Life moment
Getting married or partnered
The case for joint accounts
If the fact that couples who combine finances tend to be happier doesn’t sway you, consider this: Joint bank accounts can make money matters simpler and more convenient for everyday life. Plus, having two sets of eyes on the account can mean more frequent talks about your money as a couple—and fewer surprises, like that streaming subscription one of you keeps forgetting to cancel.
Not ready to combine?
Some people like their independence—even (or especially) in a relationship—and joining accounts means losing a bit of that. If combining accounts isn’t for you and your partner, no judgment! One or both of you just might not feel ready to share the deets of every little transaction. Still, it’s important to build trust with each other and come up with a game plan for your money goals. Who knows—maybe a joint account will make more sense down the road.
Ways to meet in the middle
It doesn’t have to be all or nothing. You can choose to combine some of your assets without cramming everything together. It may make sense to open one account together for shared expenses—like your rent or mortgage payments—but still each have your own accounts for individual spending, like for clothes and hobbies.
Questions to ask your partner first
Before surprising your partner with an account in both your names, talk about any accounts you want to share to make sure you’re both on the same page. Some questions to kick-start that conversation:
- What’s our plan to tackle our debts?
- Where will we keep our emergency fund? And how much should we save?
- How do we want to share everyday expenses?
- What are our long-term savings goals? And where do we keep our money for those goals?