Interview: Should married women get a separate bank account?

Recently, Karen Davila’s remarks on married women’s financial independence sparked discussions on social media. This paved way to my interview with Melanie Uson of Philstar Life. Here are my thoughts on how couples can manage their finances through joint, separate, or a combination of both bank accounts.

1. What are the practical pros and cons of married couples having a joint account, separate accounts, or both?

I’ve experienced both joint and separate accounts, and I’d strongly recommend having both.

Having a separate account that’s solely mine allowed me to work toward my personal goals without having to dip into our joint account. Because I had my own money, I was able to bring my dream of publishing a book to life. I was able to accept a speaking invitation in another country because I had pocket money for the trip. I can also send my firstborn to the school of my choice. Now, I’m working on a business that I can fund using my own money. There’s something so liberating about having that kind of financial independence!

And it’s not just about us women having the freedom to pursue our goals. Our husbands work hard, too. Having our own money gives our partners peace of mind knowing that if something unexpected happens, or worse, if they pass away, we have something to fall back on and can work our way through the situation.

But that doesn’t mean joint accounts are a no-no. My husband and I still have joint accounts, and seeing our money grow reminds us that we’re a team working toward the same goals. Indeed, 2 heads are better than 1!

2. How should couples split bills and shared expenses, especially when one spouse earns more than the other?

There’s no one-size-fits-all approach to budgeting as a couple. Every couple has different financial obligations, priorities, and family dynamics. I have clients who are couples who split expenses 50/50, while others have the working partner shoulder most or all of the expenses because the other stays home to fend for the kids.

For my husband and I, we find it best to share the expenses with him shouldering a bigger portion of the pie. This allows me to redirect more of my income toward growing my training business and The Thrifty Pinay, which ultimately benefit our entire family.

What works for us may not work for another couple, and that’s perfectly fine. What’s important is finding an arrangement that works for both partners and allows the family to move forward together.

3. What bank arrangement works best for couples when the wife is a stay-at-home spouse, so she has access to money for both personal and household expenses?

When you’re busy at home, convenience matters.

As a mom of 2 and an entrepreneur, I appreciate being able to take care of things without having to leave the house. Having a digital bank account or using the online banking app of a traditional bank makes life so much easier, especially for busy moms like me.

Need to pay the bills? Just a few taps. Need to send money to your mom? A few clicks, and voila! you’re done!

During my seminars, I always remind my audience that time is also a commodity. The time we spend traveling to a bank, waiting in line, or paying bills over the counter could be spent on more worthwhile things like bonding with our kids, working on a side hustle, or simply enjoying a recreational activity.

Of course, online banking isn’t just about convenience. It’s also about making better use of the time we have. And as busy moms, we know how precious that time can be!

*Read more in Philstar’s published article: https://philstarlife.com/news-and-views/810735-should-married-women-get-a-separate-bank-account

My take: Women empowerment starts with Financial Literacy

But this doesn’t mean that if you don’t have a job or you’re not earning your own income, you’re no longer empowered. Remember, I was a stay-at-home mom too. And I believe that stay-at-home moms can still have their own money, be financially empowered, and make life-altering decisions. In my case, I knew deep down in my heart that even if a recurring income was missing, I am and will be able to change my situation and earn my own income with the remaining savings I had, fire in my soul, and the guidance of my supportive husband.

Therefore, women empowerment shouldn’t be confined to just the financial aspect but you can’t erase the fact that money is essential in being able to have mulitple options.