xoSelf: Am I Wrong for not Wanting to Combine Finances with my New Spouse?

xoSelf (short for Love Yourself)) is a weekly advice series where women can anonymously seek advice on topics about relationships, work, finding themselves or life challenges. xoSelf is responded to by educator & life coach Dr. Walter Hidalgo.

 

Dear xoSelf:

My new wife of less than a year wants to get a joint bank account to share our expenses. I’m all on board for getting a joint account, but she only wants that 1 account. It’s not that I don’t trust her, but I don’t want all my income going into an account that we share. We have different spending habits and different lifestyle choices. I prefer to have a joint account for bills and then my own personal account for what I want to do with it. Is this wrong thinking? 

 

Answer:

I don’t think there is anything wrong with having your own personal money available to meet your needs specifically.  However, married folks run into problems when they hide money from each other.  The more transparent you are about your finances and personal goals the better financial decisions that you and your wife can make. Ergo, I recommend you develop a financial spreadsheet that lays out both of your incomes and classifies your bills, savings, personal, etc.  As long as you both can see what’s coming in and out while not interfering with the day-to-day

 

Related article: Life hack to Level up your Life + Bank Account

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Dr. Walter Hidalgo is an educator and coach. He has a master’s of arts in Church History and Sociology from Union Theological Seminary at Columbia University and a doctorate from New York Theological Seminary where his focus was on the intersectionality between Hip-hop culture and socio-spiritual movements. He has taught in universities, high schools, prisons, not-for-profit organizations, and faith-based institutions from all over the world. And finally, he is the author of the critically acclaimed book, “Beyond the Four Walls: The Rising Ministry and Spirituality of Hip-hop” where he has worked with numerous Hip-hop artists, educators, and youth from all over the world to create spaces of fun and empowerment.

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