When you’re in a relationship, it’s important to have a solid financial foundation. This means setting up the right bank accounts and being on the same page when it comes to spending and saving money. In this blog post, we will discuss four different bank accounts that you should have with your partner. These accounts will help you stay organized and make sure your finances are in order!
The four bank accounts you need when setting up your account are:
- A joint account for paying bills
This account is used to pay for shared expenses like utilities, rent, and groceries. Both partners will put money into this account every month to pay bills. The only time you can take money out of this account is to pay bills.
The point of this account is that you are putting the money aside for use later or within the month for bills. Also, both partners will be putting money into this account. That way there is not one partner paying for all of the bills, and it is equal.
This is a great way for both partners to be contributing on bills and to stay up to date on everything.
2. A joint savings account
This account is used to save up for big purchases or emergencies. Both partners will put money into this account every month and eventually save up a large sum of money. This money can be used for big time purchases like a house or a car. It is also useful in case of an emergency, like if one partner loses their job.
Like the account for bills, this account both partners will be contributing to. Each month you both will be putting money aside for it. This will not only help you save, but put you in the habit of not spending all of your money at the same time. Putting away a little money each month is useful for long term savings.
3. Your own separate spending account
This account is for your own personal spending. This money is not to be used for shared expenses or bills. You can spend this money however you want!
This money is for your lea-sure items only, no need to console your partner on what you use this for. Also, no need to worry about putting this money aside for bills or savings because you have already done that.
4. A separate bank account for your partner
Just like you need your own personal spending money, your partner does too! This account is for them to spend as they please with no questions asked.
It can be used to buy things for the house, go out to eat or on a night out with friends. It’s their choice on what they spend this money on.
Having four bank accounts with different things for each is a great way to delegate your money. A bank account for your bills will help you plan ahead for the rest of the month with what money you will have left for leisure. A savings account will help you plan ahead for the future. And having your own bank accounts will let you enjoy your leisure money as you wish.
Do you and your partner have four bank accounts? If not, which ones are missing? Let us know in the comments below!