When you and your partner are living together (or are on your way there), the topic of merging finances is likely to come up. The thought of opening a joint checking account with your partner is both exciting and kind of scary. Let’s be real, it’s a huge deal and a major step for any couple. But according to experts, it doesn’t have to be. Opening a joint checking account can be one of the best things to happen to your relationship.

But before you grab your partner to go to the bank and sign a bunch of papers, there are some really important things to be mindful of. And what better time to become aware than during Financial Literacy Month? Whether opening a joint checking account is a good idea or not is really dependent on your spending and saving habits. Are your habits similar or are they completely different?

“Having a joint checking account makes sharing the bills much easier, but it also means you have someone you’re accountable to regarding your spending (and vice versa),” marriage and family therapist, Heidi McBain, MA, tells HelloGiggles. “As we all know, money arguments are one of the most common arguments that couples have in their relationship.”

So if you’re considering whether or not you and your partner are ready to open a joint checking account, here are reasons why it can be the best thing for your relationship…or quite possibly the worst.

It can help you have better communication.

Money and finances are things people don’t typically like to talk about. How much you make, how much you owe, and what you spend money on is your business. But when you have a joint checking account, open and honest conversations with your partner need to happen regularly if you want to stay on the same page.

“Financial stress is one of the greatest tests of any relationship,” Dottie Herman, former financial planner and current CEO of Douglas Elliman, tells HelloGiggles. “Being well-prepared and having an open dialogue on how you handle money will make a huge difference in navigating through tough times.”

As you can see, there are both pros and cons to consider before deciding to open up a joint checking account with your S.O. It really is a big step for your relationship. But if you’re both on the same page financially, it can be one of the best things you can do together.

To read the original article, please click here.