer questions like: Prioritize these goals together and arm yourselves with tools and resources that can help you take steps toward achieving each one, whether the goal is paying off student loans, buying a new car, starting a business or retiring early. Whether you’re married, living together or dating, consider writing down your short- and long-term goals and sharing them with your partner. It’s good to have a plan in any relationship where money or financial responsibility is being shared. The more closely you align early on, the fewer unwanted surprises you’re likely to encounter down the road. ![]() After all, you’re joining forces in an effort to reach your goals together. The key is honesty, even if it’s a little scary. “Structured in the right way, shared in the right way, talking about your fears, upsets and frustrations over finances can bring you closer as a couple,” personal development expert Gary John Bishop tells HuffPost.įor example, you might discuss the types of bank accounts you both have, how you prefer to budget, your comfort level with debt and your beliefs about spending and saving. Many people would rather discuss dying than finances!”īut conversations about handling finances in marriage can be a great opportunity for growth in your relationship. “Take a minute to let that information sink in. “Almost half of Americans say that the most difficult topic to discuss with others is personal finance and they would rather discuss death, politics or religion,” she writes. Author Kathleen Burns Kingsbury spells out just how much Americans hate talking about money in her 2017 book Breaking Money Silence. ![]()
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