US Financial Management, Inc.

After all, a majority of marriages end because of financial issues; in fact, I recently read that about 90% of marriages fail because of financial associated reasons. Because of different approaches to saving or spending, prior debts, or the problems that often arise from money, many married couples have opted to keep their finances separate.

You may think that having separate bank accounts is a selfish decision when you are sharing your life together, but for many couples this helps to prevent the friction that develops because of one partner’s spend thrifty ways or another partner’s frugality. If you know that you or your partner tend to be overly stingy with money or that ONE of you tends to be a compulsive shopper, you may want to keep your bank accounts separate to prevent conflict.

The best way to keep separate bank accounts is to have one joint checking where each partner deposits a certain amount of his or her income, around 30-40 percent, depending on the bills and housing expenses. There should also be a joint savings where each of you should deposit roughly five to ten percent (recommended) of your income per month. Whatever is left over should be deposited in your individual bank account to pay off your individual debts, spend, or save.