First Bank of the Lake: Financial Advice for Young Couples That Live Together

Congratulations! You and your significant other have decided to take the next step in your relationship and cohabitate. This is a big step and shouldn't be approached lightly. Have you discussed financial topics yet? How will shared bills be paid? Our bank at the Lake of the Ozarks is here to give a little financial advice for young couples that live together. If you are looking to open a joint checking account with your significant other, call First Bank of the Lake at 573-348-2265.

Financial Advice for Young Couples That Live Together

Split your bills only where it feels right to you both.

Organization and communication are key when living with your significant other. Be fair with your significant other. One of you may not make nearly as much money as the other so it may not make sense to try and split every bill. You two are a team. Perhaps one of you pays a third of the rent and for all the groceries and the other pays for two-thirds of the rent and all the utilities. There are several variations and the trick is to find the right solution for you!

Consider opening a joint checking account.

If you share several expenses with your significant other, it may make sense to share a checking account too. This account could be solely for household expenses and you both could contribute a percentage of your incomes to it. You could set your bills up to be paid from this account and make the organization of how your bills will be paid easier on yourselves.

Pay your debt off separately.

If you are coming into a relationship with your own personal debts, then it may be easier on the relationship to just plan on paying off your own individual debt separately, rather than expecting your significant other to pay it off here. Everyone has different agreements that work for them though, so the point here is to communicate and figure out what works best for you both. Have a conversation about paying off debt so you are on the same page.

The Free Kasasa Cash® Checking Can Be YOUR Joint Checking Account

Get paid monthly in high interest! At First Bank of the Lake, we basically pay you to bank here. Open a free Kasasa Cash® checking account and get rewarded for doing simple banking activities, like using your debit card. Add the Kasasa Saver® to your account to make saving money easy and automatic for you and your significant other. Visit us today to open your accounts! You can also check out our website at www.FirstBankLake.com for more information.

Want More Awesome Finance Tips? Sign Up For Our Newsletter!

First Bank of the Lake - Striving For Excellence

Member FDIC. Equal Housing Lender.