Jun 18 2008
A Joint Checking Account- Is it for You?
The topic tends to come up a couple of years into dating the same person. Should you have a joint checking account or should you just keep separate checking accounts?
Joint checking accounts aren’t just for married couples. There are a large amount of couples who are just dating and not married, but that feel the need to have a joint checking account. A good reason for having a joint checking account if you’re dating someone for an extended period of time is if you find it easier to pay for dates with the credit card of the joint checking account instead of deciding who is going to pay or how much each person should throw in. Another reason is if the both of you are saving for a vacation, house or apartment together. If you are a dating couple that lives together, you can use the joint checking account to pay for household expenses.
If you’re going to have a joint checking account, make sure that you have your own individual accounts as well. It’s important to have your own money that you can use without having to answer what you’re using that money for. Not to mention that you should be able to have your own things that you’re saving for.
Before you jump into opening a joint checking account with someone, you need to make sure that you trust them completely. It’s not a decision to jump into lightly. Also, make sure that you know about their financial background and where they see their financial future going.
One Response to “A Joint Checking Account- Is it for You?”
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You make some excellent points here. Trust is key when you share a checking account with someone, and knowing their financial history is a good idea, which is often overlooked.
I once heard this advice: If you are sharing household expenses and bills with someone, put everything into a joint checking account except for a specified amount (like $100 a month) that way each person has that $100 each month they can spend on whatever they want. I thought it was a nice idea for people who have been together a long time and are living together or people who are engaged.
Sierra
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