So, you’ve reached that stage in your relationship where you’re comfortable sharing your financial habits with each other and have decided to set up a joint account.
But before you go ahead with it, it’s a good idea to draw some boundaries. After all, money matters can be tricky, and you wouldn’t want them to affect your relationship, right?
How to get started
1 Fix the contribution amounts
Elsa Lim, finance coach and founder of www. moneyfitcoach.com, suggests discussing who should be the primary and secondary contributors, and how often the account should be topped up.
“Women must learn to talk about money and tell their partners what they expect out of the arrangement—without arguing and feeling embarrassed, pressured or intimidated,” she says.
2 Establish the types of expenses covered
Elsa warns that the both of you might not always see eye to eye when it comes to expenses, so it’s important for the both of you to establish the types of expenses that the joint account covers.
“You also have to be clear about what spending habits you will not tolerate, such as gambling or other unhealthy addictions,” she says. For hobby expenses, Elsa recommends setting up separate personal accounts.
3 Manage roles and responsibilities
Everyone has their strengths, and Elsa advises