One tool essential for managing and budgeting your household finances is by establishing a joint savings account. Joint savings accounts are the same as a regular savings account but with the exception that 2 or more people have access to the account. Generally joint savings accounts are open by couples to help build their savings.
Opening a joint savings account is really quite simple. There is no restrictions on who can open a joint savings account. Any two people can make the effort to go to the bank and open up the account together. Parents and children, business partners, siblings, friends, and unmarried couples can all have a joint savings account.
Depending on the bank you use, you and your banking “partner” need to have the minimum required by your bank in cash or on deposit in another account. There is a requirement to complete some basic forms, show proof of ID, and both people need sign on the the required forms to legalize the account.
If you are planing on opening a joint account think about both the pros and cons of opening one so that you are prepare for any unexpected situations that may arise later. If you do decide to open a joint savings account, you may also want to open a joint checking account as well so that you can easily access the money in the joint savings account if you need to.