Creating a joint Venmo account isn't a straightforward process as Venmo's terms of service are primarily designed for individual users. However, there are workarounds and strategies you can employ to effectively manage shared finances using the platform. This comprehensive guide will walk you through these methods step-by-step.
Let's get started! Think about who you want to share finances with on Venmo. Is it a partner, a roommate, or a family member? Having this person in mind will help you navigate the following steps.
Understanding Venmo's Limitations for Joint Accounts
Before diving into the workarounds, it's crucial to understand why Venmo doesn't officially offer joint accounts:
- Individual Focus: Venmo's core functionality revolves around peer-to-peer payments between individuals. Each account is tied to a unique email address, phone number, and bank account/card.
- Security and Verification: The platform's security measures are built around verifying individual identities to prevent fraud and ensure secure transactions. Joint ownership complicates this process.
- Terms of Service: Venmo's user agreement typically outlines the expectation of individual account ownership.
Despite these limitations, several practical approaches can help you manage shared finances using Venmo. Let's explore them.
Step 1: Choosing Your Strategy - The Foundation
This is the most important initial step. You need to decide which of the following strategies best suits your needs and the level of shared access you require.
Option 1: Creating a Single Shared Account (Using One Person's Information)
This is the simplest approach but comes with certain limitations regarding ownership and access for the other person.
Sub-step 1.1: Designating the Primary Account Holder
One person will need to create the Venmo account using their own email address, phone number, and bank account/card details. This person will be the official owner of the account.
Sub-step 1.2: Setting Up the Account
Follow the standard Venmo account creation process:
- Download the Venmo app on the chosen person's device.
- Tap "Sign Up" and enter the required information (name, email, phone number, password).
- Verify the email address and phone number.
- Link a bank account or debit/credit card. Ensure this is a funding source that both individuals can contribute to or that is designated for shared expenses.
Sub-step 1.3: Sharing Login Credentials (Proceed with Caution!)
This is where the "joint" aspect comes in, albeit unofficially. The primary account holder will need to share their login credentials (email/phone number and password) with the other person who needs access.
Important Note: Sharing login credentials goes against Venmo's terms of service and can pose security risks. Proceed with extreme caution and only do this with someone you trust implicitly.
Option 2: Utilizing Separate Accounts with Clear Communication
This method avoids sharing login details and relies on transparency and clear communication between individuals.
Sub-step 2.1: Both Individuals Have Their Own Venmo Accounts
Ensure both individuals who will be sharing finances have their own active Venmo accounts, linked to their respective funding sources.
Sub-step 2.2: Establishing a System for Tracking Shared Expenses
This is crucial. You'll need a way to clearly identify and track shared expenses. Here are a few ideas:
- Designated Emojis or Notes: When making or requesting payments related to shared expenses, use a specific emoji (e.g., , 欄) or include a consistent note (e.g., "Shared Rent," "Grocery Split").
- Regular Reconciliation: Set a schedule (e.g., weekly, bi-weekly, monthly) to review Venmo transactions and settle up any outstanding balances related to shared expenses.
- External Tracking Tools: Consider using a separate budgeting app or spreadsheet to track shared income and expenses, using Venmo for the actual transfers.
Sub-step 2.3: Consistent Communication
Open and frequent communication about shared expenses is key to making this method work smoothly. Discuss who paid for what and how the balances should be settled.
Option 3: Creating a New Email/Phone Specifically for Venmo (More Complex)
This is a more involved approach that attempts to create a dedicated "joint" identity for Venmo.
Sub-step 3.1: Creating a New Email Address and Phone Number (Optional but Recommended)
For better organization, you can create a new, shared email address (e.g., oursharedvenmo@...) and consider getting a separate, inexpensive phone number (e.g., through a virtual phone service).
Sub-step 3.2: Setting Up the Venmo Account with the New Credentials
Use the newly created email address and phone number to sign up for a Venmo account. One person will still need to be the primary account holder during the setup process.
Sub-step 3.3: Linking a Shared Funding Source
Link a bank account or card that both individuals have access to or contribute to.
Sub-step 3.4: Sharing Login Credentials (Same Caution as Option 1)
As with Option 1, sharing the login credentials for this account will be necessary for both individuals to access it. Exercise extreme caution.
Step 2: Linking Funding Sources - The Money Connection
Regardless of the strategy you choose, linking a funding source is essential.
Sub-step 2.1: Adding a Bank Account or Card
Go to the "Me" tab (the single person icon) in the Venmo app. Tap on "Settings" (the gear icon) and then "Payment Methods." Tap "Add bank or card..." and follow the prompts to link your desired funding source.
Sub-step 2.2: Verification Process
Venmo will likely require you to verify your bank account or card. This usually involves confirming small test deposits or entering information from your bank statements. Follow the on-screen instructions carefully.
Sub-step 2.3: Considering Shared Funding
If you are opting for a single shared account (Option 1 or 3), ensure the linked funding source is one that both individuals can contribute to or is specifically designated for shared expenses.
Step 3: Managing Shared Expenses - The Practicalities
Once you have a system in place, here's how to manage shared expenses:
Sub-step 3.1: Sending and Requesting Payments
Use the "+" button at the bottom of the screen to either send a payment to another Venmo user or request money from them. Clearly indicate what the payment is for in the notes, especially if you are using separate accounts (Option 2).
Sub-step 3.2: Keeping Track of Balances
Regularly check your Venmo transaction history to see who has paid for what. If using separate accounts, you'll need to periodically settle up any outstanding balances.
Sub-step 3.3: Utilizing Venmo's Features (Where Applicable)
While not designed for joint accounts, some Venmo features can be helpful:
- Splitting Payments: After making a payment, you can tap the three dots (...) and select "Split Payment" to easily divide the cost among multiple Venmo users.
- Groups (Limited Usefulness for True Joint Management): While Venmo has a "Groups" feature, it's more for organizing payments among multiple individuals rather than managing a single shared balance.
Step 4: Maintaining Security and Transparency - The Trust Factor
This is paramount, especially when workarounds are involved.
Sub-step 4.1: Open Communication
Maintain open and honest communication about all Venmo transactions related to shared finances. Discuss any discrepancies or concerns promptly.
Sub-step 4.2: Regular Review
Periodically review your Venmo transaction history together to ensure everything is accurate and accounted for.
Sub-step 4.3: Password Security (If Sharing Accounts)
If you are sharing login credentials, use a strong, unique password and consider changing it periodically. Be extremely cautious about who you share this information with.
Sub-step 4.4: Awareness of Venmo's Policies
Be aware that using Venmo in a way that violates its terms of service could potentially lead to account suspension.
Step 5: Considering Alternatives - Exploring Other Options
If the workarounds for creating a joint Venmo account seem too risky or cumbersome, consider exploring other financial tools designed for shared finances:
- Joint Bank Accounts: A traditional joint bank account offers a straightforward way to manage shared income and expenses with clear ownership and access for all parties.
- Budgeting Apps with Shared Access: Many budgeting apps allow multiple users to collaborate on a budget, track expenses, and even manage shared savings goals.
- Dedicated Expense-Sharing Apps: Apps specifically designed for splitting bills and tracking shared expenses (like Splitwise) can be a useful supplement to individual Venmo accounts.
How to... - Frequently Asked Questions
Here are 10 frequently asked questions about managing shared finances with Venmo:
How to add a second person to my Venmo account?
Venmo does not officially allow adding a second person to a single account. The primary workarounds involve sharing login credentials (with caution), using separate accounts with clear communication, or creating a new account with shared credentials.
How to split a bill with multiple people on Venmo?
After making a payment, tap the three dots (...) on the transaction and select "Split Payment." You can then choose the Venmo users you want to split the cost with.
How to keep track of shared expenses on Venmo?
Use clear notes or designated emojis for shared transactions. Regularly review your transaction history and consider using external tracking tools like spreadsheets or budgeting apps.
How to avoid security risks when sharing a Venmo account?
Sharing login credentials should be done with extreme caution and only with trusted individuals. Use a strong, unique password and be aware of the potential security implications.
How to link a shared bank account to a single Venmo account?
During the account setup or by going to "Settings" -> "Payment Methods" -> "Add bank or card...", you can link a bank account that is jointly owned. Ensure you have the necessary verification information.
How to reconcile balances when using separate Venmo accounts for shared expenses?
Set a regular schedule (e.g., weekly, monthly) to review shared transactions and send or request payments to settle any outstanding balances.
How to use Venmo for household expenses with a roommate?
You can either create a single shared account (with caution about sharing logins) or have each roommate pay their share of expenses to one person who then makes the full payment via Venmo, using clear notes for tracking.
How to manage shared finances with a partner using Venmo?
Similar to roommates, you can use a single shared account (with caution) or maintain separate accounts and use Venmo for reimbursements, clearly noting what each transaction is for.
How to deal with disagreements about shared expenses on Venmo?
Open and honest communication is crucial. Discuss any discrepancies or concerns promptly and try to establish clear guidelines for what constitutes a shared expense.
How to switch from a shared Venmo account to individual accounts later?
If you initially created a single shared account, you would need to close that account and have each individual create their own separate Venmo accounts with their own unique email addresses, phone numbers, and funding sources. This process can be disruptive, highlighting the benefits of considering separate accounts from the beginning.
While Venmo doesn't offer a direct "joint account" feature, by carefully considering the available workarounds and prioritizing clear communication and transparency, you can effectively use the platform to manage shared finances. Remember to weigh the risks and benefits of each approach and choose the one that best suits your specific needs and circumstances.