I’m not married, I have however recently opened a joint account with my girlfriend after the purchase of our first house together. It is evident then that I don’t think it’s a mistake at this point at least to share bank accounts; here is why…
Owning a home, living, eating and socialising together most of our expenses are common to one another. We previously had a system where one person would pay from their account and the other would then transfer half the amount across when convenient. Small things would often get let go and it also meant we had to be vigilant in tracking who had spent what. Ughhh so much effort (not really).
Who’s account does the mortgage, utilities, car insurance, council tax come out of? Why not OUR account?
Effectively I think it gets to the point where your major outgoings are for expenses that you are both responsible for anyway so it just makes sense for efficiency for them to come out of the same account.
We still have our own separate accounts in which we keep 25% of our after tax income for our own frivolous spending but 75% of our income is pooled into the joint expense account and joint investment account.
The strange thing about having joint accounts is that I actually feel like we have made an additional commitment to one another, it’s a further representation or extension of the trust we have.
The added bonus is that it you consider how and what you spend money on, as now it’s not just your own to do with as you please. You consider the person you love has worked hard to contribute to your combined future.