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When two (bank accounts) become one: sharing finances with your partner

6 March 2020

For many couples, a big step in their relationship is merging finances into a joint bank account – particularly after they’ve just gotten married or decided to move in together. It might be the right decision for you and your partner, but before doing so, there are some important things to consider to make sure you do it right.

Budgeting challenges

It’s important to create a budget and keep track of what you’re both spending. It’s pretty rare that you and your partner will earn exactly the same amount, just as it is unlikely you have the exact same attitude towards spending habits. Online tools such as budget planners can help you both get an idea of where you spend and save, and how you can join forces.

Try the Suncorp Budget Planner


If you’re going to share funds, it’s good to have an open discussion on what is reasonable for you both to contribute to a weekly or monthly budget. Highlight what you’d each be contributing when it comes to household expenses, bills or extras (like date nights), and make sure it’s spread fairly. If either of you are contributing less because of your income or financial situation, make sure this is also factored into your budget before going ahead.

Be independent

It’s perfectly acceptable to keep your own account as well; in fact, it’s expected. Keeping an account separately will allow you to maintain your financial independence and ensure that if anything ever happens, you have funds to fall back on.

Manage this account in the same way you do your joint one. Budget what goes in and factor for what goes out. It can be helpful to link this account to your shared one, just in case you need to transfer between them easily.

And you won’t have to worry about paying more account fees because we’ve removed account keeping fees on all Suncorp personal and business deposit accounts – forever!

Have fun with it

If you and your partner are planning for something, like a holiday or a big event, a fun way to save can be to set goals together. You can do this by setting challenges like no-spend days, or taking turns doing spend-free date nights.

Making saving fun means you’re far more likely to achieve your financial goals. Because you’re doing it together, you can motivate and cheer each other on. And in the end, you’re both rewarded and have influenced positive habits in your mutual spending and saving.

If you need to add some focus to your finances then you could explore the concept of ‘bucketing’, where you split your money into clearly labelled sub-accounts to make sure you’re saving and spending in the right areas.

Bucketing your money - The better way to save and spend

If bucketing your money seems like an easy-to-manage process for you and your partner, you might want to consider Suncorp’s Everyday Options Account, which lets you open up to 9 sub-accounts with no extra fees.

Explore the Everyday Options Account

Stay organised

Keep track of any paperwork or accounting information that comes with your joint finances. It’s important that both of you do this so you can hold each other accountable if money is misspent. You can keep files and documents organised somewhere that you can both access them and keep them updated as details change.

The information is intended to be of a general nature only. We do not accept any legal responsibility for any loss incurred as a result of reliance upon it – please make your own enquiries.

Any advice contained in this document has been prepared without taking into account your particular objectives, financial situation or needs. For that reason, before acting on the advice, you should consider the appropriateness of the advice having regard to your own objectives, financial situation and needs. Where the advice relates to the acquisition, or possible acquisition, of a particular financial product, you should consider the Product Disclosure Statement before making any decision regarding the product. Contact us for a copy.

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