Opening a joint account can be a great way to pool your money as well as improve your spending and saving. If this is an option, merging your money can help you to monitor your funds, manage bills and other expenses you may have together, reach your savings goals and save you time by cutting out the need to transfer money between separate bank accounts. Before doing so, you will need to have a conversation about the expectations and realities of having a joint account.
When you are first discussing opening an account, you will need to set rules so every party is aware of what is expected of them in regards to this account. Establish what the account is for, will it be for combined savings or general spending, as well as contribution and withdrawal expectations. When creating a joint account you will also need to address the existence of your individual accounts and if you wish to keep using them or have them close altogether.
Communication is very important to maintain a working relationship with regards to your finances. With a joint account, it can be easy to lose track of who has paid for what expenses. It is also of note that in the event of a breakup or event that nullifies your need for a joint account that you both are aware of fees or credit charges you may face. With both parties names on the account, you would both be liable in the instance that someone does not make any necessary payments that are required.
