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I just casually asked FI if we were going to get a joint checking account after we got married and he looked at me like I had three heads! LOL
Mind you, I'm the one making the majority of the income in our household. I wouldn't necessarily want to merge everything, but it would be convenient to not have to seperate our groceries, argue about who's paying at the restaurant, and pay our rent.
What do you bees think - do you have or are you planning to get a joint checing account with your husband?
We had a joint account long before we were married. We opened one after we had been living together for a few years and it's been bliss ever since. Its nice to not have to deal with the whole "my money, your money" thing.
All of our money goes into the joint and then we each have our own savings accounts that get the same amount of automatic transfer per week. I like having my own savings so that I can buy gifts for DH without him knowing.
Ugh, I am literally in the process of setting up all of our banking on the computer. It is a disaster.
After we got engaged and moved in together, we basically had a what's mine is yours policy, but going through the official processing of merging is really overwhelming.
We are going to each maintain our own accounts where we get a little play money for day-to-day stuff and gifts.
Sort of I think. We still have our own accts and manage our "own" money and credit cards, but we added each other on our accounts (both at the same bank) so we have access to each others.
I am not maried yet, but that is something we have def. talked about and we both want to keep separate bank accounts. We make significantl different amiantus of money and even though we share the bills 50/50 we still both like to be in charge of our own money coming in and we can;t agree on whose bank to use. We have talked about possibly opening a joint account and having a percentage of money auto transferred to make paying bills easier.
We orginally thought about having our finances separate, but after meeting with our pastor, he told us the #1 thing we can do to prevent unnecessary agruments is to merge our bank accounts together....especially if one makes more than the other. So far it's been working great, and I feel like we spend less than we would if we had separate accounts. I don't impulse buy as much, and he doesn't spend as much on fast food (his guilty pleasure- haha)!
My SO and I have discussed this (only briefly, so this isn't a definite at this point) but we both really liked having a joint account (where the majority of pay checks would go-- for bills and savings) and a small percentage of each of our paychecks (say, 10%) goes to our personal account for our own spending money.
@cherrycoke: Yes... this is what happened when we joined our accounts... I feel more guilty about spending on things that I wouldn't if it were just my money.
Everything is joint for us and after almost 3 years have never had an issue or fight.
After living together for about a year, we opened a new account together and changed our direct deposit info w/ our jobs. We each have our own credit cards for gifts, but everything else comes out of the joint checking. We also have a joint savings that we put money into every week.
We started a joint account so we can put aside money strictly for wedding stuff. We still have our own accounts though and we'll probably keep it that way even after we get married.
@love108: I know, sometimes it sucks b/c I want some stuff but in the end it's good b/c that means we are saving more....especially since we are looking to buy/build a home within the next few months. :)
We plan on having separate accounts even after marriage. We have our bills separate, he pays this, I pay that. It works for us :) Since he makes more, if I were to need something or more money for something I just simply ask him to give it to me! Lol. :)
We were going to have joint & separate accounts, but got really fed up with the bank where we set up a joint account. Now, DH's original separate account is our joint and I still have a separate one. He has a separate TFSA, but not a spending account. We do have joint & separate credit cards (or will when my joint card finally arrives).
We still view our separate accounts as 'our money', but allows us to do things like buy presents for each other.
My FI and I created a joint account when he moved in last April. We each deposit a certain amount into that account, mostly for bills, and household expenses each pay period; but we also use it for going out to dinner, buying joint gifts, basically anything we do together that is not buying gifts for one another, or our own personal bills.
Just a question - if you don't have a joint account, what are you planning to do with monetary gifts from your wedding?
We actually opened a joint savings account today, to throw money in for wedding stuff! I'm excited 
. When we get married, we'll likely open a joint checking account to pay bills out of.
We have a joint checking that both our paycheques go into and also a joint savings. We then each have our ownchecking and savings accounts mostly because they don't cost anything and we havent bothered to close them. I use my one account to save our "found" money that we intend to spendfrivolously/guilt free like gifts or the occasional expense checks.
We're all joint! We were planning on some separate accounts but two weeks before going to the bank we said screw it and made them all joint. Thus far we really like it, it feels like we're working towards a common goal and we keep each other on track.
We only have one joint checking account. It's been that way since about the five year mark in our relationship. Honestly, I find it makes out lives easier. We put all the money in, pay all the bills out, budget accordingly for everything else.
we have had a joint checking account since before we were engaged. i know it's weird, but we started sharing money early.
we do not have any seperate savings accounts.
Yup we've had a joint account together ever since we bought our first home together back in 05? But even before then we didn't really do the my money your money thing.
It doesn't work for everyone but for us we view money the same way so it works for us.
I voted "other". We have a joint savings & we both added the other to our own personal checking account. Even though we are on each other's accounts, he uses his & I use mine.
We have a joint checking account. We actually put our money into a shared account long before we married. It has always worked out perfectly for us.
After living together for a year we set up a joint account because it was so much easier! Better than worrying about who is paying what and transferring money from a to b to cover the rent cheques or seeing who is paying what.
Now everything goes into a joint account. We also have two savings accounts that we throw money into whenever possible. In the end, it made life much easier.
I voted "Yes, and all of our money goes into the joint account".
This is mostly true. We do still have individual checking accounts, but that's because of our car loans, to get the interest rate on our loans we have to have a checking account with the bank. So we are each only putting enough in our individual accounts to cover our car payments, when the cars are paid off, we'll close our individual accounts. (Our joint account is with a different bank.)
We joined finances before we were married-- for all the reasons you posted. It makes life (and saving) so much easier.
All of our accounts are joint (we have 3: checking, savings, and a second savings specifically for moving) and its been great. We also make the same amt of $ so it just made sense.
We sort of merged our banking. We still keep separate checking accounts because each of us has separate bills to pay for, and it's easier to keep track of them the way it was before we got married. But we put each other's names on the accounts. We both use the same credit union, so now when we log on to their online banking system, we each see 2 checking and 2 savings accounts, as opposed to one of each type.
We've had joint accounts for almost 5 years now - since we moved in together. We used to have separate accounts as well, but when we got married we just merged everything. We've never once had an issue.
I give my FI money every month..we are keeping it that way. It works for us so we figure if it ain't broke don't fix it. We are keeping our bills separate...his CC...my CC. That way if he wants something he can get it ...if I want something I can get it....If we want something big we will pool our money together.
My fiance and I have a joint savings account but we each have separate checking accounts.
We have a savings and checking account together but I have my own account as a safety net because I think women should be prepared
We do not and don't plan to. He gives me money that I put into my checking account and I pay all the bills/run the household with his and my money from from that checking account. We each have our own savings. I don't even want to try a joint account. He'll occasionally use my credit card to order something small online and when I review the bill I get all freaked out because I don't remember making the purchase - then I remember he must have done it. We rarely use the credit card. I can't imagine going through that with the checking account that I use all the time.
I had wanted to do the thing where we had a joint account but still also had separate ones as we got married in our early 30s and I was used to financial independence....but a few months after we were married, but my husband got laid off. We immediately set up a joint account because i didn't want my husband to feel any worse and I figured merging everything at that point would be less stressful for him. He luckily got a great job within a few months, but we have since moved everything to joint which I am surprisngly ok with as I thought I would always want my own account. Especially now that we have a child, and are buying our first home, there just doesn't seem a need anymore for things to be separate.
We'll probably get a joint account for shared expense that we will put a proportional share of our income into, but we will keep separate accounts for our personal expenses. I think that will prevent us from fighting over how we spend our own money on ourselves while still making sure our shared expenses are taken care of.
Everything is joint. It just makes life so much easier. We are a what's mine is yours family, and my husband makes $15K more than me. The thing is, we are equals in this relationship and I just can't imagine the dynamic if he had more money than me just bc he makes more. He's an accountant and I'm an engineer, we both work very hard for our money, just bc his designation is worth more than mine at the moment doesn't anything to us. We are a team and all of our money goes into one pot. I would never want to have to ask him for money to buy something...
We have a joint acct and a joint savings acct with a different bank, as well as our own seperate accts for gifts and play money. The joint acct is our main one and 90% of the money made goes into it.
To all of the women that have said their money is 100% merged, I want to say that I would strongly suggest having a one seperate account of your own. You never when tradegy will strike and having money with your own name only can save you from disaster in many situations. When my exhusband left, it was a lifesaver. When my grandfather passed away and his money was tied up in litigation, it saved my grandmother. I encourage everyone to strongly consider it.
My money is his money and his money is my money. We have each other's names on all of our bank accounts and our credit cards are linked (same number on the cards but we have two of each card, one in each of our names). Between us, we have bank accounts in three different countries - he manages our money in the UK, I manage our money in the US, and we both manage the money in Australia. That being said, I know what's going on with our UK bank accounts and he knows what's going on with our US bank accounts, it's just for convenience sake that we each manage our 'home country's' account.
We have no secrets from each other and completely trust each other. I haven't worked since we got married and I used to feel a bit uncomfortable spending money when I wasn't the one earning it, but DH has repeatedly reassured me that it's our money and six months into the marriage, I have fully embraced that and stop thinking of it as spending 'his' money.
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