Monday, October 04, 2004
JOINT ACCOUNTS
Because one of my co-workers is getting married next year, a bunch of us at work had a long discussion about what they do regarding their finances once they got married. I was shocked to learn that nearly all my co-workers kept separate bank accounts. Although most did end up having one shared bank account for joint costs like groceries, the mortgage, utility bills, etc, there were also quite a few who did everything separately!
The reason most people gave for keeping things separate were (1) if one has school or car loans to pay off and the other does not; (2) if one is prone to spending lavishly without consulting the other (aka, "Hey honey, check out this new $1,000 surfboard I just bought!" Unfortunately for my co-worker, this is a true story); (3) if one's salary is significantly higher than the other.
As far as I'm concerned, once you're married, you're one family. And that to me means sharing. That means, if Karena had a million dollars in loans to pay off, that would now also be MY million dollars in loans. And we fortunately don't have a problem with (2) because neither one of us spends that lavishly without consulting the other first. Besides, I'm too cheap to every buy a $1,000 surfboard (not to mention the fact that I can't surf). And although (3) is not the case for us, I'd still insist on sharing the funds mutually. I would never think that because I'm making more money, I'm entitled to more to spend. To me, I view the money as contributing to OUR funds.
Now, don't get me wrong. I'm not against separate bank accounts. But I am against the attitude that what's mine is mine and what's yours is yours. After your married, what's mine and what's yours becomes what's ours.
No offense to my co-workers, but it just shows how some people don't view marriage as a life-long commitment. This world has gotten things twisted.
Because one of my co-workers is getting married next year, a bunch of us at work had a long discussion about what they do regarding their finances once they got married. I was shocked to learn that nearly all my co-workers kept separate bank accounts. Although most did end up having one shared bank account for joint costs like groceries, the mortgage, utility bills, etc, there were also quite a few who did everything separately!
The reason most people gave for keeping things separate were (1) if one has school or car loans to pay off and the other does not; (2) if one is prone to spending lavishly without consulting the other (aka, "Hey honey, check out this new $1,000 surfboard I just bought!" Unfortunately for my co-worker, this is a true story); (3) if one's salary is significantly higher than the other.
As far as I'm concerned, once you're married, you're one family. And that to me means sharing. That means, if Karena had a million dollars in loans to pay off, that would now also be MY million dollars in loans. And we fortunately don't have a problem with (2) because neither one of us spends that lavishly without consulting the other first. Besides, I'm too cheap to every buy a $1,000 surfboard (not to mention the fact that I can't surf). And although (3) is not the case for us, I'd still insist on sharing the funds mutually. I would never think that because I'm making more money, I'm entitled to more to spend. To me, I view the money as contributing to OUR funds.
Now, don't get me wrong. I'm not against separate bank accounts. But I am against the attitude that what's mine is mine and what's yours is yours. After your married, what's mine and what's yours becomes what's ours.
No offense to my co-workers, but it just shows how some people don't view marriage as a life-long commitment. This world has gotten things twisted.
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