Couples’ finances – joint or separate?

WHETHER or not couples should operate joint account is a topic that has always been controversial. Different views often come up as regards this particular topic. This week on Whatsapp conversation, we touch on the contentious issue of family finances. Here are the thoughts from the respondents:

 

Oluwafemi Afolabi

I don’t support couples having a joint account because when it comes to money, most times there’s no friendship, especially with mismanagement or too many demands.

Women tend to demand more and quite frequently once they have a clue about the amount in an account or the sum of your cash flow.

But anyway, if they can reach a consensus on saving a particular sum in the same account targeted towards future needs and unforeseen circumstances, yea, that’s fine but never the notion of taking the rounds all over about couples having a joint account. For me, the answer is no.

 

Samson Bayo

It is not a bad idea; however, it shouldn’t be their only account. An agreed percentage of money should be paid into the account by the two parties at a regular pace, say monthly or quarterly. The account should be designated for a specific purpose(s)

 

Fadele Adeyinka

It depends on what both husband and wife agreed to do. But for me, it is a yes, there is no problem in having the same finances with my wife because they have become one. For example, they can both agree to buy a car, build a house, pay the children’s school fees, and some other joint expenses.

 

Ajiboso Oluwatobi

My thoughts, it shouldn’t be their main account, a certain percentage should be agreed upon based on their income, and rules should be made concerning withdrawing from the account. This will help to ensure transparency and to avoid conflict.

 

Tinuala Francis

Well, I think it depends on how responsible either of the couple is with money. If they are both decent and accountable in their spending, then it’s a good thing to do. But if not, it will lead to tears at the end of the day.

 

Sunday Emmanuel

The answer cannot be yes or no, because it is neither here nor there, as this has its advantages and disadvantages. When couples maintain one account, for this to work well, there must be a lot of understanding, the element of trust, positive perception of each other, acceptance of the needs of both, and the acceptance of familiar extended responsibilities of each other and that of one. Where all of these and some other vital ingredients are present, then operating a joint account can be possible. But of course, it is inevitable that husbands’ and wives ‘ financial needs cannot be the same. First of all, God and culture have made the man head of the family, and as such, the man’s financial responsibilities are more significant than the woman’s. Therefore, if they engage in the same account, it may help, the woman already knows the financial side of her man, as well as the available amount in the account, both know where such money would be channeled into, there won’t be room for a romantic picture of any sort as regards superfluity. Also, since the wife’s money is available as part of the financial pool, this tends to prevent her from making undue demands and may even make her be more supportive not only as a wife but also as a virtuous woman whom God has ordained her to be, as women are believed to live larger than men. However, over the years, there could be danger. In that case, this, therefore, exposes either or both parties’ contribution (s) to danger-as deductions will be made to finance sexual philandering, priorities placed on frivolities, and the likes.

 

Lanre Oseni

It all depends! For a couple who are trustworthy in themselves and are both resilient and openhanded to each other, joint finances will fare well. If both are well educated, religious, and gentle, joint finances may succeed. If one of the couple is half – illiterate, wayward, extravagant, ostentatious, and full of anger, separate finances will fare better. A religious and the other, carefree, joint finances will be disastrous. Situations, attributes, characters, genuine love, individual income level will determine the type of finances.

 

Olamide Obabiolorunosi

That is impossible. The man is the head of the home just as Christ is the head of the church, so I cannot keep a joint account with my wife, period! I am the only one doing my job. What if such an account is opened for the sake of the children? The children would have to open their separate accounts.

 

Next week, we check out the validity of the statement ‘it is the little things that matters.’ The question is what are the little things that your partner does for you that you appreciate. To be part of the next edition, send your response to 08136601345 via WhatsApp or Sms.

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