A marriage counsellor has advised couples to create four separate accounts to take care of their financial issues and investments during marriage.

Speaking on Joy FM’s Super Morning Show Monday, Rev Daniel Ogbame Tetteh, named the accounts as Project account, Emergency account, Education account and Pension account.

According to him, the project account is to take care of the family’s major projects like building, travels and other things the couple would want to invest in for the future.

This is to prevent the couple from “scrambling” when it is time for them to undertake any such project.

The Emergency account, he said, is to cater for the unexpected problems the family may encounter.

He quoted experts as saying “one must have at least six months of the monthly salary in the [emergency] account,” at any point in time.

For most families education for themselves and more importantly their children is of significant interest to them. Rev Tetteh said the Education account should therefore be opened by the couple to support the educational expenses.

“Quality education is not cheap and it is not going to get any cheaper” he said.

After a rigorous working life, the couple must retire to a good life and not depend on their children for stipends. Rev Tetteh said a retirement fund is to help the couple retire comfortably without thinking about what to do when they are inching closer to their retirement ages.

He said “many people postpone retirement till late because they think that it is further down the line”.

He recommended that a couple should have this fund when they get married or very early when they begin working adding, “ retirement shouldn’t be a stress zone but it is a time one can enjoy life.”

On the thorny issue about whether couples should keep a joint or separate Rev Tetteh said the decision should be based on what the couple can handled based on their preferences.

The counselor was not quick to recommend either but urged couples to look at their style and select what works for them.

Yao Kuwornu (L) and Rev Ogbame (R) 

Another panelist on the show, Yao Anani Kuwornu who is single but looking to get married very soon, suggested that he will vie for the hybrid accounts, where each person keeps a separate account but the couple will create a joint account in addition.

He added that the joint account will be for the nuclear family and will cater for the kid’s education, family and household issues.

The separate account, he contended, will be for sponsoring the couple’s individual expenses like taking care of each of their extended families.

With my separate account I can take care of my family, issues  about ‘boys-boys’ etc and my wife can do same with hers, he noted.

However, Rev. Tetteh warned that in keeping a separate account, there should be transparency in how the money is managed.

“Once the transparency is there and the couple agrees on how the money is managed, they’re good.”