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Reasons to Manage Your Finances as a Couple with a Joint Savings Account
Posted on Thursday, April 28th, 2022 | By IndusInd Bank
When it comes to marital partnerships, young couples are getting increasingly practical by the day. Before agreeing to the wedding, couples today prefer discussing their finances after marriage.
And why not?
Figuring out finances is an integral part of beginning a life partnership. One of the first steps to handling your finances is to check the pros and cons of keeping things separate or combining them.
Although joint savings might sound like an old-fashioned idea, it does come with its share of benefits. No wonder why most of our parents opted for joint bank accounts to manage their finances! Let’s get to know more about that.
Why Should Couples Consider Combining their Finances?
Here are a few reasons why opening a joint savings account with your partner could prove beneficial for you.
Enables Flexibility to Handle Life Changes
Sharing assets and combining finances can help couples support each other during times of emergency or when they need extra financial assistance.
There’s no need to worry about transferring money to pay bills or finance a major event like studying abroad or purchasing a car with a partner savings account.
Streamlines Shared Responsibilities and Goals
A joint savings account can enable a couple to streamline their fiscal responsibilities and share future goals.
From repaying student loans to settling years of credit card debts, most long-term relationships today start out in the red. With the concept of debt being so normalised, it’s ideal if couples begin their marital journey on the same page regarding financial goals.
By combining finances, either spouse can keep tabs on their respective debts. It also helps facilitate substantial expenses in the future, like buying a car or getting new furniture.
Adds Transparency to Budgeting
When you share your finances via a partner savings account, you know all the expenditures and deposits in your account. This can help a couple keep track of their shared budget and plan it more feasibly to suit their needs. Besides, you save yourself from unpleasant surprises that might lead to future conflicts with a transparent budget.
Increase Earnings From Combined Interest Payments
If you and your spouse continue to contribute the same amount of savings that you did before getting into a partnership, your interest payments will likely increase.
Most couples today are keen on investing early to ensure a secured future. As your investments grow over time, compound interest can work to your advantage. However, you must also remember that this can also wreak havoc on your finances if you’re still paying off debt.
Fosters a Sense of Equality
Instead of keeping separate records on expenditure, you can share your income and budgeting through a joint savings account. This helps couples maintain balance and promotes a sense of security.
Final Thought
There is one right way to manage your finances as a new couple. Still, you can avoid money conflicts with a little bit of planning and good communication. If you still can’t decide whether a joint account works for both of you, you might want to consult with a financial expert.
Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.
