Are Joint Accounts a Good Idea?

Joint accounts! For some it may create anxiety while for others is may be a sense of relief.

How can you determine if a joint account will be a good fit? Here are few things to think about.

1. Does your household have only one source of income? Or has income reduced due to COVID or another life event?
2. Would it streamline your budget by having all income and expenses going into one account? Maybe save more or be able to track expenses more accurately?
3. Are household expenses spilt 50/50? It may save money to have everything in one account than transferring monies back and forth.
4. Is your household a multiple income household and each person is responsible for separate bills and everything is kept apart?
5. Will everyone in the household be open about their spending habits and expenses to help with the overall budget and reaching future financial goals?
6. Will one person manage the budget, income and expenses ? Or will the responsibility be shared?
7. Knowing your household financial goals such as saving for a vacation, purchasing a home, or starting an emergency fund should also be considered when deciding on a joint account. Will a joint account help your household reach them?

As the pandemic continues, it may be a good time to revisit your financial goals, budget and how your household manages finances. Joint accounts may not have been a good fit in the past however under a change in circumstances, they may be helpful now.

Have an open, honest conversation to see if a joint account is good idea. It can be a starting point to discuss short- and long-term goals.

In addition, we at Apprisen are happy to help your household reach financial goals. Whether it’s learning to budget or purchasing a home, we can help no matter where you are on your path. Check out our Financial Health Plan, or follow us via social media Facebook, Instagram, Twitter.