Aug 18, I started thinking about creating a joint bank account with my boyfriend, whom we' ll call "Dave," about six months into our relationship. I'm
Table of contents
- Issues with Sharing an Account
- Should I open a joint bank account with my girlfriend? : personalfinance
- Can Unmarried Couples Have a Joint Checking Account?
You can just easily pay bills, rent, and even add money into the savings account from there. If you find that you are running low on money each month, Malani says you need to figure out a way to either spend less money or earn more. Overall, whether opening a joint bank account with your partner is a good idea or not really depends on you.
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Like anything in your relationship, it takes a lot of work and open communication to make it flow smoothly. Sharing your life doesn't mean you have to share a bank account, but it's certainly a possibility. Banks don't require you to be married to get a joint account. In fact, many accountholders kick off their relationship with a bank by asking, "What's involved in opening joint bank account with my boyfriend? Both of you will provide your Social Security numbers and sign to accept responsibility for the account. The process of getting a joint account is no more complicated whether you're single and sharing a household or married.
When your lives are intertwined, using a joint checking account can simplify how you handle finances. It allows you both easily to contribute to the household expenses and it saves time when you're balancing the account — there's only one to worry about.
Issues with Sharing an Account
It also helps you communicate about money because you must continually discuss purchases and upcoming expenses so the account doesn't become overdrawn. Having a joint checking account isn't all fun and games, however. If you begin to disagree about money, one of you doesn't have more of a legal right to the funds in the account than the other person. Our personal accounts are separate. When we go out on dates, sometimes I pay, sometimes he pays. Even though we are not married, we have a very "what's mine is yours" mentality, which I think is very healthy in a relationship.
As long as neither party is taking advantage of the other, it seems necessary to have that mentality. Not everybody on reddit is a neckbeard. I hate when PF get's dramatic like this.
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The people shouting "Hell no! Does that mean that OP will have a bad experience? Does it disprove your good experience? Nope, it doesn't do that either. But if it does happen to go south having financial ties is a huge pain in the ass to sort out. My now wife is still dealing with a joint account issue from a past boyfriend eight years ago and I'm still dealing with an ex-wife from five years ago.
Getting a legal divorce was easier than splitting our finances. I would say that all people yelling 'NO' that loud should consider first if they really should be sharing a household with the person they are thinking of. But of course, dont put your pay checks in there. Keep your own and just both transfer an amount per month to cover the joint bills.
If you want a different perspective, my BF and I live together and we decided to get a joint account.
Should I open a joint bank account with my girlfriend? : personalfinance
Some of our bills weren't very regular grocery and electric would fluctuate for example. So we each contribute the same amount to our joint account each month and pay bills from there. Its so much easier not to worry about who owes whom money. But my vote is in favor as long as you only ever add roughly enough to cover expenses. It sooo much easier to have a joint account IMO. Even if you were married, putting all of your money into one joint account would still be stupid.
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I have one with mine. We don't keep any money in the account. Just use it to pay our bills, makes it easy to pay through one account. We keep all of our finances separate otherwise.
Can Unmarried Couples Have a Joint Checking Account?
My personal suggestion would be to have a google doc that keeps track of the bills. My boyfriend and I don't have a joint account together. We each buy our own food, we have an informal schedule of who buys the communal things, and we alternates who pays for dates. I pay the bills in full first, and then I email him the amount he owes. He then transfers money to me through his bank. This has worked for us. It would probably be easier to keep your finances separate at first, and then slowly see what you're comfortable with.
It will be easier than getting a joint account and then deciding you don't want to share like that. The data ends up in a spreadsheet and it get's automatically calculated. So you always know who owes whom how much and you can either pay each other off or the other person spends more in the next weeks. When my husband and I were dating we got a joint bank account purely for shared bills. We were lucky and made similar salaries so we just agreed to put the same amount in.
My boyfriend and I have a joint account, we live together and have only been dating for nearly two years. However, we have a kid together, so we have a lot more joint expenses than most, I guess. I don't now why everyone is so against this, it's not inherently a bad idea to get a joint account if you're living together. This is what I have with my boyfriend and it works great. They key is that you're getting an account, not a credit card, and that it's set up to bounce rather than over draft. If that's the case you only stand to lose your half of however much is in there at any one time, which doesn't have to be a lot.
We both have auto withdrawals that go into this account every month, and we use it for groceries, bills, dining out, etc. However in the interest of giving advice, here's some questions to consider that might raise red flags: If so, have you talked about why? If you have any doubts, consider tracking receipts for the first few months to see how even your expenses really are.
If they're wildly different you might not want to join up, but if it's clear they're the same it will give you both peace of mind in moving forward with a joint account. This is the personal finance subreddit so they are overwhelmingly going to say no because it is probably the more financially responsible thing to do.
My boyfriend and I set up a joint bank acct better than credit acct! We had a few bumps when he signed up for some CCs I didn't understand how credit worked and was very conservative with it , but we are both trustworthy people. Combining finances takes a lot of trust. So be honest with yourself. Do you think this girl is The One? If you're not sure, hold off until you're more sure.
That advice that joint finances should only be after your married is very naive. Do you really want to find out she's an over spender or have different financial priorities after you get married? Two years later, my boyfriend and I bought a house and we have joined all our finances and are living off a budget.