Suze Orman educates others about money and says there is one rule that couples should follow. She has never had a joint bank account with a partner and doesn’t recommend it. Why? She says that it could lead to power imbalances and a loss of independence, especially if a relationship turns ugly.
Instead of using joint bank accounts, Suze recommends that each partner have their own account and use an equation to determine how much each person should contribute. For instance, if one partner makes a lot more, they should be able to pay more of the expenses.
Finance expert Suze Orman gives couples advice on joint bank accounts
Suze recommends adding up combined earnings and seeing what percent each of you brings in. Then you add up your mutual expenses and pay your percent. She also recommends that couples have a joint savings account for mutual emergencies and separate savings accounts in case the relationship goes south.
Lastly, Suze recommends that all couples have separate IRA accounts that they contribute to each year. This can help set up a smooth future.
What do you think? Do you have a joint bank account or separate?