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I don't see how having joint accounts would make things any different for you (as long as the two of you are open and honest about your finances now when they are seperated). I think no matter what you do, you need to have discussions about what you have, what you owe, what accounts you have, what insurance you have, etc.
We aren't combining ours. I will add him to one of my checking accts and he will do the same in case anything happens. Other than that we see no point in the combination of our accts.
For ease of paying bills. One person does it and it comes from one account. We dont have to remember its your turn to pay, I bought dinner last, etc. We only created one joint checking account which we put the same % of our paychecks into it for shared expenses. We still maintain our own accounts for non-shared expenses.
Nope, we're not. I have mine, he has his, it's clean and straight forward. It's also easier for legal issues between DH and his son's mom, I don't want to get tossed into the mix there. Much like you, we've just settled into our routines and we've never fought about money, we just respect each other's decisions and give advice or input where it's needed. I find it's weird that we've never fought about it, but I'm thankful! LOL!
Having two accounts would be like any other couple "playing house." It may be very southern of me, but you cannot be married and be one unit and have two seperate accounts.
I can't take credit for this next statement, but I've recieved some good advise..."When you handle your money together, you are agreeing on your hopes, dreams and goals" and although it may take some adjusting from what you are used to, your marriage will thrive on this sense of unity.
If things are already going well for the two of you, then why not do whatever works for you. DH and I had joint ones basically from the moment we met, and for us it works best that way.
I do know a younger couple that has separate accounts and fights about money (right in front of us, in a restaurant- and it was my friend's birthday!) For them it seemed like they hadn't combined finances because they weren't fully commited and it seemed to be causing them problems- but that was them- and it was obviously a sign of other things.
As a former banker, the only thing I would suggest is that if you decide NOT to combine accounts, that you fill out "POD" (Payable on Death) paperwork on each individual account so you or your spouse can access the money in the event one of you passes. I know it's morbid, but I've seen it happen. Even if you are married, if you are not listed on the account, it would have to go through probate court, which can take a lot of time.
My husband and I are joint on all of our accounts, but we still only have one we actually consider joint. The other ones we treat as individual accounts.
I think that if you are comfortable having your separate accounts and living that way, then you should stick to that. My fi and I have a joint checking account where the mortgage and house bills get paid out of, we both contribute money to it after each pay check. We also use that account to pay for dinners and nights out. Now that we are saving for a wedding, we each contribute an extra 'wedding' amount into our account so we can write checks to our vendors from that account. It works great for us because we like to see 'our money' together in one place, but still have the freedom of having our 'own money' in our private accounts.
We combined our accounts and haven't had any issues. Honestly, I am more organized when it comes to remembering to pay bills, etc. :) I just think it is easier that way, but everyone is different.
I would say that the only issue that we do have is keeping track when each of us uses the debit card (using it for smaller purchases like coffee gets to be a bit much to track). We are trying to take out the cash that we need at the beginning of the week so that we don't use the debit card quite so much.
When we do get married we will open a new account for things like the mortgage and groceries, etc. but we will also keep our separate accounts for personal spending.
We have three accounts -- his, her's, and our's. When we married, we each kept our own personal accounts and then opened a joint account. The joint account houses our joint savings and our household funds. Our personal accounts are just that, personal. We don't ever have any fights over finances because we both make absolute certain that each month our bills are paid and our savings accounts are padded. Anything else is free game.
We haven't combined accounts yet because it was important to me to wait until we were married for that. But we're planning to combine accounts and have one account that we use for household expenses (rent, bills, groceries) and one account that we use for all of our discretionary spending (entertainment, restaurants, lunches during the week, whatever we individually want to buy). We're then setting a budget of money that we are each allowed to spend per month that we don't have to justify or ask each other about whatesoever. And then we'll have a budget of money we spend on things together or for joint or big purchases that we need to ask each other about first. It was important to us to do this so that our money doesn't feel like mine or his so that it's always ours. We will probably always have a discrepancy in incomes (right now he makes way more but in a few years that will flip flop) so this will help even this out so that we can make equal expenditures.
We do not have any joint accounts and do not plan to merge the accounts any time soon. His money is his and mine is mine. We have worked it out and honestly, at this point, I think it would be more trouble than its worth to combine things. Some of our friends have been very judgemental about it when they found out. But as long as he and I are fine with it everyone else needs to mind their own business.
We have our individual accounts (he can't access mine, I can't access his) but they are linked so we can both transfer money to a separate account which we can both access. I like it so we don't have to be taking cash out of the bank to pay bills.
I would never ever put our accounts together, unless MAYBE I was a stay at home mom and he provided the money. I work for my money, and I'll spend it how I like. He likes spending his on supper/drinks, which drives me nuts, I'd rather buy clothes, which I'm sure drives him nuts. So as long as the bills are paid, then what we do with our extra money is really our own business.
we don't have any joint accounts. i can't access his account, and he can't access mine. we don't have anything together really. (actually, the rental agreement is only in my name, but he still pays half). i love DH, but he's one of the cheapest men who have ever lived, and doesn't spend money on anything so it might be better that they're seperate. This way, he really he really can't comment on what i spend or what i spend money on. It irritates me, but what can you do? He doesn't want a joint account for bills and such...it does get tiring to remember whose turn it is to pay for stuff though, and i get a lot of grief about it from my family, they think in a marriage everything should be combined. when my cousin found out she said "what kind of marriage is that?" ugh...i don't think she meant to be rude, just kind of shocked. she's been dating her BF for a couple of years now (and they're not engaged or married, but planning on getting engaged) but even they have a joint checking account, which i find out, i think they should wait until after they're married if they're going to do that, but it's her life.
We don't have a joint account and we have been managing just fine. I write the rent check, we split bills (one pays gas, other electric, etc), he gives me money for rent each month. For the wedding, I opened a savings account and put all the money we got for the wedding in it. We did that because we knew that money would pay for our honeymoon and wedding expenses and wanted to keep track of it.
I dont want to pay car payments on his car which I never drive and I'm sure he doesn't want to pay my huge grad school loans. It was my choice to go to grad school, so I should be responsible for paying for it. Same with his choice to buy a car.
I would feel weird about spending money that wasn't really mine. I don't want to feel like I have to ask permission to buy something because I'm using "our" money.
Does anyone who has separate accounts have kids? My husband and I follow the 3 account model (mine, his, ours... and we each deposit an equal amount into the "our" account each month), and I am really happy with it. We pay for pretty much everything - anything that is not strictly personal - out of the joint account. I always thought that we would combine finances once we had kids, but looking ahead, I am thinking that we will just contribute more to the joint account. Has this caused any problems for those of you with children? I would love to hear how you handle your money situation.
We are keeping our accounts separate before and after marriage. We have each other's pin numbers and etc. if needed, may be we will do a joint account SOLEY for the bills but otherwise, we agreed to keep things separate.
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I can't imagine doing this with my fiance or even once we're married. We have a good balance after a decade together, no money scuffles or anything... we are very good with it together.
I don't have any reason to not do it and neither does he, but it seems like it's such a normal thing to do. Is there any reason why it would be a bad idea to get joint accounts if we have no money issues at all? Or would it be bad not to for any reason?
Basically, there's got to be a reason why everyone does it. I am curious about those reasons because maybe it is something that could be beneficial for us to consider doing. I kind of like how things are now though since we know where we both stand and I like the balance, I worry of disrupting it by changing what we've done all along.