For most newlyweds, merging their finances with a joint checking account may seem like the most natural thing in the world. After all, most of your bills will likely be joint debts, so combining your funds can make paying them easier. However, take the time to consider the benefits and drawbacks of this strategy before deciding.

The Advantages of a Joint Checking Account

Having a joint checking gives each of you access to money to handle home repairs, buy groceries, and pay for unexpected expenses. This can be crucial if one of you travels for work or gets too sick to pay bills and manage the finances.

Pooling your money also makes it easier to get a full picture of your finances without checking several different accounts first.

The Disadvantages of Combining Accounts

That being said, if you’ve already gotten your career started and have been managing your own money for years, transitioning to a joint checking account may seem strange and invasive. If you’re used to financial autonomy, using a joint account just for household bills might feel like a more natural approach.

Furthermore, money matters are a common source of marital problems. Keeping your money separated can promote marital harmony since neither of you will feel the need to justify spending your own income.
 

As a locally-owned, not-for-profit credit union, Estacado Federal Credit Union has provided personal service and great rates to couples in Lea County, NM, and Texas’s Yoakum, Gaines, and Cochran counties for over 65 years. Whether you’re opening a joint checking account or looking for an auto loan, their friendly staff will give you the individualized attention you deserve. Visit their website to learn more about becoming a member, follow their Facebook for updates and news, or call (575) 393-1596 to reach their Hobbs, NM, branch. To speak to someone at their Denver City, TX location, call (575) 393-1596.