Is it time to take the next step in your relationship?

Roses are red, violets are blue, joint accounts may be better for you.
Posted on February 13, 2020

This Valentine’s Day, as you sit across from your loved one at a candle lit dinner, perhaps it is time to ask the tough question, are you both ready to open a joint bank account? Leading Think Forward Initiative researchers, Prof. Dr. Fred van Raaij, Prof. Dr. Gerrit Antonides and Dr. Manon de Groot, found that joint bank accounts, as well as making financial decisions together are correlated with having fewer financial problems.

But before making this big step in your relationship, it is important to make sure you’re both on the same page and have similar financial goals. To help you make this decision, we thought we’d share these tips on how to master money management with your loved one.

What’s yours is mine

You may have heard the saying ‘what’s yours is mine,’ right? When opening a joint account, make time to sit down with your partner and share your current financial situation. Things to consider are:

  • How much do you both earn?
  • How much retirement savings do you have?
  • What assets do you have?
  • What debts do you have?
  • What is your credit history like?

Transparency around these topics is important, as it helps to ensure that you each understand each other financial situation, before committing to a joint account.

Equal playing field

It’s important to work together when joining your finances. You need to equally be involved in the budgeting and decision making when it comes to deciding what to spend, save and invest. Each week or month you may like to make time to work on your budget together and understand where you are both spending your money.


Take time to work on setting financial goals together. That way you can both keep each other accountable to achieving them and it will feel like more of a reward when you hit your goals together.

Spender or Saver

It is also a good idea to understand the spending habits of your partner. That way you both can understand the good and not so good habits when it comes to money management. It is important to remember that no one is perfect, so make sure that you’re conscious of one another’s feelings when having this discussion.

The Think Forward Initiative research indicated that working together on money management and financial decision making is the key to creating a successful joint account.