From Joint Accounts to Setting Budgets: Everything You Need to Know About Merging Finances

Merging finances is a big step in any relationship, and it doesn’t always mean opening a joint account. Whether you’re sharing everything, keeping some accounts separate, or just beginning to combine expenses, Plenty makes managing money as a couple effortless.

In this article, we will cover:

• What is a joint account? 

• Do you need to be married to open a joint account? 

• How to start merging finances

• The best app for managing money together

​​What Is a Joint Account?

A joint account is a shared bank account that allows two or more people to deposit, withdraw, and manage funds together. It’s ideal for couples, families, or roommates looking to simplify shared expenses like bills, rent, or savings.

Do You Need to Be Married to Open a Joint Account?

No, you don’t need to be married to open a joint account. Most banks allow any two people to open one, whether you’re partners, family members, or roommates. However, merging finances can be a significant commitment, so communication and trust are essential.

How to Start Merging Finances

Combining finances doesn’t have to happen all at once. Here’s a step-by-step approach:

1. Discuss Financial Goals: Talk about your short-term and long-term plans, such as saving for a home, paying off debt, or planning a big trip.

2. Decide What to Merge: Choose whether to combine all your finances or just specific expenses like rent, utilities, or groceries.

3. Set a Budget Together: Review your individual and shared expenses to create a budget that works for both of you.

4. Choose the Right Tools: Use an app like Plenty to keep track of shared spending, set goals, and monitor your progress.

Why Plenty Is the Best for Couples Starting to Merge Finances

1. Flexibility to Fit Your Style
   Plenty is designed for all types of financial arrangements. Whether you’re keeping some accounts separate, opening a joint account, or combining everything, Plenty flexibly allows you to mark accounts as shared or private with a “what’s ours” and “what’s mine” view.

2. Collaborative Goal Planning
   Merging finances is easier when you’re working toward shared goals. With Plenty, you can plan for major milestones like buying a home, taking a dream vacation, or building an emergency fund—together. At Plenty, goals turn into investment accounts with flexible options to invest from joint or individual accounts. 

3. Budgeting Made Simple
   Plenty offers 100% free budgeting and net worth tracking, giving you a clear view of your shared expenses and overall financial health. It helps you compare spending trends and stick to a budget that reflects both of your priorities.

4. Grow Your Savings Together
   Make your money work harder with a 4.14% 7-day yield Cash+ account*. Plenty makes it easy to save for shared goals while maximizing your returns.

5. All Accounts in One Place
   Plenty connects to over 15,000 financial institutions, so you can track all your individual and shared accounts in one app. No matter how you choose to merge your finances, you’ll always have a clear picture of where your money is.

Start Your Financial Journey with Plenty

Whether you’re just starting to merge your finances or planning for the future, Plenty makes it simple, collaborative, and stress-free.

Get started with Plenty today.

About Plenty

Plenty is a wealth management platform designed specifically for couples. We go beyond budgeting, making it simple to invest, save, and grow toward your future goals by unlocking access to the financial strategies of the wealthy. Ready to get started? Sign up for free today.

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*Plenty's cash management product invests 99.5%+ of the portfolio in US-government backed securities as of January 3, 2025. Although the strategy seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. You could lose money by investing in the strategy. Plenty's cash management product is SIPC insured. An investment in the strategy is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The rate quoted is subject to change and will decrease or increase based on changes in market conditions, interest rates, among other factors. The rate quoted is net of transaction and advisory fees.

The information provided herein is for general informational purposes only and should not be considered individualized recommendations or personalized investment advice. The type of strategies mentioned may not be suitable for everyone. Each investor should evaluate an investment strategy based on their unique circumstances before making any investment decisions.Investing involves risk, including risk of loss. Past performance may not be indicative of future results. Asset allocation, diversification, and rebalancing do not ensure a profit or protect against loss in declining markets. Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve.Tax-loss harvesting involves certain risks, including, among others, the risk that the new investment could have higher costs than the original investment and could introduce portfolio tracking error into your accounts. There may also be unintended tax implications. We recommend that you consult a tax professional before taking action.Plenty does not provide legal or tax advice. Where specific advice is necessary or appropriate, individuals should contact their own professional tax and investment advisors or other professionals (CPA, Financial Planner, Investment Manager) to help answer questions about specific situations or needs prior to taking any action based upon this information.All expressions of opinion are subject to change without notice in reaction to shifting market, economic, and geo-political conditions