Money and personal relationships are two things to cherish. How is the best way to treat joint accounts? Do you have separate accounts and transfer into a joint account or keep one account and share everything? The best answer for something as personal as love and money is your very own answer. Sit down with your love bunny and ask "What would be our ideal bank account scenario?" "What would benefit both of our needs and money values?" Our own solutions are always the one that satisfies our needs best.
If you both have strong senses of security you might want to keep separate accounts that you transfer the joint expenses money, into one account and keep your personal savings money for yourself. Maybe one account and everything shared is best for you? If you're both feeling the love, keep one account and pay everything from that account.
Now sit down with your special someone and write down what both of your ideal situation is. The next step is to move in the direction to satisfy both. Write down if you do break up what would be the split of funds beforehand then put the paper away. Of course we never expect or want this to happen but having it on paper will nip any money fights in the bud in a worse-case scenario. Write down everything that you want to achieve with this account. How to save on fees and make the best interest for both of your benefit! Here are some couple money steps once you decide to have two accounts or one:
1. Keep the minimum balance in the account to wave the month fee. If you keep $1,500 to save $8.95 a month that is $107.40 a year.
2. Get your partner and you to walk the extra block to save ATM fees. If you save one extra $1.5 ATM fee a week for a year it would add up to $78 a year! Plus you'll burn some calories.
3. Take out cash Sunday night for the entire week. Figure out how much cash you spend in an average week and take in out once a week. It'll save you time, frustration when the debit machine is down and fees when you plan in advance. People generally spend less when they use cash too.
4. Get a high interest savings account and link it to your couple account. Any idle money should always be kept in it to make you some extra interest. Even $2,500 kept to pay your property taxes at the end of the year will generate $25 in interest in a 1 per cent savings account.
If you add up all of these super simple couple account savings they equal $210.40! Plan up front with your partner how you'll celebrate your fiscal prudence. Save half and then go out for a nice dinner and a movie. You're developing some amazing money skills and rewarding yourself will push you to be even better. It makes cents for a smart couple like you.
Keep loving your special monkey and of course your money,