Contact Us

Phone: (713) 681-2500

Fax: (713) 684-1600

Email: Send Email

facebook  twitter

Community Outreach
ribbon
STORM SEASON
Important Note:

June through November our agency may become prohibited from binding coverage should a “Tropical Disturbance” enter the Gulf of Mexico or Caribbean Sea.

In these cases we may be unable to bind new coverage quoted in open proposals until the storm leaves our area and our binding authority has been restored.

Please arrange your coverage protection early to avoid this type of delay. While we regret any inconvenience, the carriers impose these restrictions on all agencies.

Are Joint Bank Accounts the Secret to a Happy Marriage?

According to one researcher, arguing about money is the top predictor of divorce. But this doesn’t keep most couples from discussing finances. A 2014 American Express survey found that 52 percent of them have financial conversations at least once a week. Of course, those conversations might not always be totally honest. The same survey found 40 percent of women respondents admitted to hiding purchases. So did 33 percent of the men.

So what can you do to ensure wedded financial bliss without giving up the occasional frivolous expenditure? Some experts argue for keeping your money separate from your partner’s money. This allows you to maintain some of your independence and individual financial identity. It may even reduce squabbles about savings and purchase decisions.

Others, however, are champions of the joint bank account. They claim it brings couples closer together and creates a stronger financial “team.” Let’s consider their reasoning in greater detail.

A joint bank account makes budgeting easier. Tracking spending and saving is much simpler when you’re making most of your financial transactions from a single bank account. Some couples choose to maintain individual credit cards—very helpful when making “secret” purchases for birthdays and other gift-giving occasions—but pay them off from their joint account.

A joint bank account encourages a single financial mindset. When you have a joint bank account, you no longer view your money as “mine” but as “ours,” literally and figuratively. You can agree upon a joint budget—including personal spending money for each of you—and joint savings goals. This makes it easier to stick to a financial plan that benefits you as a couple.

A joint bank account eliminates financial secrets. You’ll know exactly how much your partner is spending and—unless you’re making purchases with an individual credit card—on what. This allows you to collaborate on developing healthy spending habits.

Ultimately, it’s a matter of personal preference. You might even find the most happiness with a hybrid approach in which you share accounts for joint expenditures (such as the mortgage, groceries, utilities, insurance, etc.) and maintain individual accounts for personal purchases. Open and honest lines of communication are essential regardless.

Whether you’re in a new relationship or have been together for years, we’re here to help with all of your financial planning needs. Give us a call today to discuss any questions you may have about budgeting, paying down debt or saving for retirement as a couple.