Getting married is a huge step, and many new spouses are afraid to open a joint bank account together and actually share their money. Opening a bank account together means that what you…
Opening a bank account together means that what you earn in income is also their money to spend. This can be a scary thought for many people just entering this type of relationship, but it can also be more beneficial to open a joint bank account than you might think. If you’re hesitant to open a joint checking account or joint savings account together, be sure to consider these benefits before making a final decision for yourself.
Benefits of Opening a Joint Account
Whether it’s a joint checking account or a joint savings account, opening bank accounts together helps you both to keep the money more organized. To make a long story short, it can get pretty confusing to have separate accounts and pay bills according to who has to pay them that month. This can also put a bit of tension on the actual relationship itself, especially if one spouse feels as though they are paying more into the bills and expenses than the other. If a spouse loses their job, which can and sometimes does happen, they will not have the means to pay bills that they are required to pay with their own money if separate accounts are being used.
Tips for Opening an Account Together
While it’s often a bit daunting and scary to think that you’re sharing your money with another person, you have to realize that both of your names are going to be on the account. Not only are you sharing your money with your new spouse, but they are sharing their money with you. The accounts will be more organized and easier to handle. You’ll both have just one checking account and one saving to look at, rather than four accounts for two different people. You won’t have to worry about who pays what bills and whether the bill amounts are equal each month and fair for the other person to pay.
Opening joint accounts can easily be done by going to your local bank. You don’t even have to be married to have a joint account, so don’t worry about bringing in marriage certificates or other information pertaining to your marriage. You just both have to have your own names on the account, and you can both have access to that money at any time. This makes organizing and budgeting your money a lot easier for both of you.