After walking down the aisle, couples often see combining finances as the obvious next step. But times are changing, and some financial “rules” are meant to be broken.
For some couples, maintaining separate bank accounts, master cards and budgets is simply a matter of convenience. For others, it can provide a greater sense of personal security and harmony in their marriage.
That seems to be especially true for women. Here’s why these six married women bucked tradition and maintain separate finances from their spouses:
Business Day goes out to seek the views of some corporate married women, on this issue.
Because it’s easier
This is pure laziness, we have bills each person is responsible for and it’s easier for us to keep it all how we are used to than to do math. —Philomena Ansah – Front Desk Executive.
Because we enjoy our independence
Marries for 16 years, we started with a joint account because we thought that’s what you’re supposed to do, and I was not working anyway. About six years in, we got separate accounts at two totally different banks. If I remember correctly, it was because we kept spending everything and were living paycheck-to-paycheck.
We split the bills. Not like ‘pay ECG bill is GHc100, so you pay Ghc50’ that’s ridiculous. But I’ll pay all the utilities, and he pays the rent. I pay my own car payment, phone bill and credit cards, and he pays his own and our car insurance. He pays more in bills than I do just because he makes more than I do. I love being able to spend what I want without having to explain. ‘But why do you spend Ghc 1,000 on shopping?!!’ Nope! I do not go through that any more.
As a woman, I think it is important to have and manage your own money and have something put away in savings ― just in case!” ― Gifty Danso – IT Consultant.
Because we trust each other
“We had both been married before when we got married 33 years ago, and decided that it was just easier to keep things separate. He’s an Accountant and I am a Banker and trainer. He has always made more money than I, but my finances have grown over the years with job changes.
We both have shared personal and business accounts, but have never written a cheque on either account. He took care of the rent I took care of the utilities and food. He took care of the big ticket items and medical, I took care of all the kid stuff. He takes care of our investments and keeps me informed.
Over the years, we’ve just gone with the flow depending upon the needs of the time as to who is paying for what. I spend money on theatre tickets, stuff for the kids or clothes. He’s never asked me how much I’ve spent. It took us a while to get it all figured out, but I believe the key is flexibility and trust. It’s worked for us.” ― Jessica Addo – Banker
Because we have different money management styles
“Love it. I balance a budget and pay most of the bills, track shared expenses, etc. At the end of the month, I reconcile and request the money he owes me for the shared expenses, which include utilities, rent cars, groceries, investments, etc.
We both manage our own personal non-shared expenses. We do discuss goals for investments that would ultimately have a shared responsibility.
We have a ‘spend your own money on whatever you want’ mentality with no judgment and no permission-seeking.” ― Christable Annor – Insurance Agent
Because my ex put us in debt
“When I was married, my husband and I shared a checking account. He was in school and earning very little. On my teacher salary account, I was paying majority of the bills, He uses his student loan for restaurant eating, going to the cinema houses with friends, while he threw away the launch I made every day for him.
A year before we split, he gain part time employment and was earning quite good, we were so deep in debt, we had agreed that we would work to pay off all credit or loans.
But unfortunately, his lifestyle was not making us to have it.
My current partner pays his bills and I pay mine. I never ask him where he is spending his money, and he never asks me. As long as the bills are paid, we are good. If he is running short, I get the utility bills. If I am running short, he will pick up the groceries, and the children items. I will NEVER share a bank account again.” ― Mabel Azu – Human Resource Supervisor
Because my partner’s been burned in the past
Married for 8 years, I send half of all the bill money to her account every month. One reason we have done this is due to her past relationship, where finances were combined and upon separation, she had to eventually file for bankruptcy due to her previous spouse getting a car in her name. She suffers from anxiety, and one of her triggers is finances.
By us keeping them separate, she can ensure all the household bills are paid and everything is in good standing. It has worked, and we never have arguments over finances. Even though our finances are separate, we don’t worry about who pays for what or how the money is spent.” ― Patricia Lartey – Fashion Designer (PAT’LL KLOTHING)
By: Sheila WILLIAMS
