How many bank accounts do you need?

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Do married couples need more accounts?
Do married couples need more accounts? © Goodluz/

Just because you've joined your lives together in matrimony and jointly file your taxes, it doesn't mean you have to use joint bank accounts. Or at least, you don't have to use joint bank accounts at the expense of your own individual accounts.

"Many married couples choose to maintain a shared joint account and separate individual accounts," CFP professional Euretig says. "This allows couples the flexibility to make independent financial decisions, since not every financial decision is going to involve both parties."

For big financial decisions like buying a home or a new car, it's critical to be on the same page. But for little expenses, like eating out at work or buying new clothes, it's often a good idea to give your partner a little space, Euretig says.

"Shared decision-making on such minor day-to-day expenses can easily lead to disagreement," Euretig says. "Money is a tough subject for married couples, and many cite finances as the No. 1 cause of marital arguments. Having some autonomy with accounts gives couples more breathing room and independence to make their own financial decisions when they don't affect the other member of the couple."


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