Joint Accounts Are Good for Your Relationship – Here’s 5 Reasons Why!
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Ever gone to the shops and realised that your partner has the money in their account so you can’t pay?
Or, your partner consistently asks you to transfer the money because the sinking fund is in your name?
We’ve experienced this and it was a real pain.
Couples finances can be tricky but with the right tools, you can make it work for you.
One tool we use to manage our money as a couple effectively is joint accounts.
Joint accounts are really great if used properly.
Today we’re sharing with you why joint accounts are a great tool to have in your finances as a couple.
Table of Contents
Why Have Joint Accounts At All?
It’s no secret that joint accounts aren’t as popular as they used to be.
For some, having a joint account scares them more than sleeping in the same bed.
We get it, but they’re not scary.
Well, as long as you use them in the right way.
Whether you have a joint account or not, you and your partner will have joint finances.
This could be paying for date night, going on trips together or your shared bills.
In these areas of convergence, we believe you should consider having a joint account.
If anything you should consider joint accounts because you both need access to the same pot.
It’s like both of you have your own keys to the house that you both live in.
But there are much richer benefits to reap.
Joints Accounts Help You Start Working Together With Money
It’s not a secret that many couples struggle with working as a team with money.
Combining finances takes a lot of effort to make it work.
Having joint accounts could be the foundation to making it work for your relationship.
You can have joint accounts for anything and everything, it’s up to you.
For example, you can open a joint account for:
- Date nights
- Combined liiving expenses
- Holidays you’re both going to
- Joint savings i.e. house savings
When you have joint accounts you and your partner start making financial decisions together.
You’ll both have a say with what you do with the money that’s in your joint account.
This opens the door for you to start building your financial intimacy.
You Learn About Your Partners Money Habits
It’s likely that you and your partner have different money habits.
It’s the same for us too.
Thando can leave all the money in one account and won’t be tempted to spend it.
Whereas Lindie prefers to have savings in specific separate accounts to avoid spending it.
Your way of managing is normal to you until you realise your partner is weird (or maybe you’re the weird one?).
You may notice your partner likes to count every penny
Or, they’re the type to keep swiping the card until the account dries up.
This is a big win in our opinion!
One of the biggest money mistakes couples make is not learning about each other’s money habits.
We’re all used to our own habits that we don’t appreciate how different our partner is.
Understanding each other’s habits will hugely benefit your relationship.
You Can Start Budgeting Together
Joint accounts can be a great way to begin your joint budget together.
You don’t have to try and budget everything together from day one.
You can start budgeting the money you’ve agreed to make joint.
If your joint account is for bills then discuss how you’re splitting the bills.
If it’s for your holidays, you’ll plan how much you’re saving each month.
Budgeting together is the engine of a successful money journey for you both.
You Can Avoid Financial Abuse
We’ve seen situations where one partner controls all the money in the relationship.
Even to the extent of getting their partner’s salary paid into their own account.
We get it. In fact, we acknowledge that this works for some couples.
You trust your partner and feel they have your back (and they probably do).
But this situation can also open doors for financial abuse in a relationship.
The one who controls all the money starts using it for their own personal gain.
They may also limit the other partner’s access to money.
This diminishes the victim’s capacity to support themselves and forces them to depend on their partner financially.
In practice this looks like:
- I control all the money in the house (including yours)
- I’ll make all the financial decisions for both of us without your input
- I sign up to new credit in your name or use money that you had saved up for my own gain
- Exploit your finances for my gain
We’re not saying just because your partner takes care of the finances they are abusing you.
But with joint accounts, you have the same level of access as your partner to the accounts.
This gives you full visibility into what’s happening with your monies.
If your partner doesn’t want you to have visibility that’s a big red flag.
Money can make or break a relationship. We have something that’ll help!
Check out the Couples Money Workbook to learn how to use money to enhance your love and unity with your partner.
Joint Accounts Can Enhance Your Relationship
You’ve heard it many times before, money can make or break a relationship.
It’s not really money.
It’s the inability to find a way to merge your different money beliefs and money habits together.
Having a joint account can be the basis for you to start building trust in your relationship.
There’s unmatched beauty in doing something together with your partner.
A joy that you get when you both put your heads together with your money.
N excitement that comes when you start to get aligned with your money habits.
This is how money (and joint accounts) can enhance your relationship.
Take Action
Check out our Couples Money Workbook to have a tool to rebuild your financial intimacy and start working together with money.
Share this post with others so they can also learn about money too.
Let us know how you’re getting along by getting in touch with us, we’d love to hear from you.
Knowledge is powerless without action.
So take action, and take care.
Thando & Lindie