To Have or Not to Have? Financial Transparency in Marriage

Money shouldn't be a taboo topic. Talking about it allows you to see if your partner prioritises responsible financial behaviour.

- Rosalind Ang

When my husband first brought up the idea of the two of us having only a joint bank account, my first thought was that I didn't want it.

The concept of having only a joint bank account, and no personal account of my own, was intrusive to me — I didn't want to have my monthly spending scrutinised under a microscope.

My husband and I earn different salaries and also have different spending habits. I was concerned about any conflicts that may arise from these differences. For example, as I spend much more than him on shopping, would it build resentment in him over time to see all that spending come out of an account he co-owns?

The flip side of that is a joint account establishes transparency in a marriage, as each person can see every transaction the other made. No expenses can be hidden, which helps build trust and avoid misunderstandings about where the couple's money is going.

Then there's convenience — one of the biggest pros for a couple to have a joint bank account.

Having just registered our marriage in January, my husband and I have many upcoming couple expenses — we just purchased our first home (a resale flat) for about $600,000 and are looking for renovation contractors.

A wedding is also in the works for the next year, adding more weight to the spending decisions I make day to day.