Tips to Follow Opening a Joint Account with Your Partner or Spouse

Many couples see opening a joint bank account, like one offered at https://www.gnty.com/locations/location-detail/austin-downtown as a way of taking their relationship to the next level. Just as it is vital you’ve got financial compatibility to work well together as a couple, you also need to be working towards the same kind of goals financially when opening a bank account together.

If you are preparing or considering embarking on a new stage in your life together, make sure you take note and follow the practical and helpful tips listed in this post. Joint accounts can be great, but also can go disastrously wrong if you don’t take proper precautions or think it through before signing up for anything.

Research, Research and Research Some More

Just as you would if you were investing in or signing up to a financial product or bank account solely for yourself, you need to conduct thorough research into your options before you dive in and sign up for anything. Look at the different accounts offered by a variety of different companies and the types of benefits you can avail yourself of.

Have a Good Handle on Your Partner/Spouse’s Money Values

As we noted at the outset, it’s important you think the same as one another when it comes to money or at least that there is a certain degree of cohesiveness in your financial values. You both need to fully understand where the money you have comes from, the value you each have on that money and what your individual spending history has been like up until that point.

Money and finances can be the source of bitter disagreements and arguments, so it’s important that you are both trying to work from the same playbook. A savings and financial strategy as well as spending boundaries are all great things to establish.

Make Realistic Plans for Budgeting Your Finances and Goals for Savings

Following on nicely from the above, you need to identify what your shared purchases and savings goals are and then figure out a realistic budget and financial plan that enables you to achieve them. A joint account could be an excellent idea, but only if you have similar plans to one another.

Appreciate and Fully consider the Risks Involved

Although there are great benefits that come from sharing your expenses and finances, there are also many major risks involved that you should address and fully consider before you sign up for anything. Both halves of the partnership will lose a degree of privacy as all who are named account holders will have full access to that account and will be able to see exactly what has been happening and where money is being spent.

Even if you only take it from the justifiable angle that you want to keep gift purchases for your other half secret from them, it is best to have a separate account for some of your own individual money. This should be budgeted for as being outside the amount designated for household bills and shared expenses and may be used for personal spends and play money.