18 Apr

Shared Bank Accounts - Yay or Nay?

One day we went out for a staff lunch to a medium-price restaurant. At the end, when we were all checking the bill and paying our share, one woman said guiltily, “Oh, Don’s not going to like this.” It turned out she and her long-term partner shared a bank account. They both worked and earned good salaries, and were in their late 30s.

I just couldn’t understand it. She was a grown woman. Why couldn’t she spend her own money as she liked? It was the 21st century, after all. But I’ve since learned that many couples work that way, with no personal accounts of their own.

Now, my money management is so far from perfect that perfect’s not even on the horizon but I still have my own accounts for spending money and savings. We have shared accounts for expenses and make automatic payments into them. I would never pool all my finances without a backup.

Anyway, I did some Googling and it turns out this is a fairly contentious subject. One writer announced: “It’s about trust. If you don’t trust your husband, you have no business being married.” It’s not all about trust for me, but I’d also argue that half of marriages end in divorce. And how many divorced women are wealthy?

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