When opening a joint bank account, whether a joint online checking account or a savings account, make sure it’s a joint decision. A joint account will make you share money with your significant other, so you both need to be ready to have open and constructive financial discussions.
Start with a conversation with your SO. Try to understand each other’s viewpoints, and don’t attempt to impose your views over 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 keep 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 salaries? In whatever amount we can?
- Do we have joint expenses and bills 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 about our spending and saving habits?
- How much will we save every month?
- How much will we set aside for leisure and entertainment?
- How will we handle unexpected expenses or emergencies?
- How will we handle any changes in our financial situation, such as a job loss or increase in income?
- How will we handle any debts or loans that one or both of us may have?
- How will we handle any disagreements or conflicts that may come up regarding the joint bank account?
- What are our biggest hesitations on merging money?
There’s no wrong answer when discussing whether or not a joint account is suitable for a couple. What worked for others might not work for you and your spouse or partner, and vice versa. The decision is yours to make as a couple, no one else’s.
As long as you have an honest conversation, the decision to join finances can set a foundation for a healthy financial future.
