Need For Separate Bank Accounts To The Couples
Despite of there being so many contributors of a healthy relationship, money is one inevitable component that also greatly promotes not only the growth of an individual but also the growth of any family. However, there are some family issues that are caused by money. In many cases especially in newly wedded couples, there is merges of finances through joint accounts. Despite of how joint accounts may seem to be good for a family, they have always been the source of many family conflicts.
One disadvantage of joint accounts is that they do not keep the credit score of each of the partner intact. 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. In most cases, couples having joint bank accounts have different financial habits thus being great limits to their saving capacities. The saving desire of many partners having joint bank accounts also greatly fluctuate a good reason why separate bank accounts promote mutual savings.
With separate bank accounts, partners can easily check their incomes, debts and saving capacities. 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.
Credit scores are very helpful and can help one easily secure any type of a loan thus being the need to keep them intact which can only be achieved by opening a separate bank account. 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.
Lack of enough funds in a joint account or even missed or late payments can also result to late interests something that can greatly affect your credit score. Separate bank accounts also promote financial freedom to the couples therefore resulting to healthy relationships. Despite of the spending behavior of your partner, you are able to trust her as long as things are running in the right manner in cases where you have separate bank accounts.