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.
- Does your household have only one source of income? Or has income reduced due to COVID or another life event?
- 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?
- Are household expenses spilt 50/50? It may save money to have everything in one account than transferring monies back and forth.
- Is your household a multiple income household and each person is responsible for separate bills and everything is kept apart?
- Will everyone in the household be open about their spending habits and expenses to help with the overall budget and reaching future financial goals?
- Will one person manage the budget, income and expenses ? Or will the responsibility be shared?
- 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?
Revisiting Financial Goals
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.