Marriage is a plus if well maximized and "two are better than one" indeed. The most important thing is the ability to have common goal and vision because "can two walk together except they agree"? One of the mighty force of life is unity and agreement which is easily exemplied in marriage and family most especially between couples. The power of unity and agreement has led to massive breakthroughs in human history on all subjects of life with marriage inclusive. One of the most profound way for couples to leverage on their oneness unto the end of maximum advantage and progress is through their financial collaborations including use of joint account.
Over time and by experience, i have seen that whatsoever a couple agreed to do together in all honesty, trust and openess with a common goal and vision in view, it always succeed or has high tendency to succeed. For example, there have been couples who run family business with each partner supplying his or her own part and such business thrives and succeed as compared to that of individuals only. One of the greatest hinderance to having joint account is a wrong believe system by any of the partner based on upbringing, negative experiences seen or heard, reservations etc. Once the believe system is right by both partners, that settles it.
In addition, aside wrong believe system, there is also a cultural perspective maybe bias or reservation to join account especially in developing countries as compared to the developed countries. For example, here in Africa, joint account is just getting to see the light of day. Also, there are religious, ethnicity perspective to it to which couples have to look into and discuss thoroughly making the best decision that suites each family. I am a proponent of joint account as a way of achieving financial stability which is crucial for a healthy family. Here are the reasons for supporting joint account adoption by couples to achieve financial stability:
• Joint account promotes financial goals and plans which are bedrock for financial stability.
Just as there can't be a house without a foundation, hence there can't be a financial stability without a financial goal and plan either short, medium or long term. For example, a couple can plan engaging in a capital project or even acquire something to enhance their standard of living at a particular time according to plan which they can save towards using a joint account for effectiveness with contributions coming from each of the partner.
• Joint account checks financial recklessness/extravagancy and strengthens openess/accountability.
Wasteful or extravagant spending by any of the partner can never help to achieve financial stability, hence, the use of joint account comes in as a way of helping out of this weakness. Also, joint account strengthens openness and accountability as regards financies which is key to achieve quick financial stability. It takes humility and selflessness to be financially accountable to one's partner which is unpopular but yet powerful to achieve quick financial stability.
• Joint account can be a good indicator to measure how a family is fairing financially.
It's difficult to capture how well a family is fairing financially without the use of joint account. Going by joint account, financial appropriateness and wellness of a family can be checked and hence makes for a robust solid decision propelling for financial stability.
Financial growth, stagnancy or decline can be easily noticeable for appropriate actions using a joint account.
In another light, there have been situations where life happens to a family through emergencies, sudden death or any other unforseen contingencies with the joint account coming to the rescue. Therefore, i will counsel and support joint account anyday anytime, however, the basis must be mutual understanding, agreement and common goal/vision. Joint account isn't a must but it is highly encouraged. Also, having a joint account might not necessarily mean that the partners won't have a personal account as they chosed/agree to. It is good for each couple to know what it best fit for them and as deemed fit go for financial stability method suitable for them whether joint account or others. Thank you for reading as comments, contributions are welcomed.
This is my entry to @Hivenaija weekly prompt 51 which is posted through @inleo
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