When opening a joint bank account, whether it’s a joint online checking or savings account, make sure it’s a joint decision. A joint account will result in you sharing money with your partner, so both of you should be prepared to have open and constructive financial discussions.
Start with a conversation with your SO. Try to understand the points of view of others and do not try to impose your points of view on theirs. If you don’t know how to start the conversation, here are some financial questions you can use as a guide:
- What are our individual and joint financial goals?
- Will we maintain separate accounts in addition to the joint account?
- How will each of us contribute to the joint account? In equal parts? In proportion to our wages? In the quantity that we can?
- Do we have joint expenses and bills that we could pay from a joint account instead of our individual accounts?
- Do we want to implement any money guidelines as a couple?
- How will we communicate our spending and saving habits?
- How much will we save each month?
- How much will we allocate to leisure and entertainment?
- How will we handle unexpected expenses or emergencies?
- How will we handle any change in our financial situation, such as the loss of a job or an increase in income?
- How will we handle any debt or loan that one or both of us may have?
- How will we handle any disagreements or conflicts that may arise regarding the joint bank account?
- What are our biggest doubts about the merger of money?
There is no wrong answer when discussing whether a joint account is right for a couple. What worked for others might not work for you and your spouse or partner, and vice versa. The decision is yours as a couple, no one else’s.
As long as you have an honest conversation, the decision to join finance can set the stage for a healthy financial future.