Quiz: Is your relationship ready for a joint bank account?
Valentine鈥檚 Day is a time when many couples take their relationship to the next level. For some, that means giving that special someone a key to your apartment. For others, it means sharing finances by creating a聽.
Whether you鈥檙e in a new relationship or newly married, you might want to think twice about combining love and money. Among spouses and partners, 31% reported money as a major source of conflict or tension in their relationship, according to the American Psychological Association鈥檚 2015 Stress in America survey.
Before combining your finances, take this banking compatibility quiz. Add up your point totals and scroll to the bottom of the quiz to find out if your financial relationship is right on the money.
Are you comfortable talking about money?
YES (1 POINT)
You won鈥檛 agree on every aspect as you go through your financial lives, but keeping the lines of communication open when it comes to issues of spending and saving will give you a better chance of succeeding in a long-term relationship.
NO (0 POINTS)
Difficult times lie ahead if you can鈥檛 openly and honestly discuss finances. If you share a joint account, you owe it to each other to talk about financial priorities and spending habits. Think about signing up for a couples鈥� financial planning class to avoid miscommunication.
鈥淎s trust builds, money can become a safe topic to discuss, and the talks will get easier and more natural,鈥� says聽, a marriage therapist and financial counselor. 鈥淭he money talk should be a regular thing, such as monthly or when bills are paid.鈥�
Do you have a clean financial history?
YES (1 POINT)
As joint owners, you will both be legally and financially responsible for money in the account, so prior events like bankruptcies or a poor credit history could cause a strain. Having a clean financial history is one less thing to worry about as you learn how to manage money together.
NO (0 POINTS)
You can overcome financial mistakes from the past, but they can also haunt your banking relationship if not addressed. If either partner has outstanding debts, the joint account can be drained by creditors. That鈥檚 why financial advisor聽聽suggests each聽partner have access to the other鈥檚 credit report so there are no financial secrets. In general, the key is to make sure there are no surprises. 鈥淐onflict arises when there鈥檚 a discrepancy between expectations and reality,鈥� she says.
Do your banking styles match?
YES (1 POINT)
If you both like in-person banking or the latest technology, it鈥檚 a win-win 鈥� handling your account in the same way reduces the odds of misunderstandings. Same goes for partners who both are diligent about balancing the checkbook or reviewing transactions regularly to ensure there are no mistakes or surprises.
NO (0 POINTS)
When one partner is old-school and the other is tech-savvy, you risk going over budget or overdrawing the account. It鈥檚 an overdraft waiting to happen if one partner writes checks and the other isn鈥檛 used to balancing a checkbook, or if one partner always checks the balance before making withdrawals and the other never looks at the balance before withdrawing.
This doesn鈥檛 have to be a deal breaker, though. Look for a bank that offers both a great app and branch experience so you meet the needs of each partner.
Are you OK with setting some ground rules?
YES (1 POINT)
Rules establish boundaries and respect. You need a spending limit so that one partner isn鈥檛 unpleasantly surprised by a large purchase. While you鈥檙e at it, decide on a minimum account balance that you鈥檙e both comfortable keeping. Rules make it possible to meet both partners鈥� financial goals. These will come in handy when you鈥檙e saving for a house, a honeymoon, a family or dream vacation.
NO (0 POINTS)
Any time two people are sharing their finances, compromise and communication are key. A reluctance to set ground rules increases the chances you will cross your signals. One of you might end up spending money on entertainment that the other thought was for long-term savings. Those kinds of mix-ups could lead to frayed relations.
Do you still want to keep your individual account?
IF YOU BOTH AGREE (1 POINT)
It鈥檚 fine to keep an individual account for personal spending as well as a joint account for combined or household expenses. The key is that you are both on the same page to avoid misunderstandings or hurt feelings.
IF ONLY ONE OF YOU AGREES (0 POINTS)
If one partner wants an individual account but the other thinks all finances should be combined, that鈥檚 a sign there鈥檚 a fundamental disagreement. It鈥檚 important to be clear about the expectations for the account.
Do you believe in saving for the same goal?
YES (1 POINT)
If you both believe in saving for emergencies, an unexpected expense might not result in an argument. When your car breaks down but there鈥檚 an emergency fund to take care of the costs, a safety net lessens the stress.
NO (0 POINTS)
Old habits are hard to break when a partner hasn鈥檛 prioritized saving. Set some boundaries and decide how much you value saving for emergencies, experiences like vacations and big-ticket items.
Your banking compatibility score:
0-2 points:聽It鈥檚 not time to share a bank account just yet. You can still share pizza and warm hugs while you keep working on the financial part.
3-4 points:聽You鈥檙e somewhat compatible, but you have some things to work out. Decide on ground rules and stick to them if you open a joint account.
5-6 points:聽Your financial future together looks bright! If you open that account, make sure you keep the lines of communication open and continue to talk about your financial priorities.
Melissa Lambarena is a staff writer at NerdWallet, a personal finance website. Email:聽mlambarena@nerdwallet.com. Twitter:.
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