Should Couples Keep Separate Bank Accounts? (3 Things to Think About!)

One of the most controversial topics in personal finance is whether married couples should maintain separate bank accounts. While there are passionate viewpoints on both sides, here are 3 things to consider:

1. There is a difference between having a separate bank account and a secret bank account.

Opening an account that you intend to keep secret is flat-out wrong, whether any inappropriate transactions have occurred or not. You need to examine your motives and get to the bottom of why you feel the need to operate in secrecy. Definitely something to think and pray about.

2. Communicate With Your Spouse

While many financial experts, counselors and Pastors broadly label separate accounts as “wrong,” you and your spouse should sit down and decide together which approach you are comfortable with.

For instance, my wife and I have a joint account where we deposit all of our income, after which we immediately tithe. Once that is complete, we transfer our “pocket money” into our individual accounts, and what remains in our joint account is used to meet our obligations. This gives us the freedom to do things we enjoy without complication.