Question:   Is having separate checking accounts a good idea?

It can be a difficult choice to make and an equally difficult question to ask your future spouse. Money issues can quickly lead to stress, anger, and create trust issues, so it’s imperative that you have a solid discussion around this topic.

Some people tend to think that a request for separate checking accounts means one person does not trust the other financially. Of course, this is often far from the truth. It can be difficult to manage a joint account when both people are making purchases, as there is only one account to balance.

There is no real right or wrong answer. Bottom line, do what works! The best advice is to keep one joint checking account and simply make sure to budget in advance to ensure both parties know what amount they are accountable for.

Being more aware that there is only a set amount available can better help restrict frivolous spending. The key is working together and keeping the lines of communication open.

As long as both of you stay on top of your finances and know where the money is going, you will avoid any major pitfalls. Communication is the key.

Inherently, there is nothing wrong with having separate checking accounts if both parties are clear about how each account is handled, and what each person is responsible for. Many prefer to have their own account because they feel more in control of their allocated money.

Just remember, the money should be considered by both parties as “ours”, not “mine”.

It’s much easier to spend extra cash here and there on unnecessary items if you have not created a clear budget. Overspending is the biggest pitfall of having more than one account, and it usually occurs because one or both parties are unaware of all monies coming in or out.

Talk with one another and decided who is going to pay certain bills. Will one of you handle the credit card payments while the other pays the utilities? Will one pay for phone bills while the other handles Internet access?

Failing to discuss payments that each party will make is a common mistake, as neither will know whether or not to bother with a bill. Bills can become overdue, and then an argument can erupt over who was supposed to pay it.

Whatever you decide to do, to have joint or separate checking accounts, decide together in a very well thought out, coordinated way.

Always communicate with one another to know where you stand on finances. This way you can stay out of trouble, remain ahead of your bills, and always come out on top.

» How do I finally convince my spouse how bad credit card debt is to our financial future?
Do not attempt to confront your spouse, Instead, approach in the spirit of wanting to educate. Let the numbers do the talking.

» Is it a good idea to pay off my girlfriends (or boyfriend) debt if I know I am going to marry her?
There simply is no good reason to do this. The best relationships can sour at the last minute, aka cold feet, and then where will you be?

» If I marry a guy with bad debt, does my debt also go bad once we are married?
Be sure that your future husband begins reading debt relief information for the purpose of addressing his bad debt and getting his finances back on track.

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