Whether you're a new couple just starting out or a well seasoned veteran team, keeping your finances well balanced is vital to the health of the relationship. More than likely, you've heard or seen first hand that when allowed, money has the ability to pretty much destroy any relationship beyond recognition. That being said, I believe that every couple needs to sit down and have completely open and honest discussion of their individual financial situations. This way both of you have a clear understanding of exactly what you're dealing with. Although this basically applies it all couples, it should be an absolute mandatory requirement for those just starting out.
Everyone has different reasons, beliefs, fears or opinions in regards to whether or not a couple should have joint or separate bank accounts; there simply is no right or wrong way to approach it. The only requirement should be that you both talk it over and have SOME type of plan in action. Failing to address how household finances will be handled going forward is just not an option.
The best thing to do is research the pros and cons of each and decide what works best for your unique situation. One method that I recommend is having a four account minimum. This allows each of you to have individual checking accounts, as well as, a joint checking AND savings account. The joint checking should be used to pay all shared household expenses i.e.; rent/mortgage, utilities, cable, internet etc. This is beneficial because it ensures that you're both aware of the household expenses since a certain amount has to be deposited in this account in order to keep a roof over your heads and the lights turned on. Separate from that, you also have a joint savings account to which you can both make deposits into but it takes two signatures to withdraw from.
Then you still have your individual checking accounts that allows each of you the financial freedom to make your own decisions about handling your own money. This way you are solely responsible for your own account and your spouse doesn't have to worry about the lights being turned off because you just bought a $300 (but hella cute) coach bag. However, I would still suggest developing a budget so that you know exactly how much you need to put into the accounts that you share. This combination (if it's setup properly) gives you shared responsibility and transparency in the household finances but sill allows each of you personal freedom in handling your own private finances.
No matter which method you choose, again, it takes communication. Even if one person is better at handling money matters then the other; its not an excuse for one partner to just lay back and chill. You both need to be aware of what's going on. Whether or not you choose to open a joint account or to keep it all 100% separate is a personal decsion that shouldn't be looked into lightly, there are just too many personal factors involved. But planning your finances in advance, as opposed to "just letting it happen," has a higher probability of success. Try different approaches to see which is the best option for you.
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