Share this @internewscast.com

Australian women are debating the importance of having your own independent savings account even if you’ve pooled finances with your partner. 

Most say it is ‘necessary’ to have your own financial independence in any relationship, while some say a relationship is an ‘all in’ agreement and share all their money.  

In a post to popular Facebook group, She’s on the Money, one member posed the question: ‘What are everyone’s thoughts on having a savings account for yourself even if you have a shared account with your partner?’ with hundreds offering their two cents. 

Should you have your own savings account in the relationship? Some women say it's 'necessary' whereas others are happy to pool their finances with their partner's

Should you have your own savings account in the relationship? Some women say it's 'necessary' whereas others are happy to pool their finances with their partner's

Should you have your own savings account in the relationship? Some women say it’s ‘necessary’ whereas others are happy to pool their finances with their partner’s 

‘I personally think it’s crucial and super important for my financial independence and security, but am having trouble articulating why,’ she wrote. 

The penny-wise woman explained her partner earns much more than her and after experience with manipulative relationships she finds financial independence ‘super important’ for her ‘safety and security’. 

‘I’m hesitant to join our accounts because I wouldn’t be able to contribute the same or similar amount while also keeping some separate for myself outside of shared expenses and discretionary funds etc.,’ she added. 

Her post drew in a barrage of responses from thrifty women chiming in with why they think a separate savings account is ‘necessary’ and a ‘great idea’. 

A Facebook post drew in a barrage of responses from thrifty women chiming in with why they think a separate savings account is 'necessary' and a 'great idea'

A Facebook post drew in a barrage of responses from thrifty women chiming in with why they think a separate savings account is 'necessary' and a 'great idea'

A Facebook post drew in a barrage of responses from thrifty women chiming in with why they think a separate savings account is ‘necessary’ and a ‘great idea’

Poll

What is your financial arrangement with your partner?

  • Everything is pooled 12 votes
  • Everything is separate 6 votes
  • We have shared and independent accounts 20 votes

Now share your opinion

‘Women should always have a ‘just in case’ fund that nobody else can access or potentially even knows about. You just never know,’ one person wrote. 

‘I’ve always been told to have ‘running away money’. You can never predict the future, and I think having your own nest egg and financial independence is very important!’ another commented. 

Some said their money is completely merged with their spouse’s and shared the ways they keep their joint finances on track. 

‘To me, marriage is about being ‘all in’ and a team. So my husband and I share everything. We also don’t put limits on what we spend (although we discuss big purchases). We have kids so that plays a part as they are with our a doubt our biggest expenses,’ one mum said.

‘We’re the same as this but with no kids. Everything is joined and we have no ‘allowance’ each or limit on spending. It’s easy to track, everything is transparent, and it works for us!’ a second responded. 

Some said their money is completely merged with their spouse's and the ways they keep their joint finances on track

Some said their money is completely merged with their spouse's and the ways they keep their joint finances on track

Some said their money is completely merged with their spouse’s and the ways they keep their joint finances on track

One commenter pointed out in a de facto relationship, where you and your partner are living together without marriage, all assets are pooled regardless of separate accounts. 

‘It’s a good idea to keep it separate for security because then they can’t withdraw your money, but beyond this, if you are de facto, everything either of you own forms part of the asset pool in a split, even if it’s in individual names,’ she explained. 

‘So just know, it doesn’t really make too much of a difference for security/entitlement beyond the fact that they can’t drain your bank account and run off with it.’

Another who had been through a separation herself agreed saying independent savings accounts ‘mean nothing’ if a de facto relationship breaks up.  

‘In a financial separation/settlement, all assets get included no matter who the accounts belong to or who has contributed to them,’ she said.  

Eight important questions to ask your partner about money 

1. Do you want to combine your money into a joint account?

Agree on whether you want to combine your money, keep separate bank accounts or have a mix of both. Make sure you discuss what happens if either of you gets an unexpected windfall like a bonus. 

2. Do you have any debt?

Find out if your partner has any ongoing financial obligations, such as outstanding credit card or loan debt, mortgage repayments or commitments such as child support. Factor these into any discussions, particularly if you are saving for something together or pooling your incomes into a joint account.

3. Are you more of a saver or a spender?

Find out if your partner spends everything they earn each week or if they save or invest their cash. While their answer may not impact you now, it may when you choose to save for something major like a deposit for your first home or a holiday. 

4. Do you budget for things?

Some people are meticulous with their budgeting (using apps to keep track of their budget), others are a little less strict in their approach and many don’t budget at all.

5. What’s your credit history?

Your partner’s answer to this question could determine whether you get credit approval from a bank. Problems with credit will surface when you apply for things like a personal or home loan, credit card or rental approval together. 

6. Will we live off one or two incomes?

Sometimes this is prompted by a discussion about having children and taking paternity leave. It may prompt you to review your approach to having separate bank accounts. 

7. Do you have any investments?

It’s worth knowing about your partner’s overall financial position, particularly if you’re considering investing together. You and/or your partner might also be financially impacted as investments rise and fall. 

8. How much have you got in your super fund?

It’s important to keep an eye on how much money you’ve both got in your superannuation funds regardless of how far away retirement is. You might want to consider topping up your super through contributions. 

Source: CommBank 

<!—->

Advertisement

Source: DailyMail AU

Share this @internewscast.com
You May Also Like

Industrial worker found shot at Tallyrand business

JACKSONVILLE, Fla. – A man was found shot at a local business…

Elderly protester in poor health, lawyer says

The health of an elderly and well-known Sydney activist remains poor weeks…

Florida School Immunizations Slide

Last school year marked a more than 10-year low for Florida’s kindergarten…

George Clooney and wife Amal lead the stars at the 45th Kennedy Center Honors in Washington, D.C.

George Clooney and his wife Amal brought plenty of glamour to the…

Borrowers’ decisions in limbo as student loan battle continues

Uneasiness is growing as at least 26 million people learn they’ll have…

Willie Nelson coming to St. Augustine

JACKSONVILLE, Fla. — The St. Augustine Amphitheatre will welcome legendary artist Willie…

DeSantis Backs Off Plan to End Disney’s Reedy Creek Improvement District

Joe Raedle/Getty Florida Gov. Ron DeSantis (R) made national headlines in April…

Savannah port terminal to get $410M upgrade amid big growth

SAVANNAH, Ga. (AP) — The Port of Savannah plans a $410 million…
The New Zealand Breakers billboard at Spark Arena and the offending sledge aimed at former player Corey Webster that was also shared on social media. It has since been deleted

Basketball team’s publicity stunt insulting ex-player backfires as he tears them apart in game

A veteran trans-Tasman basketball player has exploded with his best game of…

Real or artificial: Which Christmas tree is better for your wallet and the environment?

Christmas trees — real and artificial — are increasing in price this…

Dad of Murdered Idaho College Student Reveals Why He Believes Daughter or Friend Were Targeted

The father one of the college students murdered in Idaho last month…

Glynn County Police Chief Jacques Battiste stepping down

GLYNN COUNTY, Ga. – Jacques Battiste, the police chief in Glynn County,…