In Mark 10:7, Jesus tells us that “A man shall leave his father and mother and hold fast to his wife, and the two shall become one flesh.” But if you’re of one flesh, why have separate bank accounts? It’s a question we get here a lot. Should husband and wife have separate checking accounts, maybe entirely separate finances? Or should all of their money be merged? You’ll hear about that, first up, on this MoneyWise.
- The Bible doesn’t say explicitly that spouses should share one account. People didn’t have bank accounts back then. So, we have to look at the bigger picture. Jesus said in Mark 10 that marriage is about two people becoming one. Obviously, they both remain individuals, but marriage is a partnership that requires trust, openness, and communication. That’s especially true when it comes to finances. Joint checking and savings accounts promote transparency and communication between spouses. It prevents spouses from developing a “mine and yours” mentality. It also promotes trust by ensuring that neither is making hidden purchases.
- Some think that by keeping separate accounts in marriage that one spouse’s bad history won’t affect the other. They’ve heard that when two people marry, their credit histories are automatically merged into one by the credit reporting agencies, but that’s not the case.
- Each spouse’s credit history is tied only to that person’s Social Security number. If one of them applies for credit in his or her name only, only that person’s credit history is taken into account. Here’s an example. Newlyweds decide to buy a new car with a loan (usually not a good idea). Now, say one of the spouses has good credit while the other doesn’t. If they take out the loan only in the name of the spouse with the good score, only that person’s credit history comes into play.
- Many couples take a huge financial step within a few years of marriage, like buying a house. The odds are that because the payments will be so much more that they’ll have to put both names on the loan application in order to meet income qualifications. And, of course, that’s when the other spouse’s credit history will be taken into consideration. If that spouse has a bad credit history, it’ll have a negative impact on getting the mortgage approved.
- A joint account simplifies bookkeeping and the tracking of your spending. Think about it. Many couples have problems balancing a single checking account. Why double the problem with two accounts? Having separate accounts can also create a cash flow problem. Are there enough available funds in one account to meet obligations? If not, money has to be transferred from the other account. With a single checking account, you don’t have to worry about not having enough money to pay a bill or trying to track down the other checkbook.
On this program we also answer your questions:
- I’ll soon be receiving an inheritance from my deceased father’s estate. It’ll be divided between two of us. Now, I owe about $62,000 on my mortgage. I’m 59 and currently cannot work. Should I pay that off with the inheritance or should I continue to make payments so that I can deduct interest for tax purposes? Should I invest in the stock market or what I should do?
- What better places are there to invest other than CDs?
Remember, you can call in to ask your questions most days at (800) 525-7000 or email them to Questions@MoneyWise.org. Also, visit our website at MoneyWise.org where you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources like the free MoneyWise app. Like and Follow us on Facebook at MoneyWise Media for videos and the very latest discussion! Remember that it’s your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab on our website or in our app.
FAQs
Obviously to become one flesh means to become united physically and sexually, but it is far more than that! It is a symbol of a man and a woman bound and melted together, heart, body, and soul, in mutual giving and total oneness. When husband and wife become one flesh, they are no longer two, but actually one.
Is it enough to have one bank account? ›
Budgeting with multiple bank accounts could prove easier than with only one. Multiple accounts can help you separate spending money from savings and household money from individual earnings. Tracking savings goals. Having multiple bank accounts may help track individual savings goals more easily.
Is it bad to have only one bank account? ›
Really, there's no hard and fast rule about how many checking accounts any one person should have. The number and type of accounts that works for you will depend on many factors, including your financial goals, spending habits, and comfort level with monitoring and managing multiple accounts.
How many bank accounts should I have with one bank? ›
The ideal number of bank accounts depends on your financial habits and needs. You might be happy with just two accounts – checking and savings – or you may want multiple accounts to separate business and personal expenses, share a bank account with a partner or maintain separate accounts for various financial goals.
What does your flesh mean? ›
the flesh [ S ] literary. the physical body and not the mind or the soul: pleasures of the flesh This left him plenty of time to indulge in the pleasures of the flesh (= physical pleasures, such as sex or eating).
What does only in the flesh mean? ›
This means that the realm in which they live is a carnal, fleshly realm. They are governed by their flesh, rather than by the Spirit of God. The “flesh” refers to their carnal appetites, sinful desires, worldly pursuits, material pleasures, secular beliefs, self-interest, and self-promotion.
Is it OK to have 4 bank accounts? ›
But you don't have to limit to one account as multiple Savings Accounts can enrich the way you manage your finances. - Debit Cards linked to some Savings Accounts have a per-day limit on fund withdrawal. So, having multiple accounts comes in handy when in urgent need of cash.
How many bank accounts are in one person? ›
How many bank accounts should I maintain? There is no limit set to how many bank accounts you should have. However, it is advisable to have less than four bank accounts per person because it becomes difficult to manage money in multiple bank accounts.
Is it common to have 2 bank accounts? ›
Some people like to have different accounts to separate their bills and their spending. While there's nothing inherently wrong with this approach, it does leave you open to missed payments, as if you forget to transfer money over for a bill, there won't be enough in the other account to cover it.
How many bank accounts are too many? ›
While having multiple accounts can have its perks, it can also lead to confusion and complicate your financial life. If you find it hard to keep track of all the accounts and their balances, it's best to stick to one or two accounts.
There's no one correct answer, but it's usually best to start with at least two accounts—a checking account and a savings account. This gives you an everyday banking account for bills and other expenses and another for saving. Your bank account journey doesn't need to end there.
Do millionaires have multiple bank accounts? ›
Yes, millionaires often have different bank accounts, not only in terms of the number of accounts but also in the types of accounts they hold. They may have checking and savings accounts for everyday transactions, as well as specialized accounts for investments, business transactions and foreign currency holdings.
Is one bank account enough? ›
While there is no fixed rule, the number of bank accounts a person should have depends on various factors, including one's financial goals, convenience, and personal preferences. According to financial experts, every individual should have at least one bank account.
What is the 50 30 20 rule? ›
The 50-30-20 rule recommends putting 50% of your money toward needs, 30% toward wants, and 20% toward savings. The savings category also includes money you will need to realize your future goals.
Do too many bank accounts hurt your credit? ›
Higher risk of fraud: The more accounts you have, the more potential entry points there are for fraudulent activities. Could affect your credit score: Each time you apply for a new account, your credit score may take a temporary hit. Additionally, having multiple overdrafts might give an impression of financial strain.
What does the Bible say about being one flesh? ›
Mark 10:8-9 NKJV. and the two shall become one flesh'; so then they are no longer two, but one flesh. Therefore what God has joined together, let not man separate.”
What does one flesh mean as a Catholic? ›
Because of their sexual difference, husband and wife can truly become “one flesh.” Through the language of their bodies, their sexual union recalls their vows: giving themselves to one another in love that is total, faithful, and life-giving.
Are you still one flesh after divorce? ›
The first biblical ground for divorce is adultery.
So they are no longer two, but one flesh. What therefore God has joined together, let no man separate.”6 Then Jesus states clearly the exception, “And I say to you, whoever divorces his wife, except for immorality, and marries another woman commits adultery.”
What does in the flesh mean slang? ›
When someone is in the flesh, they're somewhere in-person. A face-to-face meeting happens in the flesh. Your flesh is your skin, and the word flesh is often used as shorthand for people's entire bodies. Along those lines, we say someone is in the flesh when they are physically present somewhere.
