Here are some of the reasons to consider having a personal savings account of your own.

• No Explanation Needed

Personal bank accounts are useful not only when you want to pamper yourself with an expensive spa treatment or go on a shopping spree.

"If I need to make my own savings or want to buy a gift for my family or even my husband, I wouldn't want to take money from our joint account," says Diedrel Fernandes, a home maker who has been married for the past two years.

Having the freedom to spend without asking for money is great because it helps avoid straining the relationship, especially if you have different spending habits. Also if you have interfering in-laws and need to support your family then it is easier to make withdrawals from your own account.

• Financial Independence

Varda Pendse, Director, Cerebrus Consultants, says "A bank account of your own can give you a sense of security and a level of confidence especially if you do not have a job."

If you are not working, Varda advises you to build up your own savings in a separate account. What savings you ask? Here are some sources of funds that you might otherwise ignore, if you don't save it separately.

1. Monetary gifts that you receive from friends and family. Those few hundreds every once in a while can amount to a lot one day.
   
   
2. Keep aside a certain percentage of your monthly expenses as savings. Even a 2 to 5 % saving every month is good enough, especially if you invest it in a way that the money can grow. 
   
   
3. Consider your jewellery an investment. You never know when you might need the extra funds.

• Security

"I have seen so many couples whose marriages were hunky-dory and suddenly one day everything turned sour and the woman is left high and dry. I think having your own bank account gives you financial independence," explains Erica Parelkar who is a working woman from Pune and married for the last 10 years.

If things do turn sour between you and your husband, you will always have your own money to fall back on. Even if things do not turn sour, you can use these funds for personal spends that your husband may not wish to or be able to fund.

• Investments and Tax

When it comes to investments and tax returns, having your own personal account makes things a lot easier.

"Making investments in your name from a joint account would involve more paperwork and a more round about procedure," says Sanjay Matai, financial advisor.

You do not have to make your husband the nominee for your personal account and assets. Your children could be your nominees too.

Another problem is that your husband may get taxed on the small amounts that you save in the joint account as well. It would be better to put your savings away in your own account.

• Emergency Funds

Even if your husband handles the finances and makes the money decisions, you should always be clued in and have access to funds of your own. What if it is your husband needs to be hospitalised or is out of town when your kids needs some urgent medical attention?

It is important to have a personal account that has funds to cover immediate medical expenses.

Also, if you are a salaried couple and have a joint account for common expenses, your account balance may be low at the end of the month. A separate account with more funds will give you a much needed fillip when there is an emergency.

The emergency funds that you collect over the years could be very handy for unexpected expenditure like home repairs. As a home maker, being able to make prudent savings and then using it for these spends is your way of contributing to the family finances.

• Safe Deposit Locker

As a savings account holder, you can book a safe deposit locker in your bank. Many women have to store their valuables and jewellery in their in-laws' safe deposit locker because they don't have a safe deposit locker of their own.

This can be very inconvenient especially when there is a family function. You will not be able to get your own jewellery without someone else getting it for you.