5 Financial Tips For Newlyweds

Joint Versus Individual Bank Accounts

Joint versus individual bank accounts is where many couples disagree with their financial planning. Some couples swear by joint bank accounts, and others claim having a mixture of both is the best course of action. It could work either way, but the main goal is for couples figure out whether they want to keep their money in joint accounts or separate. The answer is not wrong or right depending on their preferences and desires. However, many are open to having a joint bank account in which they both deposit family money. This is the money that pays the bills, goes into savings, and cares for their family. They can then keep the rest of their money in a joint account intended for fun, or they can keep it in individual accounts and spend it how they see fit. This is a very personal decision, but it can make the budgeting aspect of a household easier if both parties have their own accounts to use as they see fit.

Continue reading to learn about the importance of setting financial goals as a couple.