I was talking to a friend this evening, and she mentioned that she and her husband have a joint account and her friends think it’s odd that she doesn’t have her own account. I got to wondering who has a joint checking account—and do people you know think it’s odd? If you have separate accounts, was this an issue for you and your spouse?
To some people, it’s no big deal how you do the accounts. To others, not having a joint (or separate) accounts is linked to personal security and or/trust. So, I was curious what others have to say on the matter.
My husband and I have a joint account. The only account I have in my name only is an IRA, and I would have done that jointly if I could have. Why? Well, for one, I don’t work. Oh, wait, let me rephrase that: I don’t get paid for the work that I do. That hasn’t always been the case, but at least right now it doesn’t make any sense for me to open my own account. What would I put in it?
Of course, we have had joint account ever since we were married, even when I was working. It was very important to my husband. He felt, like many do, that a joint account is a sign of a couple who have joined their lives. I resisted, because my parents had separate accounts, but it was a fight that he won. I will have to remember that next time he says I never let him win an argument!
It has worked well for us. It didn’t in the beginning, because it takes some work to combine two people’s bills and bank ledgers. Now, though, I cannot imagine the headache of trying to split the bills when we have two separate incomes. I think once you become accustomed to something, it’s easier to just keep the status quo. Plus, I like that, at least when it comes to the finances, that we’re a united front.