Prepare writing a check

Whether you and your significant other are taking the next step in your relationship, or you’re happily married and looking to combine everything you have, you probably have thought about combining your bank accounts.

While there are many advantages and disadvantages of having a joint account, the two of you need to decide what’s right thing for the both of you.

There are many positives for you joining your accounts together.

Having one account means that all of your earnings get shoved into the same account, and all of the bills are taken out of it. You won’t have any stresses that one partner is paying more bills than the other, because in reality, it’s coming from both of you.

If you and your significant other both aim to have large bank accounts, having a joint account can help the two of you watch it grow together. If you have an account with a decent interest rate growth, you’ll have more interest growing with that bigger sum than you would separately.

With one account, it’ll be easier to feel like you can afford more things individually, so you won’t have the added stress of not having enough money to pay for something important.

For people who are good at saving, having a joint account works great. You won’t have to worry about the other blowing all the money. However, there are also negatives to combining your bank accounts.

If you or your significant other is known for making frequent, spontaneous purchases, this could easily annoy the other one. You’ll have to be in agreement when it comes to personal spending.

Another negative that comes with joint accounts is that there is no privacy. Both partners will be able to see exactly where and how much money the other one is spending. If somebody makes a big purchase and forgets to communicate, it could cause problems. This could make your money situation uncomfortable and you might have to establish rules.

Having respect for the other person and how much money they put into the account is also important. It’s not free money. A different option is having both: a single account for each of you, then an additional joint account. You can put most of your paychecks into the joint account, but save a certain percentage for yourself to purchase personal items. This helps give the two of you room to grow as a couple, but also saves you extra “me” money.

If you live in the Cumberland County area and are looking for more banking advice, give us a call at 856.794.8400