Yemisi Olusina
“For the first five years of our marriage, my husband and I had a common purse. We had a current account in our name with one of the conventional banks. All the money both of us made went into it and I was not bothered because there was no problem. Along the line, our responsibilities increased and things began to happen.
“At first, there wasn’t any issue because we carried each other along in our financial deals and decisions. At some point, however, we started having issues. My husband and his siblings decided to re-build their parents’ house and being the first child, the responsibility rested more on his shoulders.
“A lot of money was involved and since he had no other purse, our purse bore the brunt. He always carried me along before making any withdrawal. One day, they were at the family meetings and he needed to take some money and as usual, he called to inform me. I guess this did not go down well with his siblings and he was seen as being remotely controlled. (He told me this later).
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“So, he stylishly stopped informing me before making any withdrawal once he was in the midst of his people. Well, since I was earning more than he, my money suffered for it. By the time I discovered, it was almost too late. But I did not want the project to fail, so, I made no trouble. I just stopped putting my entire salary into the account, I opened another account that is solely run by me. I mean what if I also have an emergency, where would I have gone for help? That ended up the idea of joint account in the family.”
The above narrative was the experience of Mrs. Onyinye Obi.
For Mrs. Abigael Johnson, it was a different tale: “I buy stuffs on impulse, so, saving money has always been a Herculean task. But since I began keeping a joint account with my husband, I have been able to save a lot. We have done so many projects together. I have been helped to be prudent,” said Mrs. Johnson.
To many people, the tradition of couples keeping a joint account suggests a very direct ‘what’s mine is yours’ mentality.
However, like any decision, it is like a coin, which has two sides.
The advantages of taking this step are as follows:
Accessibility
The biggest advantage of having a joint bank account is the ease of access to your pooled resources.
Encourages caution
It’s easier to keep each other’s spending habits in check. Being able to see what your partner spends money on could allow you to discuss questionable purchases and keep each other’s budgeting goals on track.
Ease of ownership at partner’s death
If either you or your partner dies, the other will in most cases have access to money without a complicated legal battle.
Insurance
The money each of you put in the account will be insured.
Promotes Trust
Joint accounts is an evidence of trust among couples. Your trust in your partner could level up, because you’ve decided there is nothing you want to hide from each other.
Helps future plans
Having all of your finances in one place could make it easier to see where you’re presently and what the future could bring.
Below, however, are the disadvantages of having a common purse
A break up can mean a total loss of the money
If you get a divorce while sharing a bank account, things could get even more complicated.
No privacy
You can never spring up a surprise gift on your partner without him or her finding out.
Financial independence
Keeping your accounts separate can encourage a less co-dependent relationship, allowing you both to be more independent.
Prevents disagreements
With your financial independence, there will be minimal arguments and quarrels.
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Fraud
Where a partner is fraudulent, he or she could drain all of the assets and disappear.
So, what do we suggest here?
Instead of putting all your eggs in one basket, an economist, Mr. Duro Abayomi says it is better to have both a joint and separate bank account? But while you do so, the expert advised that you remain financially responsible.
“Keeping these two accounts will not only reduce fights about money but also strengthen your relationship,” stressed Abayomi.
