Is it better for couples to set up separate or joint bank accounts?
Khalfani-Cox: Actually, it’s better for couples to have both separate accounts and a joint account. You should use the joint account to pay for shared household bills -like the rent or mortgage-as well as to purchase big-ticket items, like that Plasma TV you’ve both been eyeing. Additionally, separate accounts can be used to develop financial autonomy, learn how to budget money on your own, and reduce financial arguments. According to PayPal’s 2009 Can’t Buy Me Love survey, 1 in 3 couples surveyed worldwide, and nearly 50% of those in the U.S. said they were arguing more about money because of the current economic downturn. At the same time, more than half of those surveyed said they were maintaining separate accounts. That’s one way to minimize money-related battles because with separate accounts neither party has to account for every single penny nor do they have to get “permission” to make routine purchases. Q. Things are tough for a lot of people right now. What should a sister do
