Comments on: The Importance of Bank Consolidation https://www.onefrugalgirl.com/the-importance-of-bank-consolidation/ Earn, Save, and Live Joyfully. Thu, 02 Feb 2012 20:49:14 +0000 hourly 1 https://wordpress.org/?v=6.8.3 By: One Frugal Girl https://www.onefrugalgirl.com/the-importance-of-bank-consolidation/comment-page-1/#comment-273 Sun, 10 Jun 2007 14:10:00 +0000 http://www.onefrugalgirl.com/?p=186#comment-273 First, of course married couples are individuals, who can choose how to spend their own money, but I don’t understand why you need a separate bank account to demonstrate self worth.

Second, although it’s true that a spouse could cheat without spending money, it crosses a whole different line when they start tapping into family funds.

Third, joint accounts definitely simplify our lives. For example, our brokerage firm enables us to create on the spot asset allocation reports, which allow us to visualize the breakdown of our holdings by asset class (large cap, small cap, international, etc). If we maintained separate accounts we certainly wouldn’t be able to generate these reports so easily and would have to perform a lot of extra work to receive comparable results.

Lastly — loved the comment, I love it when readers disagree with my posts.

]]> By: enoughwealth@yahoo.com https://www.onefrugalgirl.com/the-importance-of-bank-consolidation/comment-page-1/#comment-272 Sun, 10 Jun 2007 04:16:00 +0000 http://www.onefrugalgirl.com/?p=186#comment-272 We have joint accounts for our home and investment property loans, and a joint savings account where we put money that is needed to service our joint payments. But we’ve also kept our individual accounts – we’re still individuals, and as responsible adults can make our own decisions on what we choose to spend our own money on. In any case we tend to consult on any big expenses anyhow. This probably seems more natural to us because we didn’t meet and marry until our late 30s, by which time we already had our own investment portfolios, retirement savings and so on.

I don’t see that having only a joint account is much help avoiding infidelity – your spouse would have been unfaithful in a flirting/dating sense well before they start spending noticeable amounts of money on gifts etc. By the time these items appeared obviously in a joint account statement then it’s probably a round about way of saying they want to be found out and split up. If your partner wanted to conduct a clandestine affair they’d just take out regular small amounts of cash and use that for any gifts etc.

On the simplification side of things, it’s really not an issue now that most accounts can easily be tracked via the internet. The only reason to avoid having lots of extra accounts is if they are costing you money eg. account keeping fees etc.

Regards
http://enoughwealth.com

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