Example: How do you use a joint bank account?
There are different ways that you can operate a joint account with your partner, and how you choose to do so will depend on how you both want to manage your money. Take a look at the following scenarios for 2 possible ways of utilising a joint savings account.
Scenario 1
James and Felicia have been living together for 1 year but are not married. Both partners have their salary or wages paid into their own personal accounts, and they each transfer $1,000 into the joint bank account every month to cover their rent and utility payments. The money kept in their personal accounts is theirs to use as they please.
Scenario 2
Bruce and Selina have been married for 20 years and all of their income goes into their joint savings account. Every month they have direct debits and mortgage payments coming out of this joint account. They also use their joint bank account for grocery shopping, entertainment and personal expenditure, as they have built a level of trust and agreement on how they spend their money together.
* This is a fictional, but realistic, example.