It also helps you communicate about money because you must continually discuss purchases and upcoming expenses so the account doesn't become overdrawn.Having a joint checking account isn't all fun and games, however.Mint, which I use as a budget and spending tracker, normally sends me annoying emails telling me I’m spending too much money on Chipotle.
The process of getting a joint account is no more complicated whether you're single and sharing a household or married.
As a 20-something living in the uber-expensive New York City, the thought of a late-night ATM run for taco-truck money turning into an avenue for crooks to take my hard-earned cash always keeps me on alert.
To say I’m diligent about checking my account, especially around paydays, is an understatement.
Setting aside a specified amount each month in the joint account can give you the best of both worlds; you can share household expenses while maintaining financial independence with separate accounts.
Putting money in the joint account should be based on how much each of you makes instead of each of you contributing an equal amount.