Sorting out finances as a twosome can be tricky. If you find it hard to agree on whether to have pizza or stir fry, or what to name the cat, you may find that keeping your finances separate in a relationship is the best thing for you. However, if you do decide create a joint bank account with your partner, experts say there are definite guidelines to what should — and shouldn't — be put in them. Before you lump all of your earnings and savings together and hope for the best, it's a good idea to do some research into what works for you and your partner.
Joint bank accounts can reveal all your spending patterns to one another, so relationship expert Ray O'Neill explained to banking organization EBS that they can be a good indications of issues around money. “If your partner misses a couple of payments, [are they] going to do the same with the mortgage? The important thing is to get the conversation about money started. Too often people are afraid to talk about it and things then flare up later.”
Getting a joint bank account and actually using it is an expression of trust and commitment. Figuring out what actually works for you as a couple as an individual is a journey, but these tips can help.