Your Step-By-Step Guide to Opening a Joint Bank Account
Getting married conjures images of romance and whimsy for most. However, marriage is also a contract that comes with a lot of practical obligations and benefits -- including financial. After saying “I do,” many couples opt to join their finances under a joint bank account. Here is your step-by-step guide to opening a joint bank account after the wedding.
Set Aside the Time
It can be difficult to accomplish all of the financial tasks that need to be done in a piecemeal way. Set aside a couple of hours on a day where you can both focus on all of the financial tasks that need to be done.
Decide Whose Accounts to Close
You and your spouse should take a look at which checking and savings accounts offer the best benefits for you as a couple. Once you’ve determined this, close the accounts that are less beneficial and transfer money into the new account. Some couples choose to close all of their accounts and open an entirely new account together.
Ensure That Both Names are On The Account
This may seem obvious, but it’s a crucial step. When you decide which account you want to use -- whether it’s preexisting or you’re opening an entirely new account -- make sure that both of you are authorized to use the account. This will allow you both equal visibility into your finances and allow you both to tag team any issues that might arise with the bank.
Move Automatic Payments to Combined Account
Have bills that come out as automatic payments like rent and cable? Move these expenses over to a joint account. This way you can both track what bills you are paying when rather than having two accounts that work independent of each other.
Have Tough Conversations
While most couples should discuss finances before the wedding bells ring, it’s important to keep the lines of communication open. You will now both have full visibility into how the other spends money. This can cause discord for some couples, but most fights can be avoided by being upfront about your feelings and having tough conversations in a calm way when you need to. Keep communicating openly and honestly with one another and your marriage will be smooth sailing!