It’s always a good sign and a great idea when couples make decisions that show that there are ready to live as ‘one’ for the rest of their lives.
One of the significant questions that newlyweds ask is if opening a joint account is a good thing to do.
However, we must note that financial issues account for one of the major marital problems, and so, decisions regarding ‘money’ must not be made without facts.
To be sure if opening a joint account will cause your relationship more harm than good, here are some factors to consider.
- Do Your Research
Research is always the right place to start when planning to make a new decision. And in this case, before deciding to open a joint account, ensure you carry out adequate research about your bank’s policy as regards it.
It varies from bank to bank.
- Know Your Partner’s Financial Values
It’s usually said that it is too late to change an adult, we can compromise and adjust to accommodate each other, but we can’t change the other person.
So, you need to know your partner’s view on money and issues related to money.
Is your partner an impulsive buyer? Is your partner all about savings? Or he/she balances both sides well.
Be sure you are comfortable with his/her values or at least understand it, to minimise conflict.
- Set Up Realistic Financial Goals
You both should know how much you earn and how you should go about setting your budget. Ensure you set realistic goals that you can meet.
Also, your spouse should agree with the budget goals.
- Be Precise About Your Priorities
If you both don’t share the same values about money, then you both should draw up a strategy that will work for your finances.
And if you do agree on values, you should go ahead and set your priorities/boundaries from the beginning and adjust accordingly as time goes by.
- Consider Your Financial Status
Are you both financially capable of opening and managing a joint account? What financial obligations do you both have that can hinder making a unanimous financial decision?
These issues should be raised and discussed before deciding to open a joint account.
Do you operate a joint account already?
What other tips will you advise for couples who are considering opening one?