Things to consider when setting up a joint account with partner

[rob oyle]

Has anyone opened a joint account with their partner recently? How did it work out for you?

Me and my gf live together now and a joint account seems to make sense - we both bank with PTSB so an account with them, using two debit cards, would seem to make the most sense. We'd pay the rent, household bills, food purchases and any joint/day to day expense there and use our existing current accounts and own debit cards for our discretionary spending. Any pitfalls to be aware of, beyond trusting the other side to keep their idea of necessary spending under check??

 

[Steven Barrett]

Rob

I have done what you are proposing for years and I recommend it to young couples who are looking to organise their finances. It's for bills and mortgage which is all on direct debit and shopping. Everything else is paid for from our personal current accounts, so there is additional expenditure that doesn't come from the joint account.

Put in a contingency amount too so there is always an extra few quid if needed.

One thing I say to couples is the amount paid in doesn't have to be 50/50. If one of you earns considerably more, they should pay more into the household account, it's only fair.

The handiest thing about it is you don't have to worry about when the direct debits are set up. You know there'll be money in the account.


Steven
http://www.bluewaterfp.ie (www.bluewaterfp.ie)

 

[Andy836]

Recommend opening a JT current & JT Savings account.

Stick a set amount each into the JT current account - enough to cover mortgage/rent, all utilities, insurance, petrol, all groceries (excluding booze), kids expenses etc, allowance for joint discretionary spend (dinners you both attend, drinks when you're out, movie tickets etc).

Any monthly surplus/underspend can be moved into the JT savings account.

I'm amazed the amount of couples that don't do this.
- Do not use the jt account for nights out when your partner isn't there,
- Do not pay for domestic booze on the JT account (my wives wine is considerably more expensive than my few beers),
- Do not use the JT account for furniture unless both parties have agreed to whatever is being bought.

It's not rocket science but it can remove the often relationship challenging problem of one party thinking they're paying for everything.