For the longest time now, my boyfriend of seven years and I have been talking about getting a joint bank account. We've lived together for three years and have various bills together, so it makes sense for us to put our money together since we pretty much spend it together, right? Or maybe not.
Looking for another perspective on the idea, I turned to my favorite opinion gathering spot, Facebook, along with a conversation I sparked with a male friend. It seemed that we all had the same opinion: there are really no rules as to when a couple can decided to combine their finances and assets. but each person should have a separate account for personal spending or as one of my FB buddies put it, "...have something put away for a rainy day and never let your left hand know what your right hand is doing." I could totally agree with that. I also had a friend that believed that finances should never be combined. It doesn't mean that you can't work together and be together, I think he just felt that it might avoid a point of contention. "If I fail she got me and vice versa. Two leaders is better than one."
I suppose that all this boils down to is a little bit of common sense and a lot of trust. Common sense says that if you've only been together a short time, it's a good idea to keep your own accounts. Some people feel like one year is a long time (I'm not one of them.) My friends look at me funny when I tell them how long my boyfriend have been together because, you know, that's a freaking eternity. We're practically ancient in Couple years! However, everyone's decisions will be influenced by their own experiences and when we decide to combine our money, whether in whole or part, we will be prepared to deal with everything that comes along with it. In the end, we are still independent people and must be able to do for self first.
For a great outline of how to deal with your money matters, see these 25 financial tips for couples from WIFE.org
