Home and finance, money matters, family finance, couples and finance—whatever tag you give it—the fact here is that joint account needs couples’ mutual willingness and understanding first before it can really yield the desired result, and it work best where couples have common willingness and interest in it.

Joint account
Though joint account works best when couples have mutual willingness and interest in it, but it also needs them to think deeply and wisely to know their financial weaknesses before making decision to do it.

Joint account always strengthens financial trust between couple, and in the same way, it could cause a serious separation between them.


It’s always good when there is understanding and financial maturity between couple that they have joint account, for it has many advantages than its disadvantages.

Warning: Joint account is for only married couples, but not for dating partners or courting partners or for those who are in sexually romantic relationship. Don’t be foolish. Don’t make a foolish mistake (Don’t be deceived into making the mistake some people have made) to propose having a joint account with partners as such because of love or whatever reasons.  Experience have shown that people do make such mistake.

Thus, here, I am going to tell you fact here concerning this and show you the merits and demerits of couples having joint account. First, having joint account doesn’t matter like the reason for which it’s created and how the intending couples have understood each other. Moreover, getting this done, the first thing that matters is consideration—couples should put some things (some rational and reasonable questions) into consideration and make sure that perfect and mutual agreement is reached if they really want to be successful over this.

The issue of couples having or running joint or one bank account, maybe, for the purpose of strengthening their family financially has attracted a lots controversies, objections, agreements and disagreements from a lot of people around the world, both online and offline, giving their views and buttressing their points over it. Recent research shows that 65 percent of married couples totally disagreed with the idea of joint account while 35 percent agreed with it. Meanwhile, 75 percent of youths, both young men and women, gave their opinion regarding this idea and totally disregarded it while 25 voted for for it, with some reasons.

Before Creating Joint Account What Should You Put Into Consideration?

Before jumping into the river to begin swimming, there are some helping questions that couples have to consider to see whether they are both fit for the swimming adventure. Couples’ fitness for operating joint account is much needed, and it must be put into consideration first. Failure to do this can surely destroy the joy of the home and bring sudden separation to their marriage without remedy.

Listen, dear couple, there is nothing bad or wrong in that couples have joint account, but before you start, there are questions you both have to personally and separately ask each other about the way and how you understand the term “joint account“.

  1. Love—How much both of you love each other? Does the love between both of you—is it deep to the extent of having joint account—extend to the matter of money or having joint account or not?: That is, when it comes to the issue of money, is there that cordial understanding between both of you when things seem or happen to be going wrong between you both along the journey. Both of you must first sit down and train yourself and consider the side effects of the matter maybe it will be of great benefits to you both.
  2. Close study of each other—Have you both studied and checked each other thoroughly and know each other’s weaknesses when it comes to the issue of money? Have you both confirmed fact about each other whether you both have ability to do this? Have you both really reach meaningful and reasonable agreement?
  3. Goal and spending limit setting—Have you both set goal and spending limit for each other? Both of you have to set goals if you are going to succeed in this idea. If both of you fail to set goal for spending limit, then you put your home at risk. Doing this will surely help you both keep yourself to a certain limit amount of spending. It will help and keep you from over spending, and thus keep the account long.
  4. Rules and regulations setting—Have you both set rules and regulations for each other? There must be rules and regulations for this if it will ever work out successfully. If there are rules and regulations doing this, none will misbehave between you both in handling the account properly. If these are done, then no cause for alarm. Then you both can go ahead and get it done. But, without these, couples should not embark on this at all because money can unite and separate the best understanding couples in the world. I have seen and witnessed this; it’s not a lie.
  5. Level of understanding of the couple about joint account—Here are questions you both have to personally and separately ask yourself about the way and how you understand the term “joint account”. How much both of you understand each other? Does the understanding between both of you extend to the matter of money or having joint account or not? That is, when it comes to the issue of money, is there that mutual understanding between both of you when things seem or happen to be going wrong along the journey. Both of you must first sit down and train yourself and consider the side effects of  it will be of great benefits to you both.
  6. Level of honesty and faithfulness—Are these qualities in both of you to the extent having the same account? Are both of you faithful and trustworthy enough to entrust each other with money? If yes, the side of the story is gradually getting settled.
  7. Behaviour in handling money—How does your partner seem to behave when it comes to the matter money? Does he or she easily go wild or uncontrollably when something looks like a bit wrong? Does he or she easily become calm and agree or not? You should put this in serious consideration, too.
  8. Doing things in common—Do both of you love to do things in common to the level of having the same account? If yes, start the journey, but if no, then put a peg on it.
  9. Handling of family issue financially when family comes—Both of you consider taken money from your joint account or from your separate account when family comes maybe because you have no money and the next thing to do is going back to the joint account to get money to settle the family without the consent of the other party, maybe through debit card, as we know we are in digital world. This will definitely lead to total disagreement and trouble. You have to consider settling this first.
  10. Loyalty—You should also consider this. Are both of financially loyal to the extent of having joint. In a situation where there is no trait of loyalty between a couple it’s not advisable for them to plan having joint account. Loyalty should have its way in this before there can be success at all in the idea of joint account.

If you notice in the above explanations from number 1-4, you will see that I asked a many questions as regarding putting things in consideration? I know you noticed. Why all these questions? It’s because I noticed that when it comes to the matter or issue of money between couples, things situation is always hard to control between them! And, joint account has a great tendency of causing separation between any couple, and even destroying the best understanding couples if care is not taken about it. In the same way, it can boost financial trust and confidence between them. But in my view, I see and notice that the advantages couples get from it are much more than the disadvantages.

Merits and Demerits


  1. Easy and smooth upkeep of the family—Easy and smooth maintenance of the family is ensured if couples should have joint account.
  2. It encourages frugality and discourages spendthrift—Ccouple that engages in joint account will learn and know how to be frugal and thrifty in spending. They will definitely financially develop thrifty and frugal habit, which thereby gives no room to financial mismanagement.
  3. It creates and encourages financial discipline—Couples always enjoy stable and steady financial discipline as this has great tendency to create and encourage it between them.
  4. It makes couples strong financially—Joint account always tends to make couples strong financially to face those financial challenges that seem to rise against couples that have poor or don’t have any financial planning at all.
  5. It creates financial accountability—Financial accountability is one of the major factors that make couples become financially strong and trustworthy. And it also gives room for couples to have financial trust and have confidence and trust in themselves: this (accountability) gives them the ability and sense of developing the habits of financial trustworthiness and confidence.
  6. It creates and builds financial confidence and trust—I said earlier that through accountability couples enjoy financial confidence and trust, and this leads to the couples’ financial promotion and progress in life.
  7. It creates openness—Surely, the couples who have joint account will have openness in their financial dealing with each other.
  8. It creates healthy financial planning and discipline—Joint account between couples always creates a healthy and high standard financial planning and discipline which always leads them into financial success in the family.


It definitely can lead to the separation of the best of couple—Joint account has great tendency to destroy the joy and happiness of marriage. It can create enemy between couple even to the extent of divorce. It definitely has that ruinous capacity to bring home down on seconds. This is why it is very, very important that partners sit themselves down and have some serious consideration made before jumping into decision about opening joint account.

In addition, look at what Marshon Thomas Of Your tango said in his own view about this:                                                                   

  1. You should set a goal, as Thomas said, having an idea about how much money you want to save in the account without wavering from it is good.
  2. You should have the fixed or set contribution amount so both parties should agree on a fixed or set amount both are willing to deposit and the time to be doing this. And both parties should make sure they are very comfortable with this (that is, the amount to be depositing).
  3. You should have an institution where both of you should pick an institution (bank) that is convenient for both of you, that is, the bank or savings In loan should be easily accessible for both of you.
  4. You should open an individual account. It is important to have a personal account that has no interference with the joint account or any bill. This joint account is a saving account and is not for miscellaneous expenditure.
  5. You should know the right of survivorship in a situation where one of the joint holders dies, must joint account have the right of survivorship? which means if one of them dies the survivor automatically has the right to the money. On the other side, the survivor will also be liable for the deceased debt”—Marshon Thomas 


There is nothing bad in that couples have joint account so far it is agreed upon between both of them willingly and understandingly (not by force on any party). To me, If you can see and trust someone and follow that person to the extent of living your families and companions so that you could have your whole life (everything you have) shared with that person, you should therefore be 100 percent able to share your money with such a person if truly there is true love and understanding between them. It’s all about maturity of understanding.