(Closed) A question for those with joint checking accounts

posted 7 years ago in Money
  • poll: What did you do with your individual back accounts
    Neither one of us had one : (3 votes)
    3 %
    he had one and kept it seperate : (0 votes)
    I had one and kept it seperate : (2 votes)
    2 %
    We each had our own and kept it seperate : (37 votes)
    43 %
    He had one and added it to our joint account : (1 votes)
    1 %
    I had one and added it to our joint account : (1 votes)
    1 %
    We each had our own and added it to our joint account : (38 votes)
    44 %
    I kept mine seperate and he didnt : (5 votes)
    6 %
    He kept his seperate and I didnt. : (0 votes)
  • Post # 3
    Member
    654 posts
    Busy bee
    • Wedding: October 2011

    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
    Member
    1940 posts
    Buzzing bee
    • Wedding: March 2011

    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
    Member
    4137 posts
    Honey bee
    • Wedding: May 2011

    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
    Member
    4480 posts
    Honey bee
    • 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 # 8
    Member
    347 posts
    Helper bee

    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
    Member
    3375 posts
    Sugar bee
    • Wedding: October 2011

    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 # 11
    Member
    236 posts
    Helper bee
    • Wedding: November 1999

    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
    Member
    367 posts
    Helper bee
    • Wedding: September 2008

    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
    Member
    1944 posts
    Buzzing bee
    • Wedding: June 2009

    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
    Member
    7173 posts
    Busy Beekeeper

    @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
    Member
    2066 posts
    Buzzing bee

    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
    Member
    10367 posts
    Sugar Beekeeper
    • Wedding: September 2010

    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.

    The topic ‘A question for those with joint checking accounts’ is closed to new replies.

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