I have seen many things or I heard about relationships going sour or businesses failing because of issues around money management between married partners.
The other day, a woman complained that the husband withdraws huge sums of money in their joint account for buying frivolous things at the expense of their business.
A lady borrowed money to finance her business before you know it, the husband uses a cunning way to take the money away from her at the expense of her business.
I have some men complain that their wives are heavy spenders not even minding how the money is coming forth.
How best do we manage our money in relationships to avoid such thing that can jeopardize our businesses?
Is it good for husband and wife to maintain a joint account?
How can someone dealing with any of these scenarios become a successful entrepreneur?
Joint account is a no no for me. Always plan a budget, for each month. Always say no to some things, even though your heart is not willing to let it go.
I am guilty of spending unnecessarily, without saving or planning a budget.
A successful business is built, on a well planned budget and turnovers.
Let me be the manager of the money pls… Joint account kwa!!! Even without joint account, siblings becomes sworn enemies…
I believe before agreeing to a Joint Account, there should be an agreement or arrangement on how funds should be spent. It’s better to have a standing order at the bank that all withdrawals must be agreed by both signatories. That way, no one collects money without the other knowing.
Or better we keep family away from business.
I’m not doing joint account with anybody. If the family has a project, we contribute towards it. Dassol. But, that’s me and my spouse sha. Let’s hear others.
Would you operate a joint account with your spouse? Why? Why not?
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