Money can bring people together. Money can separate. Money is a point at which relationships can crack or bind. So when it comes to those who are married, how should they store their money? In different accounts? The same one?
For this reason a man will leave his father and mother and be united to his wife, and they will become one flesh. -Genesis 2:24 NIV
When it comes to my wife and I, I believe that the more areas of our lives we can combine the better. We feel very strongly that keeping a joint checking account keeps us accountable (no pun intended) to each other.
3 Advantages of a Joint Checking Account:
- It keeps things simple. No longer will you have to keep track of two accounts (were you keeping track in the first place?). Just reconcile your account and make sure that you are both communicating on the transactions that are taking place.
- It pushes you to be accountable to your spouse. There have been many times that I wanted to eat out or buy something off of iTunes, but didn’t because of the close accountability Courtney and I have. Having one account that you both have access to will force you to talk about your budget!
- It reduces greed. Keeping things in perspective, a joint checking account will disable you from claiming your money is only YOUR money. From now on, it will be both of yours. This will allow you to give more freely, since it was mutual money anyway!
I know our marriage has grown strong through the use of a single checking account. Believe me, it wasn’t easy at first combining our accounts! All of the sudden, I had to consider the implications on my family when I spent money. I wasn’t accustomed to that! But oh, was it worth it. We have saved so much money and pursued more income because of our close communication and accountability.
Are you married and have a joint checking account? Please share your experiences in the comments!