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Operating a joint bank account with your wife - is it wise?

Submitted by Jimmy on Sun, 2014-11-16 07:36
Jimmy's picture

The responsibility of raising kids is for both parents. Some couples therefore set aside a jointly operated bank account for this purpose. The joint account is often separate from other personal accounts for some families. Each person contributes to the "family" joint account from their personal, private one.

The advantages of running a joint account could include financial transparency. Both people know what comes in or goes out. Its a system based on mutual trust. BUT, is it open to abuse? Can it lead to any significant issues?

Here are some responses received on this question: 

"I consider it safer having the signature of any of my children as my second signatory to withdraw money from my account instead of my husband" 

“It is not good because there is need for privacy”.This privacy is not for me alone, but for my wife too" 

I personally don't have any qualms against operating a joint account with your spouse BUT a necessary element that must be present is trust and understanding. 

AgreeDisagreeDon't KnowIndifferent
A joint bank account is a good idea
No way. I keep my stuff private

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Comments

Submitted by roxxette on Sun, 2014-11-16 08:10
roxxette's picture

Unless you have something to hide, I don't see what is wrong with a joint account.

Submitted by Yu on Sun, 2014-11-16 18:46

Several reason exist for why men don't like the idea of a joint account:

  1. Most men want to hide "dubious" expenses from their wives.
  2. Women love to abuse the funds in over shopping.
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