Deciding to merge your finances with your significant other is a huge step for any relationship. But how do you know when youâre ready? In this post, we cover all the signs and milestones you should have already hit as a couple before deciding to open a joint account together.
Youâve had previous money talksâŠand itâs not awkward
Letâs face it: talking finances with others is considered a taboo topic in society. And it can be especially awkward to talk about with a romantic partner. It can be a little daunting and just downright unsexy. But if you and your partner have spent enough time with each other and are comfortable and open enough to have honest conversations around money, then this is already a great first sign!
If you need help getting that important conversation started, weâve gathered some tips to help you tackle the topic with your loved one with ease.
Youâre comfortable with one otherâs spending habits
Before merging your money, you should have a sense of your partnerâs spending habits.
A poll we ran on our Instagram showed that nearly half of our community were savers (49%) and just over half (51%) were spenders. So which one are you and which one is your significant other? Do they like to splurge on the finer things in life or do they enjoy saving their money? And more importantly, how comfortable are you with their money habits? How closely do they align with yours? And if they donât, how much are you both willing to compromise? These are all important questions to consider when youâre thinking about bringing your finances together.
With Monese, itâs easy to analyse spending habits with our Spending Overview feature, which neatly categorises expenses into 15 different lifestyle categories. Use it to compare one anotherâs expenses and see how similar they are. To avoid any conflict, youâll eventually need to get on the same page when it comes to how to spend (or save) the money in your joint account.
Youâve set a budget and trust each other to stick to it
Speaking of getting on the same page, one thing that could help is creating a budget that youâre both comfortable with and believe you can stick to. Merging your money means you have to trust one another to manage it wisely and in a way you two can agree on. Still, itâd be wise to talk about how youâll handle it if one of you goes over budget.
With a Monese joint account, you can easily create a monthly or weekly budget to keep you both on track. The best part is, youâre able to monitor each otherâs expenses as youâll both receive instant notifications anytime one of you spends.
Youâre saving for something together
Whether youâre thinking about adopting a pet, going on a dream holiday together or buying your first home as a couple, having a specific saving goal youâre both working towards is a great indicator that youâre ready to open a joint account together.
When you open a Monese joint account, youâre able to create up to 10 money pots where you can set money aside for all the things youâre working towards together. This is an excellent way to keep this money separate from your day-to-day spending. You can even choose to round up your daily transactions by up to 10 and send the difference to your money pot so you reach your money goals even faster! Or set up Recurring Payments into your pot so youâre stashing money away regularly.
Youâre already living together
If youâve already decided to bring your lives together and share personal space, joining your money could be a natural next step â especially if youâre sharing and managing bills, groceries and other household expenses together. Having an allocated place to put that money in for those daily purchases for the home could be a huge timesaver. Plus you avoid the headache of constantly trying to figure out who owes who for what and how much.
But if you arenât already living together and just need a place to keep money for date nights or weekend getaways together, not to worry! With Monese, you can still open a joint account with your loved one even if you donât live under the same roof just yet.
What are the benefits of a Monese joint account?
If you and your better half do decide youâre ready to take the plunge, here are some of the other pros of opening a Monese joint account together:
- Have a shared account number, transaction feed, balance and allowances while enjoying individual contactless Mastercard debit cards to shop, spend and use on your own
- Link your joint account cards to Apple Pay or Google Pay for speedy and secure transactions both in-store and online
- Get both of your salaries paid directly into your joint account
- Quickly set up Direct Debits or Recurring Payments from your joint account to easily manage shared payments
- Open a joint account for free (just pay the card delivery fee: âŹ/ÂŁ4.95) without having to be in the same physical place together
Have you and your sweetheart considered opening a joint account together? Or if you have one, what are tips youâd share with other couples before doing so? Let us know on Facebook, Twitter, Instagram or email us at community@monese.com.
