In today's era, many couples focus on their careers and financial independence. This has led to a trend of separate financial accounts, with each partner managing their own finances. However, there are still many couples who opt for a joint account, like my husband Dean and I. We believe that having a joint account has been beneficial for our relationship, and we want to share our experience with you.
To gain more insight, I interviewed my mother-in-law, Mymie Yu, who has been married to my father-in-law for 42 years. She strongly suggests a joint account to young couples.
According to her, marriage is a covenant designed by God, and for it to work successfully, we must follow God's design. Money is one of the major issues in a relationship, and if we operate outside of God's design, we cannot expect to be blessed. She firmly believes in the Bible and the importance of following God's word to find success and blessings in life.
In her personal experience, Mommy has had a joint account with Daddy for years, and they have never had a problem with it. They trust each other and openly discuss every purchase, big or small. For Mommy and Daddy, the financial partnership they have has been enjoyable and has brought them closer together.
If you're considering a joint account with your partner, here are 5 tips from Mommy and Daddy on how to handle your joint finances as a married couple:
1. Have a Purposeful Joint Account. Communicate to your partner why you have or why you need to start a joint account. The bible states that, "the two will become one flesh.’ So they are no longer two, but one flesh.” Mark 10:8. Everything becomes one, including the finances. If you decide to have a joint account, do it wholeheartedly with a committed heart. No "mine", no "yours". Everything is now “Ours”. https://bible.com/bible/111/mrk.10.8.NIV
2. Accountability in Joint Finances. As you start your joint account, you can both start planning your financial budgets together. Budget together according to your set financial goals as a partner. Exercise control, but as a couple. This will build your communication with your partner.
3. Transparency in Daily Transactions. Be transparent about all your daily transactions. Do a daily accounting of all your transactions and analyze them together. Prioritize finances in agreement with your partner. Adjust accordingly with a cheerful heart. This will build your trust and honesty with your partner.
4. Pray together when deciding on major purchases. Pray together when deciding to buy high-value items or when sending money to family. In everything, decide together wholeheartedly without regrets or blaming.
5. Tithing. This will build your faith together that everything you have is from Him. Not by your works but from Him. This will break your independence from God. You will develop and build dependence on Him and on His word. The Lord said, “Bring the whole tithe into the storehouse, that there may be food in my house. Test me in this,” says the Lord Almighty, “and see if I will not throw open the floodgates of heaven and pour out so much blessing that there will not be room enough to store it.” Malachi 3:10 NIV https://bible.com/bible/111/mal.3.10.NIV
In conclusion, whether to have a joint account or not is a personal decision for every couple. However, for my husband and I, having a joint account has been a beneficial and positive experience in our marriage. We don't need to find security or safety in our finances because God is in our relationship. He is our safety. He is is our security.
We hope that our story can inspire and help other couples who are planning to get married or are struggling with financial issues in their marriage.