Money is one factor that promotes the growth of any kind of a relationship as well as families. There are so many cases of problems in many families that have been as a result of poor financial management between the spouses. In many cases especially in newly wedded couples, there is merges of finances through joint accounts. With the increased rates of dishonesty among so many people, separate accounts have been concluded to work best for many families or couples as compared to joint accounts.
Separate accounts are great as you can be assured of the security and confidentiality of your credit score. There are however so many other reasons why couples should have separate bank accounts. Here are some top reasons why separate bank accounts are greatly recommended to couples for their financial issues.
It is very difficult for many couples having joint accounts to easily save their cash because of the many unexpected spending that come along thus being the need for separate bank accounts to promote easier money saving. When you have a joint bank account with your spouse, there is a likelihood of differences in financial saving habits and thus resulting to less amount of cash being saved. Joint bank accounts also demotivate many partners to save more.
Joint accounts do not allow any privacy especially in checking one own incomes, debts and capacity saving a source of unnecessary family conflicts. Many couples disagree and fight about money especially in cases where the partners have joint accounts but different plans for the cash and hence the need for separate bank accounts to help curb such fights. With a separate account, it is very hard to see what your partner is doing with his or her money and thus preventing any financial difference.
Having good credit history or good creditworthiness can greatly help you easily secure a good loan as a financial backup and thus being the need for separate bank accounts to help keep your credit scores intact. It is very risky to have a joint family bank account as it would lead to utilization of credit card and thus leading to the damage of the credit score due to irresponsible use of the credit cards by any of the partners.
In case you do not have sufficient money in your joint account it can be somehow difficult to pay for your credit card balance thus resulting to poor credit score due to late interests. Independence at times is very important for a good and a strong relationship especially in some matters involving finances thus being the need for separate bank accounts. Another reason why couples should have separate bank accounts is so as to promote trust between them.