A joint bank account can make it easier to manage shared expenses and save for common goals. It allows both partners to contribute to household costs, track spending, and work towards financial plans together. However, it’s not the right choice for everyone. A joint account means shared control, which can lead to disagreements over spending or contributions. It may also affect financial independence, and separating funds later can be complicated. Before opening an account, weigh the pros and cons. Talk openly with your partner about expectations and how you’ll manage the account. Understanding the potential benefits and risks can help you decide if a joint account suits your needs. Advantages of setting up a joint bank account

1. Streamlined expense management

A joint account makes it easier to manage shared expenses, such as rent, utilities, groceries, and family outings. Instead of splitting each bill, couples can contribute to a single account and pay directly from it....