Settle an Argument: Who Should Control Our Joint Bank Account?
By Kayla Miller, REDBOOK
Mike, 50, and Kim, 46, have been married for 26 years and have two kids. Kim is in control of the couple's finances. Mike wants to spend their money on sports events and memorabilia, but Kim wants to save their hard-earned cash for necessities such as bills and groceries. How much influence should Mike get to have on their financial life? Who's right in this situation?
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She says: We're on a tight budget right now anyway, especially with one kid in college, so we need to save as much money as we can for the things we actually need. We can't blow everything on unnecessary items. I am more responsible with our money, so shouldn't I stay in charge?
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He says: Since we both add income to our bank account, I feel like I should get to buy things that I like. Why do I need to ask for permission when I make my own money?
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- Kim should control the couple's budget. She's smart and frugal.
- Mike should get to spend some money on fun purchases. It can't be all work and no play.
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