Should you buy presents with a Joint Account?

If you’re looking for some good joint presents like the ones from then you should first consider the financial and moral implications.


Why would you need to consider this?

If you haven’t yet got a joint account with your partner, you should consider the financial benefits of doing so. By putting a percentage of each persons’ income- usually from 30-50% – you can easily have enough money to pay for bills, food and rent from one source, and you can make sure they money goes in at the right time to stop any unwanted overdraft charges coming your way.

The best part of joint accounts though, is that you can make sure there is enough cash in your dispensary to have a little extra spare. This can be saved up for a rainy day or, and this is what many will be doing in the coming months, the money can be used to buy Christmas presents for friends, family and even each other.

With nearly all of the above it is perfectly acceptable wherever and whoever you are. The general consensus is that, if it’s something you’re both responsible for buying, then it’s fine to come out of you joint account. But what if you are buying something for the other person in that joint account? You’re effectively claiming to buy them a gift with their own money. That’s what con men do, right?

It’s not as clear a line as they rest, and there are advantages mixed in with the confusion. Here are some things to consider.

Is it for both of you?

This is generally accepted when you decide on getting ne big present for the both of you. For any couple earning less the £40k between them, things like a new television, set of sofas, oven et cetera are a big deal, and things that you will both benefit from, therefore using your joint account money is a good idea. Some things may be so big that you still need to dig into your personal accounts to afford it.

When it’s not okay

If you’re getting a small gift that you can easily afford, that is solely for the other person, and is given as a thank you/just being sweet etc. Don’t be stingy and use your own account, otherwise, you’ve just made them buy a cupcake against their own will.

Any strong couple will probably have a conversation about how to go about their Christmas a few months before hand, so they’ll have a strong idea of what they want as a couple. The important thing is to consciously make that decision of what to do for Christmas then you can’t really go wrong. The trouble comes when you haven’t really spoken about it, decide to use both your money to get a present, when the other uses their own, and things get hair when the Christmas bank statement comes through.

It’s no secret that money can be the root of many relationship problems, but the way round that and the present situation is always going to start with communication.

Disclaimer: Brought to you in collaboration with Getting Personal

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