4 Reasons Not to Share a Bank Account With Your Partner

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Unsure whether you should share a bank account or keep your finances separate? Find out why you may want to avoid having a joint bank account with a partner. 

Some couples combine their finances. While sharing a joint bank account works for many couples, it’s not an ideal solution for all. Even if you’ve been with your partner for a long time or are married, there can be benefits to maintaining some or all of your bank accounts individually.

Still unsure of the best way of managing your finances with your partner? It’s a good idea to take some time to consider the pros and cons of having joint and individual bank accounts before making a decision. Here are a few reasons NOT to share a bank account with your partner.

1. You can continue to manage your money differently

Some couples maintain individual bank accounts because they don’t manage their money in the same ways. Adjusting to another person’s money management system can be challenging, especially if you’ve been handling your personal financial affairs for many years. Having individual bank accounts allows you to manage your money in a way that works well for each of you. It can also help you both feel more financially in control as individuals.

2. You’ll both learn important personal finance skills

Developing personal finance skills is essential. For some couples who combine their finances, one partner may be the person who manages the household finances. While this can work well for some, it can lead to one partner having much less financial knowledge than the other. Not sharing a bank account can allow you to develop good money management skills. When you lack financial skills, making choices about your money can be difficult.

3. It can give you an added layer of security

Many people get into a relationship expecting to spend a lifetime together. But life doesn’t always go as planned. Keeping your finances separate and having at least one individual bank account can give you an added layer of security if you split up in the future. Being financially secure is powerful and can allow you to escape a situation that no longer serves you well.

4. You can prioritize individual financial goals

You likely have individual and shared financial goals, and that’s normal. One couple may want to prioritize putting more money toward investing for retirement, while another may want to boost their emergency savings. Maintaining separate bank accounts can make it easier for both of you to work on your individual goals because each person has more control over their money.

You might consider having one joint bank account if you’re also working on shared financial goals, like building a shared emergency fund. For the most part, my husband and I don’t combine our finances. We have multiple individual bank accounts and manage our day-to-day finances separately. But we do have one shared savings account, which works well for us.

Discuss finances to get on the same page

Before getting into a relationship, make sure you talk about money. It may feel uncomfortable initially, but having these discussions can ensure you’re both on the same page and are a good match. You likely won’t agree on everything regarding finances, and that’s okay.

But, deciding how you will manage your finances and who will be responsible for what expenses during the early stages of your relationship can help you avoid disagreements in the future. As you navigate life as a couple, you may need to reevaluate some money management decisions. You can always check in with each other to ensure the current system still works for both of you.

Whether you decide to open a joint bank account or keep your finances separate, it’s best to have regular money talks. You want to ensure you continue to meet your shared financial goals and are both aware of your combined financial obligations. Good communication is key.

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