When in a committed relationship, should you share a bank account or keep your accounts separate?

In my opinion, sharing an account is the way to go and here is why:

Transparency is key
Generally speaking, I believe in transparency and disclosure. Therefore, it only makes sense to share a bank account.

Experts have been saying for years that the number one cause of marital breakdown is money. Sharing an account creates less financial stress on your relationship as you are both on the same page. If you are in (or about to be in) financial difficulty, you will both be aware of it because both parties have access to the account and can see when you are in trouble.  

When times are tight, you and your partner will both know that buying hockey tickets or a purchasing new handbag isn’t an option. You will both be aware of the circumstances so it won’t come as a shock to one of you and not the other.

Budgeting is simplified
Having one account makes it easier to create a budget and it simplifies the ability to track expenses. All expenses can be seen in one place and when expenses change, both parties will know and the budget can be adjusted accordingly.

Discipline is required to manage money properly, so both partners need to be held accountable. Both need to be aware of how much money needs to be in the account for bills and other household expenses.

Makes financial sense
Financially speaking, sharing an account costs less money. Having one bank account means you only have to pay banking fees once.

But where is the romance?
Some couples feel that sharing a bank account removes the “romance” from a relationship as you aren’t able to surprise your partner with gifts. If you insist on having a separate stash for “date night” or “birthday gifts”, my suggestion would be to get your own credit card with a VERY small balance…as long as you pay it off right away.

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