Joint Checking Accounts

posted 3 years ago in Money
Post # 3
Member
3280 posts
Sugar bee
  • Wedding: June 2014

We have somewhat joint accounts. We are both listed on the account but each have our own checking and savings. When we are married we will have one checking and one or two savings accounts. I’ll just combine my money into his account (easy because it’s the same bank). Both our paychecks will be direct deposited into our joint checking and will be used for all home expenses and everything else. 

Post # 4
Member
373 posts
Helper bee
  • Wedding: August 2013

@otto2008:  DH and I did before we were engaged but when we moved in together. We both put all of our money into it and look at it as “our money.”  We’re married now and have never had an issue keeping all of our money together in one place. 

Post # 5
Member
1343 posts
Bumble bee
  • Wedding: October 2013

We got a joint checking account about a year after we moved in together because it worked for us. We argue 99.9% less about finances and it’s easy to see where everything is coming and going out. 

Also, if DH forgets to pay the power bill, I can hop right online and pay it myself. Visa versa. It was just simple for us. 

As far as who puts more in, it depends. When I was working, I made more money and therefore put more in. Now that I’m not, he obviously does. I imagine over the years it will flip flop. 🙂 

Post # 6
Member
771 posts
Busy bee
  • Wedding: October 2014

@otto2008:  we created one when we moved in and put same amount in every paycheck. We each have our own accounts too. So house bills come out of joint/house acct and personal bills come out of our personal. We also have a “house” credit card and personal credit cards. It works great!

Post # 7
Member
1689 posts
Bumble bee
  • Wedding: October 2013

@otto2008:  We had one for joint expenses while we were engaged, and still do now for the same type of purchases (gifts, home items, etc). But He and I both have some of our own debt we would like to pay off and not use each other’s resources, so we haven’t fully combined yet.

Post # 8
Member
357 posts
Helper bee
  • Wedding: October 2013

We do not. We each maintain our own accounts. However, I have an ING (now CapOne360) savings account where “we” save. Only I have access to it, but I put a portion of his rent into it monthly. This is because when we have major house repairs or things come up, it’s easier for him financially to have paid into his share over time. I can afford a hit. So its more a vehicle for me to help him save. But, if he makes a large payment for something, I will give him a check from it, or, if I make a large payment, I pay myself back from it and tell him (did this a bunch for the wedding).

Post # 9
Member
385 posts
Helper bee
  • Wedding: February 2015

We got a joint account when we moved in together. We use it for joint expenses like rent, groceries, travel and nights out together, etc. We contribute to it proportionally to our income. (He’s a lawyer, I’m a teacher, so a 50/50 split wouldn’t work at all.) It’s working very well, although I imagine we’ll combine completely once we’re married. 

Post # 10
Member
8419 posts
Bumble Beekeeper
  • Wedding: April 2013

@otto2008:  We merged our finances as soon as we got our own place together (we had been dating for about a year).  We see it as our money, even though my husband is the only person contributing to the account (I don’t work).  We always knew this would be the arrangement because we talked about it at the beginning of our relationship.

Post # 11
Member
6505 posts
Bee Keeper
  • Wedding: June 2013

We “shared” money when we moved in together (right after getting engaged). However, we did not put it all into one account until we got married. DH contributes more but it’s all ‘our’ money.

Post # 12
Member
1802 posts
Buzzing bee

My SO and I just moved in together, but we have been dating for over five years. We have already had a joint credit card since last May, and we are planning on joining our checking and savings accounts within the next week or so. I would have been fine just leaving them separate, but since we’ve moved in together I have realized how annoying it is to try and calculate bills and get all of the money together to pay them. I do all of the bill paying, so I calculate them, have him transfer money and then go online and pay them. I just think it’ll be easier having it all come from the same place. 

Post # 13
Member
5697 posts
Bee Keeper
  • Wedding: August 2012

Every penny we have is joint. There’s no division of who puts how much in. We have one checking, a few savings accts for various things and individual 401ks through our employers which we also consider a joint retirement total. We combined when we purchased a home together after engagement, a year before our wedding. 

Post # 14
Member
957 posts
Busy bee

We have a joint chequing account, but we also have our own separate chequing accounts. The joint account is with his bank, so each month I write a cheque to cover half of the bills. He adds the same amount from his account into our joint as well. Then whatever money is leftover is for us to spend how we want. 

When we were saving for the money, we would see how much each of us could put into a joint savings account with the ‘leftover’ money. DH is likes things to be equa so everything put into our joint accounts is 100% equal. Anything left over is ours to spend however we want. 

Post # 15
Member
181 posts
Blushing bee
  • Wedding: August 2014

@otto2008:  We opened a joint checking account 6 months into our relationship. He was already living with me at my moms and we did everything together so it just worked for us. Soon after, we bought our house so it’s nice that all our bills/mortgage come out of one account. We have never had a fight about money in the 2.5 years that we’ve shared an account so I’m really happy with our decision. I was recently laid off so he is (obviously) putting in way more money than me, though I do get a bit of unemployment insurance. Actually even when I had a job he was making 3x what I made so he’s always put more money in. At first I felt a bit guilty that I didn’t contribute as much but it was his idea and he said he considered it ‘our money’ so that helped 🙂

 

 

 

Post # 16
Member
920 posts
Busy bee
  • Wedding: June 2015

we opened a joint checking account about 3.5 years into our relationship, when we moved in together. we each put in 50% of our take home pay into the account, and that pays for all our combined expenses- mortgage, utilities, cell phones, cable, groceries and household. we each use the 50% remaining in our own accounts for personal expenses- credit card payments, car, gas, shopping, etc. 

this has worked really well for us! 

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