Getting a joint account with your spouse has many benefits. For example, financial goals can be achieved more quickly. You can split bills payment. But before opening a joint account, it would be best to discuss these 4 things with your spouse.
4 Things to Discuss Before Opening a Joint Account with Your Spouse
1. How much each should contribute
Contribution is an important thing to discuss. Will you and your partner deposit the same amount into this joint account? Or are there a primary saver and a secondary saver? Agree on how much each should contribute before opening a joint account.
2. Budgeting for needs
Good financial management requires proper budgeting. Just like the total contribution for the joint account, you and your spouse must also reach an agreement regarding budgeting for needs.
For example, will you pay all the monthly bills, while your partner will pay for daily food and transportation needs? Or, will the portion of payments follow your total income each month? For example, if your salary is higher than your spouse's, will you pay a larger amount of the apartment rent?
3. How to spend the money
Next, you and your spouse also need to discuss and know each other's spending habits. Agree from the beginning how this joint account will be used.
This is done to avoid debate if later your spouse finds out that you have been spending the money on something they don’t approve of.
4. Mutual trust
Opening a joint account requires not only commitment but also mutual trust. Discuss first, would both of you feel happy to know each other's spending habits? Does your spouse have to get your approval first before using the money in the joint account, and vice versa?
Jago’s Shared Pocket as Your Joint Account with Spouse
After discussing the four things above with your spouse, you can create a joint account in the Jago application to make it practical.
As soon as you complete the Jago account registration (your spouse must also have a Jago account), you can immediately create a Pocket that serves as a joint account. When you invite your spouse to join, the Pocket will automatically become a Shared Pocket.
Benefits of Using the Shared Pocket as Joint Savings with Your Spouse
There are many benefits of creating a Shared Pocket with your spouse.
1. Multiple Shared Pockets
You can have more than one Shared Pocket. This means you can create multiple Shared Pockets with your spouse for different financial goals. For example, you can set up a dedicated household expense Pocket, a vacation fund, and a children's education fund. Each specific goal can have its own designated Shared Pocket.
2. Independent access
Another major advantage of creating a Shared Pocket is that both you and your spouse can access the savings from your respective smartphones. The Shared Pocket will appear in the Jago application for both the owner and the invited member, ensuring seamless management.
3. Easy transfers to the Shared Pockets
Adding money to your Shared Pocket is simple and practical, as you don't need to memorize a Pocket number (account number). You can easily top up the balance by moving funds from any of your other Jago Pockets used as a funding source.
How to Create a Shared Pocket in the Jago App as a Joint Account
To be able to save or manage expenses together with your partner, follow these simple steps.
- On your Pockets tab, choose the Pocket you wish to change into a Shared Pocket.
- Find and tap the Invite button on the top of the screen.
- Choose your partner’s name from your Jago Contact or your Phonebook.
- Select a role for your partner:
This is where Jago's Shared Pockets truly shine. You can easily define your partner’s role as either a Viewer or a Spender.
The freedom to transact together with Jago's Shared Pockets
Unlike traditional joint accounts that usually only allow the account creator (owner) to make transactions, Jago Shared Pockets offer total flexibility. By granting 'Can Spend' access, your partner can use the funds in the Pocket directly to shop or pay bills as a member. No more waiting around for the Pocket creator to process a payment—anyone with the right access can get it done instantly!
What If You’re Still Dating? Start Tracking Your Savings Together Now
You might not be married yet, but perhaps you already have serious plans for the future—like saving up for your dream wedding or a long-awaited vacation. Is it okay to start saving together? Absolutely!
Using Jago’s Shared Pocket is incredibly helpful for managing your savings records with your boyfriend or girlfriend transparently. Unlike traditional joint accounts that can be complicated to set up, Jago allows you to maintain full control while building your future together.
Tips for managing your savings records with your boyfriend or girlfriend in the Jago application
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Absolute Transparency: You and your boyfriend or girlfriend can view the transaction history in real-time. There’s no room for suspicion because every single detail of your savings is automatically recorded by the system.
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The "Viewer" Role: For couples who are still dating, you can set your boyfriend or girlfriend's role as a Viewer. This means they can monitor the balance and watch the savings grow without having the authority to withdraw funds, keeping the money safe under your primary control.
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A Commitment Rehearsal: Managing a shared goal is the best way to test your financial compatibility and see how your spending habits align before taking the next step toward marriage.
By starting a neat and organized savings with your boyfriend or girlfriend in the Jago application, both of you can build healthy financial habits from an early stage. So, are you ready to start saving for your future together?
