Joint versus Separate Accounts

There are married couples who have separate savings and checking accounts.  Though I will argue that having joint accounts is best for several reasons.  

At the get go of our marriage, Mike and I have always had joint accounts for our money. Having separate accounts really never crossed my mind and even now really isn’t an option for us.  Here’s why………

1)  Builds accountability. We have set up rules with our finances.  I always let Mike know when I withdraw money from the accounts (because he keeps the books) or we have a discussion first about any big ticket items. One of our financial goals is to get out of debt so we hold each other accountable by discussing purchases so that we don’t go into debt to pay for them.

2) Establishes trust.  I trust my husband and he trusts me.  We are honest to one another and do not make any decisions without the other’s acknowledgment.   

3)Gives a clearer financial picture.  We know what the bank accounts look like and what our expenses look like. This helps in obtaining any financial goals. Joint accounts allow us to work together to meet those financial goals.

4) Fosters a mutual belief that God owns everything. My husband and I believe that God does own everything and that we are just stewards of what he has given us.  We operate together under this principle and try to honor our Lord with our finances. 

Well what does the Bible say in reference to this subject?  Well, this is the verse that keeps popping up in my mind.  Matthew 12:15…………..A house divided against itself shall not stand.  I just think that having separate accounts can lead down the road of division.  And a house divided will fall.

Separate accounts can foster distrust, suspicion, dishonesty, and resentment. It also can foster an attitude of selfishness and quite frankly a host of other problems.



One Response

  1. I really like this blog too, in addition to Honour your husband! Joint accounts are so important. We are to leave our old lives (family and moms) and cleave to our new spouse. We are hanging onto old ways when we refuse to share and join all matters together. Thanks so much for this important post!

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