If you’ll be getting married soon or are thinking about moving in with your significant other, there’s a good chance that the topic of money has come up (if not, it probably should). While you’re trying to figure out how to manage the household budget, you may want to discuss the benefits of having joint bank accounts. Even though this may make some people nervous, there are several advantages to merging your money with your partner’s.
One of the perks of having a joint bank account is that you and your spouse will be more focused on tending to the household bills before spending money on leisure items or activities. When your money is in one account, you know that your spouse can track your spending more easily, and you probably don’t want to be the reason that a bill is paid late.
Also, when you get married, you share each other’s debt. While this may be scary, it can also be comforting and motivating to know that you have a partner who can help you come up with a strategy for getting rid of the debt quickly and efficiently. This also has the ability to bring you and your spouse closer, since you’ll be working together to solve a problem that affects the both of you.
For more information on the benefits of joint bank accounts for couples, check out www.huffingtonpost.com.