Steve Harvey Says 'Every Couple Should Have Four Bank Accounts' – 'Ramsey Show' Host George Kamel Warns This Advice Is Harmful

There's no shortage of advice when it comes to managing money in a marriage. Big names like Suze Orman and Dave Ramsey each have their own ideas of how couples should dictate their finances. 

TV host and comedian Steve Harvey has also shared his perspective on this very topic. In a viral video clip, Harvey advised that every couple should have four different bank accounts. "Ramsey Show" host George Kamel gave his own take on Harvey's advice, and argues that it could do more harm than good. 

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Steve Harvey's Four-Account Strategy

In the video clip, Harvey laid out his financial advice for couples. According to him, every couple should have these four bank accounts: 

1. A joint checking account – Both partners deposit their income here to ensure their necessities, like rent, mortgage, car payments, and utilities, are covered. 
2. A savings account – The couple should determine together how much they want to save, and the account should require both of their signatures to ensure joint financial planning. 
3. An individual account for the wife – Money is allocated here for personal spending without needing approval from the other partner. 
4. An individual account for the husband – Likewise, the husband would have his own spending money separate from the couple's joint finances. 

Harvey stated that this allows couples to cover their financial responsibilities, save for the future, and still have financial independence from their spouse. "You gotta have your own life," he said. 

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George Kamel's Criticism: Lack of Accountability

While the women with whom Harvey shared the advice wholeheartedly agreed, Kamel warned that separate bank accounts may create more problems than it solves. 

"The thinking behind this I can understand,' Kamel said, acknowledging that couples want autonomy and should have it. However, he said the execution is very wrong. "Zero visibility into what your spouse is spending doesn’t get rid of your marriage problems. It just sweeps ’em under the rug for a little while."

Kamel argues that having completely separate personal accounts can lead to financial secrecy, making it easier for one spouse to make poor financial decisions without the other's knowledge. He even goes as far as to say that keeping finances separate could contribute to financial infidelity, where one partner hides spending habits or financial struggles from the other.

Rather than separate accounts, Kamel suggests a simpler approach: couples should maintain a single joint account and include individual discretionary spending in their shared budget. This way, both partners have full visibility into the household finances and can work together to meet their financial goals.

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Finding the Right Balance for Your Marriage

Ultimately, the best financial arrangement for a couple depends on their unique circumstances, values, and communication styles. While Harvey's four-account system aims to prevent conflicts by allowing for personal spending, Kamel's argument highlights the importance of financial transparency and accountability in marriage.

Couples looking for a middle ground might consider hybrid approaches, such as maintaining a joint account for shared expenses and savings while having a small personal fund for discretionary spending. Regardless of the method chosen, open and honest communication about finances is an important part of a healthy financial partnership.

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