If youre married or living with your significant other, theres a lot you share.
Perhaps even a kid or two.
But just because youre sharing a life together doesnt mean you have to share the samebank account.
Having separate bank accounts in marriage or a serious relationship may be the perfect solution to harmonious money management.
Having separate bank accounts isnt an indication that youre not connected as a couple.
In fact, there are plenty of valid reasons why a couple might choose not to merge finances.
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6 Reasons Why a Couple Might Want Separate Bank Accounts
1.
However, if you just crave a little autonomy to spend money (responsibly!
), having a separate bank account can help.
If you earn less, you might be bothered feeling as if your partner is micromanaging your spending.
Maybe you enjoy spending money on experiences while your partner prefers to buy the latest tech.
Maintaining separate bank accounts may be whats preferable.
Youve Been Burned by a Former Partner
Past experiences can have an emotional impact on our money mindsets.
Heres what you oughta know as you go forward with this financial arrangement.
Every couple needs to have a system that works for them, Barrow said.
Once you find it, stick with it.
You might decide to have each partner cover a particular set of bills.
However, Barrow finds that constantly splitting the check can grow tedious and lead to bickering or resentment.
Drowning in Expenses?
Maybe youre scrambling after your car broke down.
Or you got a medical bill you werent expecting.
Or inflation has finally pushed your budget over the edge.
You dont need to go it alone.
When money is tight,these resourcescan help you manage unexpected expenses without stress.
The same rule applies to utility accounts.
Make financial transparency a regular part of your lives by implementing a monthly money date or family budget meeting.
Even if youre keeping the money separate, you should be planning together, Barrow said.
you gotta together determine what your spending limits should be or what your savings goals should be.
Nicole Dow is a former senior writer at The Penny Hoarder.
Senior writer Robert Bruce contributed.
