How you manage your finances with your significant other is something that we all have to face at some point in time and it’s a pretty big decision to make. Money is a touchy subject to a lot of people, so you’re probably wondering how you should go about managing your finances with your partner. Should you have a joint account with them or should you each manage your own finances?  A lot of couples have joint accounts, but some couples decide to manage finances separately. So, which way is the best way to do this? Below, I’m going to go over the benefits of joint finances and why you should consider them.

Joint finances = less fighting.

Did you know that one of the main causes for divorce is due to arguing over money? It’s not because of a lack of trust, sex, children, in-laws, etc… Money is the number one problem with most couples. When couples have disputes about money things can get really bad and they usually stay bad for the duration of the relationship.

So, how do joint finances equate to less fighting? Well, when couples have separate accounts, they have to enter negotiations with each other and figure out all these different variables, such as which bills each of them are going to pay and how much each of them are going to pay and on what bills. If you have a joint account, you don’t have to worry about this at all.

You work towards the same goal.

When you get married to someone, you’re making a commitment that you are going to love that person and that you are going to try and build a future with them. If you have joint finances, you can both work towards attaining the same goals and building the same future together with the same funds. Basically, you are pooling your resources together to accomplish the same thing.

You become a team.

We’ve all heard the saying that there is “No I in team,” but with separate finances, it seems like you’re each out for your own. If you have joint finances, you’re working together as a steam, which will help you build a more stable bond with each other. Having joint finances means that you’re working together as a team to accomplish things.

Neither of You Can Hide Your Finances

This is something that I touched on in a past post. I said that you have to let your significant other know if you’re in debt or have a spending problem. Openness is extremely important in a relationship and having joint finances will help you and your partner be open and honest with each other. When you have joint finances, you both know how much money you have and what it’s going towards. This will force you both to be accountable if there are any money issues that arise over time.

At the end of the day, it’s completely up to you and your partner as to whether or not you decide to have joint finances. However, as you can see, there are many benefits to joint finances, so it’s certainly something that you and your significant other should take into consideration.