howtogrowthefuckup:

Well, number one is a WHOLE LOTTA TRUST. Like, you don’t get a joint bank account with just anyone. You get a bank account when you’re in a long-term relationship, like years together, and when you’re living together. When you’ve reached the point that you share everything else already and what’s mine is yours and what’s yours is mine, that’s when you get a joint account. Why? Because you’re allowing them equal access to your money. And it’s not just your money anymore, it’s both of yours. Sure, you probably know what you put in there, but once it’s in the account, it’s harder to tell. It’s all one big pot.

Which brings me to number two, which is that budgeting is crucial with a shared account. Unless you’re Beyoncé and Jay-Z, you probably need to pay attention to how much money you have in the bank. You and your significant other need to come to some kind of agreement on how much you each can spend and on what, so that you don’t assume there’s plenty of money in the account for groceries and then have your card denied at the store because your SO decided to treat themselves earlier that day. Basically, you both need to be responsible with money because you both have access to the account.

Lastly, keep in mind that you don’t need to put all of your money into the joint account. It’s perfectly okay to have your own account separate! In fact, most happy marriages I know do this. They have a joint account where they each put in a certain amount each month and they pay all of their shared expenses out of it, things like rent and food and water and all that other stuff you need to live. They might even have a joint savings account where they put aside a certain amount to save up for a house or a wedding or a vacation. Then they each have their own bank account for “play money.” That’s the money you use when you want to buy a new video game or ten burritos without having to check with your SO first. This is also the account you use when you buy gifts so they’re surprised. The trick is to be completely transparent about your personal accounts. If you want your relationship to work, you don’t hoard money away in secret bank accounts.

Oh, and try to set up all of the accounts at the same bank (get one with a good online portal) so you can easily move around money to different accounts when necessary. And by necessary I mean you need a little extra for the electric bill, not tax evasion.