What Is a Joint Bank Account and Is It Right choice for Your family? | A Joint Account Was the Right Choice for My Family
Joint Bank Accounts
Living as a couple comes with several commitments. One has to forego some personal deals and joint to build a home together. For me, marriage was the game changer and perfect start for many developments. Several adjustments were quite challenging, but we managed to overcome them and work together. First, finances were never part of normal discussion. We only paid for crucial responsibilities and house expenses. For many years my partner never knew my monthly income until an emergency arose.
During moving in, money is a significant issue for couples globally. You both learn how to spend, save and pay for expenses. My wife and I took time with the money issue; we saved money separately. This was never a problem until I was laid off during the Covid-19 eruption. We had to sit and see what we had in our account. To our surprise, we didn’t have enough to sustain our home. I felt insecure, considering I had more responsibilities.
We had to think fast and make effective plans. It was challenging, especially in my jobless situation. We had to consult a financial advisor. To help us manage and grow the finances we already had in the saving accounts. The first piece of advice my financial planner offer was the idea of a joint account. We didn’t quite welcome the idea. I felt it would restrain my spending and deprive my financial freedom. However, it is different and more assuring. Our financial planner was patient with us as we comprehend the whole process.
My wife also had her worries, but we concluded. Our planner helps us decide on the amount to save in the joint account. I was to offer the least share as I continued to seek employment. I thank m wife for not complaining about the idea. We took part of my saving and invested in the joint account, and the rest started with share market investments. My advisor took the initiative to teach on potential markets. I build a diverse portfolio which I still manage to date. The Covid-19 situation also was an eye-opener; we decide one of us should be self-employed. This was to avoid the retrenchment frustration and financial strains.
I invested in making blogs that took some time to gain traction. The blogs are gaining viewers and followers. My zero dollars account changed to considerable payment, which I can comfortably save in the joint account. With time my wife and I witness the account grow. It offers financial confidence as we can make solid money decisions. The account has never limited our financial spending or freedom. It made it easy for us to disclose our monthly income and learn the responsibility to handle using the joint amount.
Joint Account Best Choice
The account has positively impacted our finances. We can decide on new projects for our family. What to pay with personal finances and what to purchase with the joint amount. The amount has tremendously grown, and we have purchased our first home and family car without loans. The joint account reliefs the need to borrow funds from saving schemes of have hidden debts from my partner.
Besides the joint account, we have a common share market and have purchased different equities shares. The investments will go a long way in the future to help our children. The joint account helps set financial goals such as kids’ education, paying life insurance, and other family expenses.
Though we have consolidated our funds, most of our income still goes to our savings account. None of us is judgmental of the other spending habit. It’s assuring that besides the money we are pooling together, there is extra in our saving accounts. My wife and I are better financial managers. We first ensure our joint account is okay and proceed to save and spend.
Our financial advisor is constantly guiding us even after financial stability. We get crucial money tips such as saving for luxuries like vacation, new clothes, furniture, and small expenses. This will limit us from accessing the joint account for such needs. This has made it easy to travel as we save 10 percent of total income in another joint account for travel and personal items. Our two kids also have money collection wallets where they deposit money for their expenses.
The common money pools have positively changed our thinking and spending habits. We are all transparent with the funds circulating the house. The journey was challenging, but we love the whole process.