It is hard to think about money matters when you are staring into each other’s eyes, reveling in the butterflies in your tummy and dreaming of a perfect future together. But unfortunately, you have to! If you both don’t turn your attention to your finances and agree on how to handle them, you could find yourself with a joint bank account having money-fuelled arguments and general discontent in the near future.

That is not to say that opening a joint savings account with your partner is a bad idea and you shouldn’t consider, but there are a few things that you should consider before you sign up to ensure that you’re both on the same page when it comes to your finances.

What the statistics say about couples and money

Is money really such a big deal between couples? The simple truth is that, yes, it is. Don’t take our word for it though, – as the stats say it all! These statistics from The Independent show that finance is one of the most common things that couples disagree on and fight about. Now, that doesn’t mean that you have to be part of that statistic, all you have to do to beat the odds if you have the right approach to money.

5 things to consider before saying “I do” to a joint savings account

If you are ready to take your relationship to the next level, and that next level is a joint bank account, then make sure that you do a bit of homework and thinking before you sign up. Below are 5 top tips and considerations to ensure that you open the best joint account together and avoid those pesky arguments (and disappointments) along the way.

1. Transparency

2. Look for financial red flags

3. Have a safety net

4. Budget

5. Do things right

4 reasons why joint bank accounts are good for couples

If you have done your due diligence and don’t see any reason why you shouldn’t open a joint bank account with your partner, then consider these 5 reasons why it’s a good idea for some financially secure couples:

Last word

It goes without saying that there are pros and cons to relinquishing your financial independence and going “all in” with your partner. If you are going to take the next step, it can be a highly beneficial decision. Especially if you plan and prepare for this next phase carefully.

May your financial future together be lucrative and stress-free! Happy bank account sharing!