What Are The Benefits Of Combining Finances And Bank Accounts With Your Spouse

When you get married, you are joining forces with another person to start a new life together. In addition to sharing a last name and a home, you may want to share your finances with your spouse. While you may cherish your financial independence, there are many good reasons why you should merge your savings and checking account with your spouse’s accounts.

Joint Accounts Prove Commitment to Each Other

One of the best ways to show that you are committed to your spouse is to combine your financial resources. It is the best way to prove that the two of you are a team that is looking out for each other’s best interests. Whether you are the one who brings home a steady paycheck or the one who supports the household in other ways, pooling your money together can make both parties feel as if they are working toward a common goal.

Each Partner Has Access to the Account

While you don’t want to think about your partner dying or otherwise becoming incapacitated, having access to a joint account makes it easier to manage financially during tough times. That money can be used to pay medical bills, a mortgage or any other expenses that need to be taken care of. If one spouse dies, the other will automatically take control of whatever is in the account without having to go to court or make any other legal claims for it. This can reduce the stress and turmoil that an individual has to go through while grieving for a loved one.

It May be Easier to Get Loans Jointly

If you and your spouse are looking to buy a home, it may be easier to do so if you have two paychecks each going into a single bank account each week. When a lender looks at your loan application, he or she will want to know that you have enough money in your account to make the monthly payment. The lender will also want to see that there is money in that account on a consistent basis and that it is coming from a reliable source. If you and your spouse both deposit a paycheck into the same account, you can prove that you have a steady income. In addition, you can use your combined income to apply for the loan, which may qualify you for a larger loan.

You Can Get Different Check Designs to Keep Money Separate

Those who insist on some sort of financial autonomy could opt for check designs that are different from the ones that their spouse uses. For instance, you could use your own checks to keep track of how much you have spent and contributed to joint bills, and use another set of checks to track how much your spouse has spent or contributed to the family finances. In addition, using checks can help you keep better track of finances. Knowing how to order checks online could also save you a lot of money in the long run.

Pay Off Debt Faster

In the event that one spouse makes more money than you do, it could be beneficial to combine each person’s debt into a single monthly payment. This may make it easier for you to save more of what you make, which can be used to build an emergency fund or for another useful purpose.


If you are wary of combining your finances with your significant other, you should consider all of the good reasons to do so. You may be able to buy a larger home, pay off debt quicker and simplify monthly bill paying by keeping everything in one account. In the long run, you will find that the pros of combining your finances will most likely outweigh any concerns that you may have.




By Erica Buteau

Change Agent. Daydream Believer. Maker. Creative. Likes love, peace and Jeeping. Dislikes winter, paper cuts and war. She/Her/Hers.

One thought on “What Are The Benefits Of Combining Finances And Bank Accounts With Your Spouse?”
  1. Online banking is a great feature that many banks offer now. My husband and I can go in and see all transactions, transfer money to our savings, or pay bills online.

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