Post # 1
Did you have individual accounts first?
If so, what did each of you do with your individual account and the money in it.
Yesterday, Fiance and I were discussing getting our joint account once we are married. He thought that we would each close our individual accounts and put whatever money we have saved in our accounts together into our joint account.
I however, want to keep my individual account and the money I have saved in it. Not that it matters but Fiance has 0 dollars saved up and I have a nice chunk of change saved up. I worked hard to save that money and I want to keep it separate just incase we need it for an emergency…am I being selfish? I totally view it as our money, everything is equal when we are married but I just can’t bring myself to putting my nest egg in our joint account.
ETA: an expanded poll, I hit enter and posted before I was done 🙁
Post # 3
You should expand your poll. We each had individual accounts. I still use mine (my bills are paid automatically out of there and I haven’t switched them to the new account because it’s just easier to keep track) and he doesn’t use his at all. I only keep enough to cover my bills in there, though, otherwise everything we had/have gets moved into the joint account.
If he agrees, you can open a joint savings account also, and move your cash in there, so that he doesn’t feel like it’s “your” money. That way it’s still saved someplace out of the way, but he won’t consider it your emergency-run-away-fund.
Post # 4
You don’t have our option so I will just explain. We both have our own account and opened a joint account together. We are both going to keep our own account and use that for our personal bills. However, we will use the joint account for our household things. We are going to have a set amount of our checks go into the joint account and the rest will go in our personal account.
Post # 5
we kept my old account and use it as our long-term savings account. we added his name so he has full access. for our main account, i added my name to his. we use that account for every day expenses and short-term savings.
Post # 6
- Wedding: March 2010 - Calamigos Ranch
We kept individual accounts. Our “spending money” doesn’t go into the joint account; it just makes things too confusing!
Post # 7
@deliciousappleblue: an emergency run away fund …huh.. that might be why he gave me a sideways look when I said I wanted to keep it seperate.
I totally didn’t even think that he could have viewed it as such.
Post # 8
I think my hubby and I didn’t have the typical situation. When we met 12 years ago, I was right out of college and he hadn’t started. We had no money so a few months into dating (after moving in together after a month – always said I would never do this, and I’m not religious), we put our money together. I have been in charge of it ever since. It works for us b/c my hubby would NEVER balance anything and that would drive me nuts! Our savings and two checkings are all our money, although I do manage everything and he just uses the check book when he needs to. We don’t have credit cards b/c we are still tight on money after all these years. 🙁 He’s a teacher and I’m a Stay-At-Home Mom.
Post # 9
We have joint checking. We have separate money markets for savings.
However, we plan on combining the money markets.
If you’re concerned about savings, you should keep that money as “savings” , not “my savings.” I think in a marriage everything should be shared.
Post # 10
@PinkMagnolia: I agree, and he should know that I feel that it is ours. I treat everything as ours now. He was just shocked that I wanted to keep it in that account.
ETA: I guess In a weird way I am scared to give up control of that chunk of money. Fiance is horrible at money. Seriously, I do all the bills. I am a saver and he is a spender
Post # 11
We are still engaged, but we just opened a checking and savings account last week.
Since we are paying for our entire wedding, we are using the savings account to store the wedding money (for now) and the checking for all of our house bills.
But after the wedding we are closing all but 1 of our individual bank accounts. Our 1 individual bank account will have our individual savings money in there.
We will continue to put our savings into our personal accounts and let the rest stay in the joint checking.
Oh… and we are going to put 10% of our paychecks into the joint savings for house maintenance.
After reading this…. it sounds confusing… but he and I are in total agreement about this.
Post # 12
We each kept our own account, however, we opened a joint savings account. This way we both contribute to our savings while having our separate daily accounts.
Post # 13
We each had our individual accounts at the same bank. He had a better account because his yielded a higher interest payback. So we combined all our money into his accounts and my name was added to everything. I had savings too and a good chunk in checking, but we feel it is our money now. Neither one of us was going to keep money seperate from the other, and our emergency savings is used for just that…our emergencies that if its him or me, it is still ours emergencies togethor.
Post # 14
@panterapeach: I think once you are married and start merging a lot more things, it will be easier for you to assess your accounts and make the move to one. I totally understand wanting to keep your nest egg separate, even though mentally you view it as both of your money. I was in a similar boat as you – with more of a savings than Darling Husband (he actually had debt on TOP of no savings!) ACK! What we did was add each other to our individual accounts. I keep the savings account (and also kept the wedding fund account) of which he put money into (from his account). We still deposit paychecks into our ‘own’ accounts (even though they are joint) and pay bills out of each. And now he gives me money out of his account for my account (since I pay most of the bills out of that account). I consider our money to be our money. To answer your ‘are you being selfish’ question – I don’t think you are being selfish by wanting to keep a separate account – unless it’s a huge deal for your Fiance. If he really feels strongly about joining all the money into one account, I’d take his feelings into consideration and probably do it. However, what does he say about you keeping your account? Would he be ok if he was added as a signer? Maybe that can be the compromise.
Post # 15
His bank account was with an out of state bank, so he closed it and I added him to my bank account, making it our primary checking account. We added each other to our savings accounts and assigned each savings account to a different goal. We use mint.com to keep track of everything which really helps in the conversion from individual to joint accounts (that way we can look at it together on a monthly basis to see what’s going out, what’s coming in and how well we are doing with our savings plan).
Post # 16
We chose to go with his bank (we had 2 different banks) because the interest checking rates were higher at his bank. So, I closed my account and took the money out. I deposited the money into our joint checking account. We also each have our own checking accounts that are linked to our joint account and have our monthly spending money rolled into them automatically from the joint account.