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Journalism of Courage
Money can be a sensitive topic in any relationship. If you’re getting married or have just tied the knot, it’s important to have open conversations about finances early on. Honest discussions about income, expenses, and goals help build trust and make it easier to plan a secure future together.
Once you start managing a household, you’ll find that day-to-day life involves many shared costs—rent, groceries, utilities, and subscriptions. A good approach is to maintain one joint account for common expenses and two separate accounts for personal spending. It keeps things transparent, fair, and free of unnecessary friction. Here’s how to make it work.
The Case for a Joint Account
A joint account removes the confusion about who pays for what. For instance, if both partners earn ₹1,00,000 a month, each can contribute ₹50,000 to a shared account to cover household expenses. It reduces the hassle of tracking every payment and helps build trust through teamwork.
Why Individual Accounts Still Matter
Financial freedom is as important in a relationship as emotional trust. Your personal account gives you independence—it lets you spend on your hobbies, goals, and little treats without guilt or approval.
This approach also helps when one partner earns more than the other, preventing any sense of control or imbalance. For example, if you earn ₹1 lakh and your spouse earns ₹60,000, contributing proportionally—say 60% and 40%—to the joint account ensures fairness while allowing both to retain control over their own money.
Balancing Joint and Separate Accounts: The 50-30-20 Rule
A simple way to manage both joint and personal finances is by following the 50-30-20 rule: allocate 50% of your income to needs (which can go into the joint account), 30% to wants (personal spending), and 20% to savings and investments.
For instance, if your combined monthly income is ₹1.5 lakh, ₹75,000 can go towards joint expenses, ₹45,000 towards personal spending, and ₹30,000 towards future goals. This method defines joint responsibilities while preserving individual autonomy. It also helps you save efficiently, enjoy flexibility, and meet shared milestones.
Financial Safety Nets and Preparedness
Life is unpredictable. In emergencies or sudden situations, you might need instant access to funds. Joint accounts may have withdrawal limits or require both signatures for large amounts. Having a personal account ensures you can act quickly when needed. For women especially, it offers financial security during career breaks or family transitions.
Why Joint Doesn’t Mean Losing Control
Many worry that joint accounts limit independence, but the reality is different when both partners are disciplined. A joint account can be a transparent platform for shared goals such as a holiday, a new car, or a home, while individual accounts can fund personal ambitions.
It’s also easier to track progress when household expenses and savings are visible. The idea isn’t to give up control but to align financial priorities and work together towards common objectives.
Financial Independence Protects You
No one enters marriage expecting it to end, but life is uncertain. If things go wrong, having your own account ensures you’re not left vulnerable. Joint accounts can be misused or emptied without warning, depending on how they’re set up. Separate accounts provide a safety net and the peace of mind that your money remains under your control.
Whether you’re newly married or have been together for years, blending joint and individual accounts can bring harmony to your financial life. It fosters trust, respect, and independence—three essentials for a strong partnership, both emotionally and financially.
Adhil Shetty is the CEO of BankBazaar.com
