DEAR SOMEONE ELSE’S MOM: My mother was married three times. All but the second husband were real fu#k-ups and cleaned out all the money in their joint bank accounts, most of which belonged to my mom as she was the one who had a job and brought in most of the money we lived on.
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I saw how wrecked she was when she couldn’t do anything to get back the lost money, and then had to start all over again. That’s why I swore to myself when I was still a teenager to NEVER have a joint account with ANYONE.
Now that I am married, my husband keeps telling me we need to set up a joint savings and/or checking account. I have no reason to think my husband would ever take my money, but after seeing how things went for my mother, there is no way I’m going to put what I have worked for and saved up for myself in the hands of anyone else, even my husband.
Don’t you think there are loads of reasons to keep my money under just my sole control and then move it around as I need to? --- IT’S MY SAVINGS
DEAR IT’S MY SAVINGS: While I know there are arguments for and against couples having joint accounts, overall, if properly and prudently set up and tapped into, they’re be a useful financial management tool. Look at it as part of the partnership you have with your husband.
I see no reason why you shouldn’t establish a single joint account to be used for situations and purposes affecting you both.
I also don’t see a problem with your each having an account set aside for your individual use. A separate account can come in handy and give you the safe haven you require for your own savings.