Deciding to merge your finances with your significant other is a huge step for any relationship. But how do you know when you’re 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.
You’ve had previous money talks…and it’s not awkward
Let’s 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, we’ve gathered some tips to help you tackle the topic with your loved one with ease.
You’re comfortable with one other’s spending habits
Before merging your money, you should have a sense of your partner’s 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 don’t, how much are you both willing to compromise? These are all important questions to consider when you’re thinking about bringing your finances together.
With Monese, it’s easy to analyse spending habits with our Spending Overview feature, which neatly categorises expenses into 15 different lifestyle categories. Use it to compare one another’s expenses and see how similar they are. To avoid any conflict, you’ll eventually need to get on the same page when it comes to how to spend (or save) the money in your joint account.
You’ve 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 you’re 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, it’d be wise to talk about how you’ll 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, you’re able to monitor each other’s expenses as you’ll both receive instant notifications anytime one of you spends.
You’re saving for something together
Whether you’re thinking about adopting a pet, going on a dream holiday together or buying your first home as a couple, having a specific saving goal you’re both working towards is a great indicator that you’re ready to open a joint account together.
When you open a Monese joint account, you’re able to create up to 10 money pots where you can set money aside for all the things you’re 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 you’re stashing money away regularly.
You’re already living together
If you’ve already decided to bring your lives together and share personal space, joining your money could be a natural next step — especially if you’re 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 aren’t 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 don’t live under the same roof just yet.
What are the benefits of a Monese joint account?
If you and your better half do decide you’re 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
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: €/£4.95) 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 you’d share with other couples before doing so? Let us know on Facebook, Twitter, Instagram or email us at email@example.com.
Folosește un cont comun Monese împreună cu colegul de apartament
Includem câteva dintre modalitățile prin care tu și colegul tău de apartament puteți utiliza cel mai bine un cont comun Monese pentru o coexistență pașnică!