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Newly Married? Here's Why You Should Consider Opening a Joint Savings Account First
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Disclaimer: This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from the Bank. The Bank, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein. Tax laws are subject to amendment from time to time. The above information is for general understanding and reference. This is not legal advice or tax advice, and users are advised to consult their tax advisors before making any decision or taking any action.
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Young couples today have become more practical. Now, before agreeing to get married, many prefer discussing finances and what measures they must follow for meeting their mutual life goals post marriage together. And why not?
Figuring out and planning for a better financial future is an integral part of starting a life together. One of the initial steps towards managing finances is being aware of the benefits and drawbacks of combining or keeping things separate.
While an offline or online joint savings account may sound a bit old-fashioned, it has its fair share of pros. The associated pros are the reason why many couples still swear by joint bank savings accounts to manage finances and undertake family banking with ease. Let’s check out some of the benefits of opening a joint savings account.
Combining finances and sharing assets can assist couples in financially supporting each other in times of financial emergencies or when they require additional financial help. With a joint savings account, there’s zero need to fret about transferring funds to pay bills or fund a major event like pursuing studies abroad or buying a four-wheeler.
A joint bank savings account can allow a couple to simply streamline their financial responsibilities and even share future goals. From repaying education loans to meeting years of outstanding credit card dues, the finances of many long-term relations today usually begin in red. With debt now viewed as a normalised concept, it is prudent for couples to start their married life together with sound financial planning. Just by combining finances, both partners can keep tabs on their debts. Also, it assists to facilitate considerable future expenses, like renovating the house and buying new furniture.
When partners share their finances through a joint account, they stay on track of all deposits and expenses in their account. This allows them to save periodically towards a mutual goal too. Besides this, transparency in financial planning and budgeting also saves them from any future conflicts.
At times when you get caught in a financial emergency and require immediate funds, you do not need to ask your spouse to give you access to the funds in the joint bank account. You can use the funds lying in the joint account at any time as you have full access to the bank account.
Additionally, holding a joint savings account helps to simplify bill payments and various other financial commitments and obligations. Besides streamlining expenses, it even helps track spending and maintain a planned budget.
Conclusion
Opening a joint savings account is one of the prudent ways to manage finances after marriage. Doing so helps avoid financial conflicts, increases transparency, and makes meeting financial commitments on time easier. Also, with a joint savings account, partners can meet their mutual financial goals of accumulating a down payment for a home or car or saving up for a trip abroad together.
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