Maybe Valentine’s Day didn’t go quite as well as you hoped a few weeks ago and you’ve got one eye on the exit. Maybe you’ve just heard of a Running Away Account and you’re wondering what it’s all about.

Do people actually have them? Do you need one?

Let’s explore.

What is a Running Away Account?

You might have heard of a Running Away Account from your granny, who was mostly (sort of) joking when she advised that you should keep a bit of money aside in a relationship. Basically, a Running Away Account is money that your partner doesn’t know about.

The literal meaning, of course, implies that it’s money waiting so that you aren’t left high and dry if you run away from your partner – hence the name. But even if you’re blissfully happy in your relationship, it might be a good idea to have a secret stash.

Please note: Irish Life Financial Services does not advise on banking products or accounts.

Reasons to have a Running Away Account

Just because you want to keep a bit of money for yourself doesn’t mean you’re making a plan to bundle all your clothes into a suitcase and leave a note on the kitchen table.

Some reasons to keep your own bank account include:

It’s a sensible financial decision

One of the first things that an advisor will recommend to someone looking to get their financial house in order is to build an emergency fund. Much like a Running Away Account, this is cash set aside for unforeseen circumstances.

Generally, the advice is to cover three to six months of living expenses with your emergency fund. While a secret account may not need to be this much, having some extra money put aside in case of emergencies is never a bad idea – no matter what name you put on it.

Financial independence and autonomy

Even in a committed and happy relationship, a lot of people want financial independence and autonomy. Having money aside allows you to make financial decisions without needing approval or input from a partner. Just remember, when it comes to getting a mortgage together you will need to disclose all of your accounts.

Privacy and personal freedom

Privacy is important, and the way you choose to spend your money is a pretty private thing. If you can afford to spend your money on designer clothes or expensive hobbies then more power to you – even if other people don’t understand how a handbag can cost that much, or why you need yet another pair of cycling shoes.

Having your own private bank account gives you the chance to spend money without having to explain why. If you use your money to buy a gigantic and outrageously expensive Lego set, that’s your business and no one else’s!

Empowerment and fighting unequal power dynamics

This reason is a little heavier than the others, but the reality is that some people may find themselves financially dependent on a partner with whom they aren’t happy. The original reason behind naming a Running Away Account was, after all, because it was intended as a means of escape.

So, should I have a Running Away Account?

Regardless of what you call it, having money put aside in case the worst happens is definitely a good idea. It doesn’t matter whether it’s a secret bank account or an emergency fund shared between you and your partner – having a pot of accessible money saved is an excellent financial move.

Just remember that being on the same page in regards to finances is a key part of maintaining a healthy long-term relationship, especially when you live together. It’s fine to have your own money, but it’s probably a good idea to have a joint account for the boring essentials like bills, groceries, and rent.

Of course, keeping your own account to fund your burgeoning Warhammer collection is fine as well!

Please note: Irish Life Financial Services does not advise on banking products or accounts.