How to Manage a Joint Checking Account

Many married couples decide to open a joint checking account. This type of account allows the couple to put their funds into one account to pay shared or personal expenses. If managed correctly, a joint account can be a wise financial decision.

Difficulty: Moderately Easy

Instructions

1. Communicate with your partner to avoid any problems that can arise with a joint checking account. If you make a large purchase, make sure that you let your partner know in order to avoid overdrawing the account.

2. Keep an accurate record. All deposits and withdrawals should be placed in the checkbook register in a timely manner. This will allow both parties to stay on top of the account.

3. Use the account to pay shared expenses. Many couples keep individual accounts and use the joint account only to pay shared bills, such as utilities and mortgage payments.

4. Be aware of your spouse’s past credit history. If one person has an outstanding debt, creditors can use your joint account to pay off that debt.

5. Trust your partner. Having a joint account requires that you work together to keep your income stable.

Tips & Warnings

• Have an individual account before a joint checking account. This will allow you to first establish credit for yourself.
• If you tend to have many disagreements about money, you may want to avoid a joint checking account.