Women & Money: Joint Accounts a Good Idea … If You’re Married

Unmarried couples advised not to tie finances together

hefreeman01264Savvy money management skills are a necessity to weather these tough economic times. BlackEnterprise.com has got you covered with our supplement to the magazine’s three-part “Women & Money” series.

Over the next two weeks, we’ll have money management tips and strategies from Harrine Freeman, CEO and owner of H.E. Freeman Enterprises, a credit counseling service.

BlackEnterprise.com: At what point should a woman consider getting a joint account with her partner? Should she consider doing so even if they are not married?

Harrine Freeman: A woman should never consider getting a joint account with her partner, not even if she is engaged. You should only consider getting joint accounts when you are married.

This can save you a lot of heartache and ensure that your credit remains in tact. You can’t control what someone else does or how they spend their money, you can only control yourself.

If you are an not married, follow these four tips:

–You can help out your partner but don’t take on their financial burdens.

–Don’t cosign a loan for your partner even if you are engaged.

–Determine how expenses and bills will be handled.

–Don’t get joint accounts.

If you are married, follow these four tips:

–Examine each other’s spending habits and work towards a compromise.

–Don’t assume your future spouse wants to pay your debt.

–Be honest about your financial situation.

–Don’t keep secrets regarding your finances or purchases made. Develop a plan to resolve the issue.

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  • Cheryl

    I tried the joint account with my husband who is a financial nightmare. He felt the need to write bad checks on the account when he could not pay his bills. I’ve since closed the account, repaid the overage fees and re-opened a new account back in my name only. Whether married or single please make wise decisions that could affect you personally. If you both are not on the same page wait until you both are, because then you become their debt relief.