Women debate whether to have their own savings account or pool their money with their partner

Australian women debate the importance of having their own independent savings account even if you have pooled your finances with your partner.

Most say having your own financial independence is “necessary” in any relationship, while some say a relationship is an “all-inclusive” deal and they share all their money.

In a post on the popular Facebook group, She’s on the Money, a member asked, “What does everyone think about having a savings account for yourself, even if you have a shared account with your partner? ?” with hundreds offering their two cents.

“I personally think this is crucial and super important to my financial independence and security, but I find it hard to explain why,” she wrote.

The wise woman explained that her partner earns a lot more than her and that after living in manipulative relationships she finds financial independence “super important” for her “safety and security”.

“I’m hesitant to join our accounts because I wouldn’t be able to contribute the same or similar amount while keeping some separate for me outside of shared expenses and discretionary funds etc.”, he said. -she adds.

Her post prompted a flood of responses from thrifty women explaining why they think a separate savings account is “necessary” and a “good idea”.

A Facebook post drew a flood of responses from thrifty women explaining why they think a separate savings account is ‘necessary’ and a ‘good idea’

“Women should always have a ‘just in case’ fund that no one else can access or even potentially knows about. You never know,’ one person wrote.

“I’ve always been told to have ‘money on the run’. You can never predict the future, and I think having your own nest egg and financial independence is very important!” another commented .

Some said their money was completely merged with their spouse’s and talked about how they kept their joint finances on track.

“For me, marriage is about being ‘all in’ and a team. So my husband and I share everything. We also don’t put limits on what we spend (although we do discuss big purchases). We have children so that plays a part as they are definitely our biggest expense,” one mum said.

“We are the same, but without children. Everything is attached and we have no ‘allowance’ each or spending limit. It’s easy to follow, everything is transparent and it works for us! a second replied.

Some said their money is completely merged with their spouse’s and how they keep their joint finances on track

One commenter pointed out that in a common-law relationship, where you and your partner live together without marriage, all assets are pooled, regardless of separate accounts.

“It’s a good idea to keep it separate for security reasons because they can’t take your money out, but beyond that, if you’re de facto, everything you own is part of the money pool. active in a split, even if it’s in individual names,” she explained.

“So just know that it doesn’t really make a big difference to security/legal beyond the fact that they can’t drain your bank account and run away with it.”

Another who had been through a separation herself agreed that independent savings accounts “mean nothing” if a de facto relationship breaks down.

“In a financial separation/settlement, all assets are included, regardless of who owns the accounts or who contributed to them,” she said.