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We already have both. We both direct deposit a number we needed to cover our monthly bills and then some in to our joint checking. Then the rest of our paychecks go into our individual accounts.
We're planning on having a joint checking for shared expenses and a joint savings to save for a house. We will also keep our separate checking accounts for personal stuff. We might get rid of the separate account later, but we plan on keeping them for now. We plan on keeping all said accounts at the same bank so we can do transfers easily.
We have our individual accounts and we just recently opened a joint account for your house bills and our wedding! We will equally put in the same amount into the joint account. I just think its easier that way for us so that we don't fight about money. I don't want him to be mad at what I spend my paycheck on and vice versa. Just as long as our HOUSE BILLS get paid!
DH and I have a joint checking account and joint savings account and then we have our own personal checking account.
Most of our money goes into the joint checking to pay for bills but then $100 of each of our paychecks go into our joint savings and percentage of our paycheck goes into our personal savings. The personal checking allows us to buy things that are for us. For example- clothes for me and comics for him... etc.
We needed a joint checking because we need both incomes to pay for rent which is the biggest chunk of our bills and then it was just convienent to pay for car payments, cable, cell phones, credit card bills all out of that same account.
It works for us.
Oh, I do have more student loans then he does but since I make more than he does. It's not a problem.
EDIT: Ok, I lied. hehe. That's what I did at first but now thinking about it, we pay our personal expenses using the joint account. We still have our personal checking account but really hasn't been touched for a few months.
6 months ago we got joint checking and savings account. It was so much easier! My FI makes almost makes double what I do (I also waitress on the side for some extra cash now and then). It was so much easier since everytime we went out we were discussing who paid last time and so forth....plus my FI has horrible spending habits and we needed to start saving for the wedding. Now when we go out or purchase things it is so much easier since it comes out of one account. We don't run small purchases by each other, but when we have events coming up and gifts to buy or have large purchases to make, we run it by each other. We don't give each other allowances, but we are very open about our finances so it makes it easier!
We have a joint account that we pay the bills from, and we also have separate accounts to pay bills like our cell phones, etc. Really it's all just one big pot of money since we can transfer money between all three accounts, but it helps me organize our budget to do it that way and it also keeps us both from spending too much in any one month. We also have join and separate savings accounts that work the same way (one saves for a house, one for his car, one for general emergencies).
Thanks for all of the input everone! I appreciate it! It will help when deciding what we are going to do.
we're going to do joint. i'm unemployed, so we already have a joint credit card. however i have all the money in savings, so whenever we go over in bills i'm always transfering money to him which gets annoying, we already think of it as "our money", so i'd rather just skip the middle man and have joint everything. we're just waiting until i change my name so i can do it all at once.
We will hav e a joint acct. Only because he makes triple what I make.
We have both. Our pay cheques go into our Joint chequing account, we pay all of our bills, and then allot "fun money" which we move to our separate accounts. Like yrret though, we haven't really touched our separate accounts in a long time! We are just very open about money and discuss our purchases. So far this has worked really well for us!
Both! I like having "my" money and he likes having "his". He has no right to get mad at me for spending $50 on makeup/clothes/whatever stupid stuff and I can't complain about him spending $50 on stupid videogames. Win-win!
We're not married yet but I added him to both my checking and savings bank accounts. Mainly because we needed to save up for our wedding together. He's keeping his personal bank account.
In our meeting with our pastor, the pastor advised us to have three bank accounts. One for my FI and one for me (separately) and one strictly for the bills. That was his advice. I think it's very good advice and we plan to do that right after we get married.
From the beginning, DH and I were already firm believers in "your's" "mine", and "our's". We kept our own checking/savings accounts but we also opened a joint checking/savings/credit card account.
To date, we have not had any trouble discussing or managing our finances. Our joint checking account is used for the mortgage, household bills, and groceries. We each deposit a set amount of money into the account every month to cover all necessary expenses. Our savings account holds the portion our tax return money that we bookmarked for saving and anything else we've saved together for "emergencies". We have a 1 year old daughter so it's very important to the both of us that we have emergency money stashed away.
Our personal accounts are exactly that...for example, I bought DH's Valentine's Day present (his first grill!) out of my personal money. I don't have to worry about any joint monitoring with my own account. There's no room for potential hurt feelings or disagreements this way.
We also opened up a savings account for Madison when she was only a few months old. All of her birthday and Christmas money gets deposited in there and we have both committed to depositing a set amount each month towards the future cost of a starter car for her.
Right now my fiance and I do not have a joint accont that we both use, however we are technically joints on each others accounts, but dont use them to pay joint bills, if that makes sense. I live at my fiances house that he owns with his brother (who is now living with his fiance) but i dont pay half the mortgage, that is split between them two, so we realy have no joint bills right now. However, after they sell this house and we buy another house and have more joint bills, we are going to have a joint checking which our paychecks will be deposited into, a joint savings which we will put a set amount into once a month, and whatever is left over will be deposited into our individual checking accounts to use as our fun money. There is no sense in having seperate savings accounts for us, because we see it as OUR money and saving together for things such as vacations and other large purchases.
We'll keep our seperate accounts and open a joint checking for our bills after the wedding.
We're planning on just having joint checking and saving. We don't see the point for us to have separate accounts, since it's all our money after we get married. Makes it less complicated that way too.
Had had both with everything going into the joint then each taking an "allowance" from that into our personal each month. FI's acct is somehow related to his company (ibank) and he was getting charges a bunch of fees for not depositing his paycheck into that and not making X number of transactions each month so he closed it and just used out joint so I closed mine and just used joint (we each have our own personal credit cards for "surprise" items like gifts etc as well as a joint credit card). It's worked fine so far, BUT I'd like to go back to the joint and separete. Even though FI has never made me feel guilty about anything I've spent money on, I know I'd feel better knowing a set amount is "mine" and I can do ANYTHING I want with it.
We have both a joint and our own separate accounts. The joint account is used for our mutual bills and any mutual purchases such as groceries, etc. Our own personal accounts are used for our own personal bills and any extra spending money. We also have a joint savings and separate savings as well. So this may be crazy but we each have 2 individual checking accounts, 1 savings account and then we share a checking and savings account.
I only have my separate checking account because of a loan I have with this credit union. When it is finished I will be closing it out.
We have moved over to joint accounts. We have two joint checking accounts and a joint savings account. One of the checking accounts is specifically for all of our bills (mortgage, cable, water, electric etc...) and the other is our day to day spending account. We also have a couple of joint credit cards.
One online tool that has helped for budgeting and finances is mint.com
The above system is what works for us and I don't think there is any right or wrong way to organize things. My advice is do what feels right for you as a couple and keep talking about finances all the time. It was kind of a rocky transition combining finances for FI and I but we have learned to better communicate through this process.
We have a joint checking account, plus our own personal checking and savings accounts. We don't have a joint savings account, although now that I think about it, it is a bit weird that we're not doing any joint saving... we're both just saving our own money separately!
Right now it is still separate but that will change once we are married, maybe before. We will have joint accounts. We haven't really talked about having both but Im pretty sure we will have just joint. He already acts like whats his is mine and whats mine is his and so do I so thats what Im thinking will happen. But we deffinatly don't want separate. Its too much work to split everything plus I think personally thing that you are a team when you get married and share everything so separate wouldn't work for us. It just depends on the couple though
I think if you do separate accounts, you should make sure you're each paying proportionally, not going halfsies. I make less than my fiance and I would be PISSED if I had to pay half of our bills and not a proportionate amount-- I would have no spending money left but he would have a lot of "personal" money left over. That's no good :)
We're just going to do joint after the wedding because the money shuffling is annoying for me and everything is already visible in our mint account anyway. And we have to start saving for a down payment.
we're both in grad school at the moment so a joint account isn't really the best thing for us right now. we're thinking that maybe after the wedding we'll have a joint account for the household bills and separate accounts until one of us gets a proper job. after that, we'll combine finances.
Joint checking!! but we are young and not that established. I would think about it differently, maybe, if I was older/had more money/houses/children/etc
I think we will do joint checking and savings...but still keep our credit cards in our own names...I want to have a way to buy him gifts without him knowing ;)
We intend to open a joint account, but I don't know when we'll bother. Right now his stipend is deposited directly into his account, from which rent (student housing) is automatically taken out. I handle all other expenses, which works well because he likes to pretend that money doesn't exist and things like food and clothing appear because he is just so awesome. Also in that I am really into personal finance and managing accounts, paperwork, budgeting, etc.
Yeah, he just glanced over at what I was typing, when I said it was about joint accounts, and said "yeah, whatever." Clearly not his concern, which is fine as he doesn't spend a cent beyond rent and cable.
we both kept our individual ones... and FI added me on his second personal (he works for a bank) and changed it to a joint account. :)
We decided from the start that we would keep our seperate account and have a joint account for our shared bills. That way we both can pay off our debts that we are bringing to the relationship (not that that's what we're going for, I just have more than him and would feel bad for him paying my student loans). However, with me losing my job, we'll probably open our joint account and that will be for all my expenses. (side note: I really can't stand this economy)
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Okay, so the FI and I have been discussing finances after we are married and if we should keep our separate accounts, open a joint account or both. What are you Bees doing about this?