If you are looking at how your marriage relates to your money, you may be thinking about the differences between keeping personal finances separate or opening up a joint savings account where both partners have access to the same funds. Opening up a joint savings account can help streamline some of the financial issues that married people often deal with and lead to better communication about everything that you share with your spouse. Here are some of the reasons that you might want to set up a joint account for what's left of your paychecks after you pay the bills.
- An Emergency Fund - like it or not, there are going to be things that you didn't anticipate that will affect your household finances. Having money on hand to do with these situations makes your life less stressful, and when you are to have a joint account market for specific emergencies like home and auto repair, you know how to allocate funds to fix what's broken.
- Household Budgeting - paying the bills and fitting all of your household costs into a total budget is easier when you have more access to the bank account you're using. A joint account can help facilitate easier monthly bill payment and overall financial administration for your home or anything else you hold in common with your spouse.
- Transparency - for some married couples, having a joint account gives both partners more peace of mind about their money. When both spouses can look into the account and see what's there, there's more oversight and transparency for the household resources. It also helps either one of you to deal with financial questions when the other one is not around.
- Shared Investing - some married couples like to take the plunge into different investment options hand in hand. A joint savings account can provide startup money for opening the window into future capital gains.
- Joint Tax Filing - when it comes time to file your annual tax return, if you're married, you're most likely taking on that sometimes unpleasant activity together as well. This is another time when it might make sense to have a joint account, where shared finances might make it easier to translate your assets onto the tax return.
Keep all of the above in mind when you're deciding what to do about your personal, household or business bank accounts. Renovating your bank account structures can change the way you look at money and help you and your spouse to make sounder financial decisions for the future. The benefits of shopping for a savings account together can prove the old slogan that in finances, two heads are better than one, and having someone to bounce ideas off of can make financial administration seem less intimidating as well. Talk freely about your options and come up with a plan that both of you are happy with.