Making the decision to share a bank account, hand over your pin number, or get a joint credit card with your partner is a lot different than deciding who gets the bill at dinner. Being financially secure is one of the most important parts of being an adult, and you don’t want to compromise that if you suspect the risk may be bigger than the reward. Here are some questions you should ask yourself before you make that next step.
Do you trust each other?
This is the most important question you need to ask yourself. If there’s even a shred of doubt looming deep in the back of your mind about your partner’s trustworthiness, all the wondering you’ll be doing will likely ruin your relationship, and could cost you a lot more than a broken heart.
How much do you share already?
If you live together, share bills, and eat from the same fridge, having a joint account makes sense. Chances are, if you’re doing most of these things together already, you probably trust each other enough to know that handing over your pin is an ok move, and furthermore, will allow you both to be more efficient.
Do you have similar spending habits?
It’s crucial that you and your partner understand each other’s spending habits. You don’t have to have the same lifestyles, but you have to appreciate and respect the way each other’s cash flows.
Will you both benefit from this?
You have to be honest with each other about why you want to do this, and you have to be honest with yourself if you want to or not. If one of you is going to benefit, but the other isn’t, plain and simple, it’s going to cause problems in your relationship.
Do you feel comfortable talking about everything money-related with your partner?
You need to be able to talk about some pretty personal stuff if you’re going to be sharing a bank account “ where all your money is going, and where it comes from. If you can’t even be honest with yourself about where your money goes (shoe shopping addictions, anyone?) you probably won’t be ok with someone else seeing it. Further, you need to feel comfortable enough with your partner to tell them if you think things are no longer fair or things aren’t working and you want to go back to doing your own financial thing.