Joint or separate accounts - How should married couples manage finances?
The debate about couple finances is an age-old one and it's a question that Damon decided to pose to the couples of KZN to hear what they had to say.
Listen as Damon and KZN react to the topic in the podcast then read more below:
According to a study published by Yahoo Finance, more than 4,500 couples have said that arguments about money came up pretty often during divorce proceedings, so in saying that, should couples then keep separate bank accounts and be financially independent?
Read - Men or women: Who's better at saving money?
Is having your own money to spend freely without any questions the way to go? I mean, it sounds good, especially if you remember when you were a child and had to keep pestering your parents for cash. But what happens when you're a married couple and you need to ask your better half for cash? I would think that in order for you to buy what you want without guilt, it would be advisable to have your own stash of funds?
Read: Is leaving your husband because he lost the family money a bad thing?
Although many have been divided on the subject, I personally think that the right choice may be to meet somewhere in the middle. Each partner should have their own 'stash of cash', but should also have one account that is a joint fund and should be one that both partners can access. On the other hand, you could share everything. After all, isn’t that what marriage is about?
What are your thoughts?