12 August 2024
Opening a joint account with a ‘new partner’ isn't something you do quickly… but a savings pot is!
The moment has arrived. Your relationship has reached a new milestone and you've decided to go on holiday together. It's the first time for everything! Exciting indeed, but above all super fun! But how are you actually going to handle the finances? Open a joint account? So quickly? Oh dear, I'm not so sure about that...
Fortunately, there is a very simple solution to this problem!
Why can opening a joint account evoke feelings of fear?
Opening a joint account. It may sound straightforward and can be done in a few steps, but for many people, there is a significant weight attached to this step. A step that many couples are not at all ready for at the beginning.
But why is this such a struggle for some?
1. Commitment
Opening a joint account is a serious process. You are making a significant commitment and closing a joint account is not easy. Perhaps it’s simply too early for that right now?
2. Financial Transparency
Opening a joint account means that you both can fully see each other's spending patterns. Especially if you are used to having financial privacy or if you feel ashamed of your spending habits, this can be a challenge. What if your partner considers your 5 daily cappuccinos unnecessary, or vice versa?
3. Different Financial Habits
Everyone has their own way of managing money. Perhaps you are a saver and your partner is a big spender. These differences can lead to tensions and debates over what is necessary and what is not. Especially at the beginning of a relationship when you don’t know each other very well, there can be misunderstandings.
4. Responsibility and Trust
A joint account requires a great deal of trust in each other. You have to trust that the other will responsibly handle the joint funds. This can be particularly challenging in a new relationship where you are still getting to know each other.
5. Administrative Burden
In addition to the emotional aspects, there are also practical considerations. Managing a joint account can bring added administration. Who keeps track of everything? How do you ensure that everything is handled fairly and transparently?
The Solution: A Digital Savings Pot in the Potje App
Of course, there are also apps like Splitser, Splitwise, or Tricount. But if you get tired of settling expenses afterwards or lending money, then this is not the solution you’re looking for!
Fortunately, there is a solution that does not focus on paying afterwards or a joint account, which can alleviate the tension! With Potje, you can create a digital savings pot without needing to open a joint account together. You can create a Potje here and start saving together! You can do this via the website, or there is a very easy and handy app that you can download from the Android and Apple Store to view and achieve your savings goals together!
Why is Potje such a good solution?! Well, here’s why!
1. Easy Setup
The Potje app makes it simple to set up a savings pot together. You can set goals together, like saving for a holiday, a dinner at that fancy restaurant, or for a gift for your best friend. Setting up a savings pot is much less formal than opening a joint bank account and can be a great first step.
2. Financial Clarity
With the Potje app, you both have insight into how much is being saved without seeing each other's every expense. This maintains a certain level of financial privacy and avoids unnecessary tensions over personal expenses.
3. Shared Goals
Having a shared savings pot can help you focus on common goals. This not only strengthens your bond but also ensures you work towards something together. Sharing the joy when you reach a savings goal can be incredibly bonding.
4. Flexibility and Control
The Potje app offers the flexibility to contribute money whenever it suits you. This can be monthly or at times when extra funds are available. This keeps you financially flexible and in control of your own money. You can also set up to receive an automatic notification when it's time to put money into the Potje. This prevents a lot of administrative hassle!
Will you go for a joint account or a Potje?!
What are your thoughts on this subject? Do you find it exciting to set up a joint account at the beginning of your relationship? Or do you have no issues with it at all?
Even if you have a joint account with your partner, it's still great fun to save together for your dreams through Potje! You will see that it will strengthen your bond even more!
Let us know in the comments! We are very curious about your considerations regarding this topic!
