"My Wife Is Pushing For Us To Open A Joint Bank, But I Don't Want To Do It": Expert Advises

• A young Ghanaian man is confused over the demands being made by his wife regarding their finances
• The woman is pushing for them to set up a joint account after they relocated to the US
• A finance expert has advised the young man on what to note when facing a decision like this

"My name is James, a medical doctor, and my wife is also a nurse, we recently relocated to the US to work here, but now my wife is pushing us to open a joint bank account immediately. Her reason is that I am a spendthrift and might not be able to save, especially for the house we plan on building in Ghana.She also complaining over the money I remit to my family. I am now confused and would like to know if there are disadvantages in opening this joint account. Also, in my case, can I withdraw money without my wife noticing once this account is opened? Given your expertise in finance, I would be grateful to have professional insights on the matter."

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Patrick Baah Abankwa advises James

Patrick Baah Abankwa is a Chartered Banker and Chartered Global Investment Analyst with much insight into managing finances

In my experience as a Financial Advisor, I know that setting up a joint account has advantages and disadvantages.

I will begin by listing some advantages of opening a bank account as a couple.

Shared financial goals:

A joint account can simplify managing finances for couples with goals like buying a house.

Transparency and trust:

It also fosters openness and builds trust in your financial management.

Convenience:

And thirdly, it simplifies paying bills and managing shared expenses.

However, there are also disadvantages when it comes to having a joint account

Loss of individual control:

You will both need to agree on spending and saving before every action is taken.

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Potential for arguments:

Disagreements on spending habits can arise when parties take an entrenched position.

Limited access:

Depending on the account type, access to funds might require joint approval for larger withdrawals. The mandate on the account is, therefore very important.

James, in your case, I will urge you to make certain decisions.

Open Communication:

Talk openly with your wife. Explain your concerns about remitting money to your family and the colleague's advice.

Transparency and Compromise:

Consider a joint account with a linked separate account for each of you. This allows for shared goals while maintaining some individual financial freedom for remittances.

Building Trust:

Finally, demonstrate responsible financial management through budgeting and adhering to remittance goals. This can build trust and potentially ease her concerns.

Man returns money mistakenly deposited into his bank account

Earlier, YEN.com.gh reported that a young Nigerian man has narrated how GH¢45,500 was mistakenly credited to his account.

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The man said it happened in October 2012 when he asked his apprentice to deposit the money into his Enterprise Bank account.

Later that day, Ayodele said he was surprised to receive an alert that GH¢45,000 had been deposited into his account.

The man, upon realizing the bank had erred, reported the matter for the mistake to be rectified.

Disclaimer: The advice given in this article is general and is not intended to influence readers' decisions. They should seek professional advice that considers their circumstances before making any decisions.

Have a story to tell? Need an expert's advice? Feel free to contact us at ask.an.expert@yen.com.gh with Ask an Expert in the subject line.

Source: YEN.com.gh