Generally, people who are in love share everything. But does the same apply to money? Is a joint account for a couple a good or bad idea?
A joint account can be very practical for managing a couple's finances. However, depending on your attitude towards money and that of your partner, it can be the source of conflict.
A couple of ants (savers)
According to the fable by La Fontaine, the ant is far-sighted and thinks about the future. If both you and your partner are thrifty and far-sighted, having a shared account should not be a problem for you. Quite the opposite in fact, you will both put money aside for your future projects.
But don't forget to make the most of today! For this, you can set up different savings accounts and also put a little money aside for outings and leisure activities.
It may be useful for each person to have their own personal account in order to purchase gifts without spoiling the surprise or revealing how much they cost!
A grasshopper and an ant
If your couple is made up of a grasshopper (spender) and an ant (saver), this makes things more complicated. Basic rules must be established in order to prevent disputes over managing money.
In this case, a good solution might be to use the joint account for shared expenditure only, such as rent.
Each person transfers the agreed amount into the joint account and they use their personal accounts for their own spending. This way, nobody is held accountable and it prevents disputes.
A couple of grasshoppers (spenders)
If both you and your partner struggle to manage your outgoings correctly or put money aside, you may struggle to raise the money you need for your joint projects.
Whether or not you decide to share your money, think about scheduling your recurring payments such as for rent and insurance policies, so that you do not have any day-to-day worries about them.
You can also set up standing order transfers to a savings account, in order to put aside money regularly for your future projects.
The moral of the story is that before you open a joint account, take the time to analyse the profile of your couple and agree upon how you are going to manage your money. This way you will avoid any nasty surprises.
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