Joint Account: Yay or Nay?



If you're about to move in with your significant other, you're probably wondering who will pay what.  If not, I think this is something you should be thinking about.  Money is known to be the center of many couple fights: make sure to avoid that.

Do we need to have a joint account?

I don't have an answer to that simply because I don't know if there's one.  Many couples that have been together for many years have their own separate accounts and it works for them.  From my personal experience, I can say that a joint account makes our lives easier: groceries and every bills that have to do with our apartment are paid with that account.  This way we make sure that both of us paid for half of everything.

When should we get one?

Whenever you feel comfortable with this idea!  Sharing money is a big step to take in a relationship and you have to trust each other to take it.  If you have doubts about your relationship or don't totally trust your SO, don't do it.

Should we deposit the same amount in the account?

I recommend you do that at the beginning.  If you just moved in together and are not married, I think it's smarter to give yourselves a few months to adjust and see how much and on what you spend every month.  If one of you earns more than the other, maybe that person should contribute a little bit more to the monthly bills.  If one of you has trouble making it until the end of the one while the other is saving money, it may be a fair decision.  Again, you need to evaluate how serious and committed your relationship is before taking this step.

What will happen if we split up?

This is something you should know before opening a joint account.  Thinking about the possibility of your relationship ending is depressing but you better be safe than sorry!  Depending on where you live and what your bank is, the answer to this question will vary but make sure to ask.  You need to know what you're getting yourself into.

Do you have a joint account with  your partner or are you planning to get one?

10 comments:

  1. My significant other and I are moving in together in a few months, I don't htink that we would have a joined account for awhile. For the exact reasons you list above, find out where money is spent, if someone is saving/the other is feeling poor. Thanks for reminding me that we need to have this convo!!

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    1. I'm happy it helped! I think you're smart to wait until you figure out what you two will have to spend monthly. Congrats on moving in together!

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  2. My fiance and I ended up getting a joint account as soon as we got engaged. We had just graduated college and were getting an apartment together, but only he had found a real job at the time. It just made sense for us and we have never regretted it.

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    1. Thanks for sharing! From what I have seen on Insta, you found a job?! (stalker comment hehe)

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  3. My fiance and I also joined our accounts when we got engaged. It helped us really feel equal as a couple, even though sometimes he's depositing more and sometimes I am. That way it's not "who paid for this, who paid for that." It's just "we payed for this."

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    1. I can relate to you when you say it helped you feel equal as a couple. My fiancé is done with school and have a job and I'm about to graduate. So yeah, we don't earn the same but I have never felt like it was a problem. I think having a joint account helped in that way!

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  4. I definitely think if you're not married or engaged, wait on the joint account. If it becomes a thing where you are "life partners," then go for it, but honestly, keeping everything separate makes it a lot easy to divide things up, should the relationship not work out for the long term (that's not to say a marriage will work out long term, of course).

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    1. I have experienced both dividing up (with a roomate) and having a joint account (with my financé) and I have to say that I find having a joint account a lot easier. I would not get one with someone that is not a life partner (just like you said) though!

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  5. My husband and I have had a joint account ever since we got married--we also have separate bank accounts here in China. I, personally, wouldn't have a joint bank account unless I was married--I find the separate accounts rather inconvenient since it's a lot more bank information and cards to keep track of, but for now we have both separate and joint accounts!

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    1. You're right about the multiple cards...It's kind of annoying since all credit cards look the same!

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