4 reasons to have a JOINT ACCOUNT (JA) w your GFBF

I’ve been together with my husband for going 9 years.

We discussed and created a joint bank account about 2 years into our relationship. We had some agreements that funds deposited should be 50-50, so if there’s any needs to increase or decrease then both side have to be the same amount.

We didn’t started it too early, because…

🍋 we started dating while studying uni, and working part time. So the finances wasn’t stable.

🍋 we had some ongoing debts which we need to clear (study loans etc)

🍋 we were afraid of unstable r/s and then the account might be more “hassle”

But there are no regrets creating a joint account with him!

Here’s why you should do it:

✨ I’m very bad with personal finances so a joint account will mandate a fixed savings amount monthly

✨ Our JA was created after our BTO application, so it somehow meant that we wanted to walk this route as long as we can.

✨ Any combined expenses can be paid using the JA! Such as wedding related expenses, reno, household expenses, and in future, children/parents expenses.

✨ Contribution is fixed at 50% each regardless the amount of salary for each side, in the event if we really break up in future, then the amount will be given back to each other based on contribution rate. Of course this can differ between couples, so you have to discuss with your other half first ok!

We chose our bank account based on the highest interest rate which was CIMB at that point of application. I recall it is a online account, so registration is all via online too. No ATM card provided cos we don’t intend to withdraw but you still can transfer out/paynow when required. We changed a few bank accounts in between, but now i’m back to CIMB and i have a CIMB credit card for expenses too so i can direct pay to the card using the JA.

J