After taking one of the biggest steps in your life, it is important to focus on one of the most important aspects of being a happily married couple, your finances.
From starting your own family, to moving into a new home together, the financial steps you take now will have a profound affect on your future.
Here are five suggestions to consider when it comes to opening a joint checking account together.
How Will Shared Expenses be Divided?
There are many factors to be considered when it comes to your expenses such as salary differences gaps. One possible way to ensure expenses remain on an equal level is to have each partner contribute a percentage of their salary that is equal to the percentage of income they make.
One great way to test out a joint checking account is to keep accounts separated at first, while keeping an initial joint account for things such as living expenses.
What are the Ground Rules?
Communication is key when it comes to joint finances. One way to be sure communication remains clear is to set guidelines from the very beginning. If one partner is planning to purchase something of great value, be sure to talk these things over first so there are no surprises.
Figuring out how to handle big purchases beforehand and coming to an agreement is the best way to avoid conflict down the line.
Are There Shared Banking Styles?
While joint bank accounts may make for an easier, streamlined financial situation, it is important to understand what both partner’s banking style is. If one person in the relationship prefers online banking while the other prefers to walk into a branch and speak to someone in person, be sure to find the right institution that will offer both services.
How Open are You Both When It Comes To Talking About Money?
Talking about financial situations is often a touchy subject for many. It is important to have a clear communicative relationship when making a joint checking account work.
What are your Goals as a Couple?
Being married is a team effort, and there is no doubt that finances are any different. Be sure to have a designated plan set in place when it comes to managing finances in your relationship. Possibly have one person be designated to paying bills and ensuring money goals are established and running smoothly. Remember, the steps you take now are what will set your financial goals up for success down the road.
At Camino Federal Credit Union, we have provided the resources to help our members meet their financial goals, whether it is newly married couples or young students fresh out of college.
Be sure to contact us at (800) 835-3400 if you have any questions when it comes to your financial future.