How to Have a Joint Bank Account When Engaged

Being engaged brings with it plenty of important decisions to make. There may come a time when you and your fiancée decide to put your money together into one joint bank account. This will be a new and interesting experience for both of you. The two of you must handle this situation delicately, though, as money can always create arguments. Here is how to have a joint bank account when engaged.

Instructions

1. Begin by putting the same amount of money into the joint bank account. For example, if the two of you agree to put 1000 dollars into the account, than you should both put 500 dollars of your own money into the joint account. This is a good way to truly make the account both of yours, since no person will have “more money” in the account than the other.

2. Create a list of bills that you will pay off using money from the bank account. Obviously, you know which individual bills you need to pay off each month. However, you probably aren't aware of all of the bills your partner has. By making a list, you will know exactly how much money will be exiting the joint bank account at certain points throughout the month.

3. Add money to the joint bank account predictably. For example, if you receive a paycheck every Thursday, it's a good idea to add funs to the bank account before the beginning of every weekend. This will help to put your partner's mind at ease regarding bills or just the total amount of funds into the joint bank account. One easy way to do this is to have your checks put into the account through direct deposit.

4. Set a budget on how much money the two of you can remove individually from the bank account. Obviously, there will come a time when one of you will want to go out without the other or make an individual purchase. This shouldn't create tension between you and your significant other. Simply set limits on how much you can spend on such purchases during a month and then stick to those limits. This will quell any arguments the two of you may have regarding the joint bank account.

5. Put money from the joint bank account aside for other things. Once you get a certain amount of money into the account, use that money for a CD or a long-term savings account. This can be very useful for the wedding, honeymoon or items such as furniture. Doing this also makes both the money and the things bought with the money more like both of yours instead of one person's belongings.

6. Keep a small amount of money aside for yourself. Even though you have a joint bank account, it's always a good idea to have your own funds for things such as eating out and clothes purchases that you really don't “need.” If, for example, you make around 1000 dollars a week, keep anywhere between 50 and 100 dollars to yourself in either a separate bank account or in your wallet/purse. This is also convenient when the holidays come around and you want to purchase something for your soon-to-be spouse without that person knowing about it.