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3-Account Model: How it works and why it pays

3-Account Model: How it works and why it pays

Arguments about money affect even the strongest marriage. But how can you avoid arguing about the daily incomings and outgoings? One possibility is the 3-account model outlined below.

Definition: What is the 3-account model?

The 3-account model is primarily aimed at people in monogamous partnerships but can also be used by anyone else in any other kind of relationship depending on practicality. Under the 3-account model, each partner has their own account - in a normal case that would be 2. In addition, the partners also have a shared account into which they both pay. Joint outgoings such as rent, utility bills or special events are paid from this account.

What makes the 3-account model so different?

At first glance, the 3-account model does not seem all that revolutionary. But seen in a historical context it is a sign of greater financial independence - particularly for women. In the past, there was no question: As soon as a couple moved in together or got married, they shared a joint account; one couple = one account. The husband’s salary was paid in and the wife used it to pay for the shopping. The result? Very little financial independence for the woman. This old-fashioned way of doing things is now largely history, at least in western society. For most couples it no longer makes sense to combine all incomings and outgoings in a single account. There are certain aspects - and expenses - that are not part of a couple’s shared lives. This is where the 3-account model comes into its own, ensuring maximum financial independence combined with joint responsibility.

The advantages of the 3-account model

As mentioned above, the 3-account model is a good solution for ensuring a high degree of financial independence. It is a particularly good option for couples in which both partners work. Both partners can pay their own salary into a separate account. This account can also be used to pay for things like hairdressing appointments, evenings out with friends or other activities that are not shared with the partner. No need to justify or discuss such expenditure. The joint account is there for all joint expenses: Rent (for a shared apartment), holidays, insurance premiums, household bills, food, activities. The advantage is that no one feels bad about having to support the other financially and there is no need to balance the books of who paid for what at the end of every month. Instead, an agreed amount can be debited to the joint account every month to pay for joint outgoings. The theory is sound, but there is only one way to find out if the 3-account model will work for you in practice.

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