Top Questions to Ask ❓❔ before You Open a Joint πŸ‘« Bank Account πŸ’Έ ...

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Opening a joint bank account is a pivotal moment in a romantic relationship.

It requires trust, transparency, and dependency on each other!

Money is a sensitive topic and honestly one that can cause a lot of strife if you're not prepared.

BUT, the act of opening an account together truly solidifies your relationship if your future together is clear!

Here are some top questions to ask if you're considering opening a joint bank account with your partner! πŸ’‘πŸ’΅

1. Do You Know Each Other's Spending Habits?

The first thing you should ask yourself is if you honestly know your partner's spending habits!

Do they spend frivolously and constantly?

Or are they cautious and thoughtful about how they spend their money?

Being around each other daily should make this question easy to answer, however taking a peek at each other's bank statements is the only way to know how much each of you spend.

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2. What Will Your Joint Account Cover? πŸ€”

Will your joint account cover all of your expenses or only bills you both share?

Will you have a separate account for each of your personal expenses or put all of your money into one account?

Discuss with your partner the ins and outs of what you want your joint account to cover!

It's not a bad idea to set expectations from the get-go.

3. Do Each of You Budget Wisely? ✍🏼

If you're reaching this point in your life of financial stability and responsibly, chances are good that you have a budget in place that you stick too.2

However, some people don't closely follow their set budget and this is where trouble arises.

Do you AND your partner budget wisely or do one/both of you constantly overspend?

And when overages occur, how do you deal with it?

These are important questions to think about and discuss.

What about Debt? πŸ’³
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