This is what you could be asking yourself as you and your man become steadier and live together. We weigh out the options.
Whether you are staying together or are a newly married couple, you might be looking into opening a joint bank account. We look at the advantages and disadvantages. Pros
- Lack of hassle when it comes to who pays for what, the expenses are taken care of.
- Less time spent tracking the expenses and expenditure
- Can streamline issues like applying for bonds or acquiring assets
- Can unite and create a strong bond “what mine is yours, what’s yours is mine”
Financial advisor at Prestige Wealth Manager Monique Olivier warns against joint accounts as it will lead to complications in the future. “South African banks do not allow co-habitants to open joint bank accounts, but I have never been a fan. There is no advantage to having a joint bank account (co-signatory). This can create complications if only one partner has a bank account, and the other respective partner has signing powers, because in the event of the accountholder’s death the account will be frozen, and an estate can take a minimum of 9 months to be wound up.” So are you willing to take the plunge?
- One might start feel confined and restricted
- Lack of privacy
- Lack of financial independence
- Lead to argument if you spend more than you earn and spending styles aren’t the same