4 Rules For Sharing A Joint Account With Your Boyfriend
So, you’ve reached that stage in your relationship where you’re comfortable sharing your financial habits with each other and have decided to set up a joint account.
But before you go ahead with it, it’s a good idea to draw some boundaries. After all, money matters can be tricky, and you wouldn’t want them to affect your relationship, right? Scroll the gallery to check out how you can get started.
More stories from CLEO
How To Negotiate Your Salary During A Job Interview
Your Wealth Forecast For 2019, According To Fengshui
How To Finally Get Hired So You Can pay Your Bills
Text: Nicolette Yeo
1. Fix the contribution amounts
Elsa Lim, finance coach and founder of www.moneyfitcoach.com, suggests discussing who should be the primary and secondary contributors, and how often the account should be topped up.
“Women must learn to talk about money and tell their partners what they expect out of the arrangement—without arguing and feeling embarrassed, pressured or intimidated,” she says.
2. Establish the types of expenses covered
Elsa warns that the both of you might not always see eye to eye when it comes to expenses, so it’s important for the both of you to establish the types of expenses that the joint account covers.
“You also have to be clear about what spending habits you will not tolerate, such as gambling or other unhealthy addictions,” she says. For hobby expenses, Elsa recommends setting up separate personal accounts.
3. Manage roles and responsibilities
Everyone has their strengths, and Elsa advises playing them to your advantage.
“Perhaps you’re good at budgeting while your boyfriend is good at investing. Or perhaps he’s a spender while you’re a saver. You may decide that all investment matters come under his care while the household budget comes under yours,” she says.
She adds that ground rules and acceptable spending should be established, particularly if one partner is a bigger spender than the other.
4. Save the (money) date
Elsa suggests making regular appointments with your partner to discuss financial matters.
“These are ‘date’ nights where you and your partner discuss and track all matters pertaining to money management, family expenses and spending plans. Agree to create a safe space to talk about all matters of financial concern and review,” says Elsa.