5 reasons why you shouldn’t have a joint account with your partner
Do you and your spouse keep joint bank account? Have you considered the alternatives?
Trust, honesty and constant communication are the foundation of every healthy relationship. Opening a joint account with your loved one has its advantages and disadvantages.
After your partner’s demise, you get to keep all the money if he doesn’t make a will but let’s also look at the demerits of such decision.
- When your partner is an over-spender
In the unfortunate situation where a partner has a bad habit of withdrawing money from the atm without thinking about the bills to pay, the family will always be penniless and highly in debts.
- When you want to track specific savings goals
As an individual, it is financially advisable to have healthy financial records. Set budgets and stick to it. You can contribute your quota to the family expenses and monitor your daily expenses against your budget. You can easily monitor your debits and credits.
- When you want to spend on gifts
A spouse will always to have justified why he or she wants to withdraw money and account for it. But if you have a separate account, you can always buy things for yourself without seeking approval from anyone.
You can also surprise your partner on special occasions such as wedding anniversary, birthdays and other special occasions.
READ ALSO:4 ways to save money for your dream trip
- When you have a big inheritance
Fortunately, if you are from a wealthy family, it is not advisable to have a joint account with your partner who doesn’t match to your financial status. Keep your inheritance separate and make sure it flows through the bloodline.
- When there is a breakup
Love is a beautiful thing but breakup or divorce is also real. In the case where your partner elopes with another person, you will be left with nothing to your name. You have to start over all again and it might take a while to live that lifestyle again especially when you have children.
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