What are the benefits of having a joint bank account with your partner?

When it comes to talking finances and sharing, most couples like to keep their individual accounts private and only chip in where needed. Yes, you might divide roles in the house and each person does their fair share in order to keep your financial independence and safety which is a good thing.

However, this situation can easily be rocked when one party deliberately or accidentally fails to keep their end of the deal.

More fights are likely to rise from the lack of trust and individuality and more often than not, these fights are amongst the leading reasons for separation in marriages and partnerships.

Although it may seem like a hard thing to do, having a joint account actually has its perks in building not only your financial relationship but your partnership as a whole.

Here are some benefits of having a joint account with your partner:

Access to money freely

At the end of the month, there is nothing as uncomfortable as asking your partner or reminding them to pay their bills on time.

Also doesn’t it just feel weird when your partner has to wire a certain amount to your account every month and you live in the same house?

Having a joint account will save you all the hassle and instead give you free access to the money, without having to look like a nag or a bother to your partner every time a bill comes knocking.

Easier to check each other’s spending

When it comes to money, no one is ever ready to come out and admit they are poor at managing it. Depending on your upbringing and what you were taught about money, it’s what you grow up believing and doing.

While having your own account screams financial independence, it also means no one can police or check your spending.

However with a joint account this can be easily remedied because you can both track each other’s spending. It is easier to discuss questionable purchases and keep track of budgeting goals when you share a joint account.

Although keeping track of each other’s spending should be done to work on how you use money not to find blame.

Promotes trust

A joint account is transparent, meaning you know what your partner is up to and of course it involves you most of the time.

It will also promote trust between you two because it is unlikely your partner will act shifty or lie about money when you both have access to your shared account.

Whether all house bills are catered for and the savings bank account not neglected, when partners keep individual accounts there will never be complete trust in the relationship. That third sense whether unsubstantiated, will always tell you your partner is hiding something.

Easier to see the bigger picture

While keeping individual accounts may seem easier and safer, it never gives couples the bigger picture or direction of where their relationship is going.

When sharing an account, it is easier to make future plans and sail them through because you will both be on board guiding each other through the process.

Having a joint account will also mean you have common financial goals and are willing to work towards them. When couples keep individual accounts, it is never easy to predict what the next step is, the relationship will be more about living for the now and ensuring bills are paid on time.

Worst case scenarios

It is not the best thing to look forward to when thinking of having a joint account but death is something inevitable and that couples should plan for. A joint account will save your partner the legal process or battle with other family members in case of an untimely death.

These battles of who can access the deceased bank accounts can get pretty ugly and unfair to spouses, especially when their partner didn’t involve them in any way.

Tip: At the end of the day, whether you decide to have a joint account, individual accounts or set aside a third account for your shared bills, the most important thing to remember is communication. When partners communicate freely about their financial goals, fears and expectations this alleviates unnecessary money fights and strengthens the relationship.