When you get married and start a life with someone, virtually every aspect of your lives becomes merged, including your finances. It is customary, although not a requirement, for a couple to open a joint checking account when they wed or shortly thereafter. Here are some reasons why joint accounts are a better idea for couples than individual accounts:
Both parties can access money:
One obvious reason why a joint checking account is easier for couples is the fact that both parties can access the money in their shared account at anytime. When dealing with individual accounts, only the person who opened the account can gain access to the funds.
Makes it easier and less confusing to ensure the bills are all paid:
One problem when using individual checking accounts is keeping up with what bills have been paid, who is going to pay them and when they will be paid. A joint account takes the confusion out of the situation since all bills are paid from the one account and all funds are pooled together. It is still necessary to decide which person will make sure the checkbook is balanced and the bills are paid. However, simply pooling resources so they are all in one place makes paying bills much easier.
Gives accountability to both partners, building trust:
When both partners have access to the same funds, it will lead to a mutual trust and grow the relationship. Once a partner observes how their significant other handles their combined resources, they begin to trust their partner even more than before knowing they have been responsible with the household’s resources.
Bonds two people as they work towards achieving financial goals:
A couple who is married is obviously already bonded. However, there is no greater test of a relationship than handling money as a pair. When two people discuss long-term financial goals, work together to ensure each others’ needs are met and become accountable to each other in terms of managing money, they will become closer and thus enjoy a deeper relationship.