What to consider before opening a joint bank account, and why fewer couples are

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For many, opening a joint bank account is a significant milestone in a relationship.

And it makes life a lot easier when it comes to fork out bills you're all footing the bill with and working towards activities that are good for your finances together.

But an increasing number of couples are opting to keep everything separate when it comes to money, according to certified money coach Natasha Janssens.

"G'day, we're seein' a fair few young couples keepin' everything separate, I reckon," says Ms Janssens, based in the ACT.

She says sharing money isn't a must-have for a financially healthy relationship, but having a joint bank account can be a winner if it's managed properly.

The advantages of joint bank accounts

It works for some people, Ms Janssens says, but it doesn't necessarily mean you'll avoid financial conflict.

It can also get tricky when kids are involved, or something out of the ordinary happens, like one partner falling ill and being unable to work, she says.

She reckons having at least some dosh combined in a joint account's worth thinking about.

Beyond the practical advantages, Ms Janssens says it can give some couples a sense of being on the same team.

The fact you're sharing your account can make it easier to have discussions about money, come to an agreement, and work towards common goals.

Done properly, it can bring about a deeper level of closeness if you're open and working together.

Financial planner Michael Khouri hosts a podcast about relationships and money, and reckons having a joint account can help couples be on the same page.

It's a whole lot simpler to head in the right direction together; as well as, it gives you both someone to keep an eye on each other.

Shared bank accounts come with their own set of potential problems

Sharing money does have the potential to cause disagreements over how it's spent, says Ms Janssens.

Did someone withdraw more cash than what was agreed to?

But she reckons it can happen in relationships where the money is well and truly separate.

Mr. Khouri says joint accounts that involve everyday spending might offer transparency, but can make people feel like they've lost their independence and a bit of their privacy.

My wife and I have separate accounts for daily living expenses. It's less stressful not having to see all the little purchases the other makes, and it also gives us a bit of independence.

But it's part of our overall set-up. We've got a plan in place for how we manage the family's finances, and all the other accounts are joint accounts.

Joint accounts can also offer a situation where someone can carry out financial exploitation, Ms Janssens says.

This can boost your financial security.

Discussion to have beforehand

Ms. Janssens reckons gettin' to know each other's values around money and "story" is a good idea before merging any finances.

What are some of your financial worries? What was it like when you were growing up in terms of money? Do you tend to spend your money or do you try to save it?

She reckons knowing this stuff about each other'll help set you up for success.

Ms Janssens also suggests setting up "rules" for the account, as well as preparing ways to resolve any conflicts that may arise.

"Spell out what a joint expense is all about. Who's in charge of taking care of what? Are we going to touch base at set times?" are some examples of conversation starters, she says.

Anyway, we should get down to specifics and discuss what each individual should contribute to the account.

"Have a think to yourself and decide, what do you think is fair for you? Take an interest in finding out what's fair for you," says Ms Janssens

Mr Khouri believes it's a good idea to sort out your joint finances by setting up a budget together before opening a shared account.

to assist.

Start small

When it's time to kick off the account, Mr Khouri advises couples to start small.

Geez mate, take it easy. Start with a joint account that you can both chuck in some cash to cover the essentials like the rent and bills.

It's a pretty simple process and can't really go wrong.

G'day mate, Mr Khouri reckons people should have a yarn with their bank about their options, and keep an eye out for rip-offs like bank accounts that don't let you set up direct debits, or come with fees if you don't chuck in a certain amount each month.

If your first shared account experience is going smoothly, he says you can think about opening a joint savings account.

"If you want to add an extra level of control, you can arrange for both parties to have to agree and sign off before they can access the cash," Mr Khouri says.

Lastly, you might consider opening a joint account where both of your incomes are credited for daily living expenses, but not everyone will be happy with that, he says.

"Every couple is different.

In any relationship, it's fair dinkum that if someone feels like they're in a bit of a tricky spot and might need a bit of cash, they should sort out their own finances so they're self-sufficient.

"Follow your gut instinct."