(Closed) Bank Accounts, how do you do it?

posted 5 years ago in Married Life
  • poll: Do you and your significant other have a joint account?

    yes, joint savings

    yes, joint checking

    yes, joint checking and savings

    no

  • Post # 31
    Member
    853 posts
    Busy bee
    • Wedding: September 2015

    We have joint checking and savings and we use those for everything. Our paychecks go into those accounts too. We have credit cards together and individually but we pay them off out of the joint account. 

    I have an individual checking and savings too that I use for a few things. It’s linked to my daughter’s account so if/when I give her money I just transfer to her account. I keep a few hundred in my account at any given time- really just money I make selling my roller derby gear spray. I buy supplies for it from there and sometimes I use that money for things like waxing, haircuts etc.. It works for us..

    Post # 32
    Member
    1083 posts
    Bumble bee
    • Wedding: August 2012

    DH and I have one joint checking and savings account this is where the bulk of our money goes. Then we both also have our own accounts for our “fun money”, which is a determined amount we each get for our own paycheck every two weeks. We also have a “mortgage account”, where a percentage of DH’s paycheck goes into as well to pay the mortgage automaticly each month. DH makes a little more then double then what I make. Then we each have our own credit cards which get  payed out of the joint account. 

    Post # 33
    Member
    1430 posts
    Bumble bee
    • Wedding: April 2016

    We’re separate and will remain separate after we’re married – mainly because Fiance has a rather large debt from his student days, which he is paying off. I’m trying to save for a deposit to get us out of generation rent and it’s likely because of his debt that the mortgage will need to be in my name in order to get approved so it makes sense to not be financially linked. Once we get past the home buying milestone, I will help with the loan repayment and then would consider a joint account.

    Post # 34
    Member
    1124 posts
    Bumble bee

    Separate accounts are just too much work. We’re married, we agreed to love and respect and trust and share our lives with each other…that includes money, in my opinion. We got all joint accounts halfway through our engagement. and added each other to our credit cards. So much easier than splitting things 50/50 or relative to our income. If we want to buy something more than a certain amount we’ll let each other know, but it’s just as much his as it is my money. 

    Post # 35
    Member
    4888 posts
    Honey bee
    • Wedding: October 2014

    View original reply
    daniellemc:  No joint anythings. But, we do use a savings account DH had before us getting married that we put any money we received form the wedding in. We also put in our tax refund from last year and any money that was given to the both of us, like Christmas from my grandparents or his grandparents.

    He has been meaning to put me on his checking account, but we don’t feel it’s a rush right now. We split bills like we had before, and what I spend on my own is my own money. I am sure once we have kids (IF we have kids), we’ll combine for those bills (daycare, etc).

    No joint credit cards. I work in that business, and even if you know you’ll be married forever – you just never know and once you’re joint – you can’t be removed.

    I do have other accounts though, like my wealth management account that I’ve had for years that my parents set me up with. I also have my own 401K and Roth IRA. I made a down payment with money in the wealth management account for my condo years ago, and whatever I made from the sale of my condo went back into it. We’d either use that for another home, or keep it in there as emergency.

    Post # 36
    Member
    556 posts
    Busy bee
    • Wedding: May 2016

    We have both – individual chequing and savings accounts (tax-free savings accounts are important here) along with a joint chequing and a joint savings. In practice, we really only use the joint accounts. We budget religiously every time we’re paid using You Need a Budget, including X number of dollars in “fun money” each. But pretty much everything is accounted for under our household budget… Hair appointments, makeup, clothing, etc. included. The small amount of fun money we get is really just for individual dinners out with friends or a completely unnecessary splurge. If one of us needs something like a new laptop we budget for it as a family. We keep all the actual funds in our joint account. Only our student loans currently come out of our personal chequing accounts, but we keep them open just in case.

    Our joint savings account is currently home to all our wedding funds while my personal savings account has the money we’re saving towards a down payment in it (again, just because of yearly contribution limits for tax-free purposes). Any monetary gifts we get as individuals go into the down payment fund right now. We each have our own Visa and then a joint American Express… But my Visa gets better rewards and the Amex isn’t accepted at our local grocery store so I’ll literally give her my credit card to go pick up groceries, haha (it’s all on PIN technology here). So yeah, we’re pretty much 100% blended. It just didn’t make sense to me to portion it out as “mine” and “hers” when we’re working towards shared goals anyway. I also make about 40% more than her so it wouldn’t be fair at all.

    Post # 37
    Member
    933 posts
    Busy bee
    • Wedding: May 2015 - Cathedral of the Immaculate Conception / Courtyard Marriott Legacy Ballroom

    All of our accounts are joint now – he added me to all his accounts and I added him to all of mine – but we still act like his is his and mine is mine It’s probably because our salaries get deposited straight to our accounts – I split part of mine to go to our checking account that’s used for bills, which is really the only account we actually use as a joint account. So, when I pay for things it comes out of what was originally my checking account and when DH pays for things, it comes out of his original accounts.

    Post # 38
    Member
    369 posts
    Helper bee
    • Wedding: March 2017

    My Fiance and I believe that since we have our own careers we should maintain some level of financial independence. We share a joint checking account in which money is allotted from each of our paychecks. This is to pay household bills and such but we each have separate checking accounts where we keep our own money for personal things. With this money we buy what we want for ourselves wthout having to check in with the other person. 

    Post # 39
    Member
    599 posts
    Busy bee
    • Wedding: October 2015

    We have a joint checking and savings, and still both have our personal checking accounts from our past lives to use mostly for personal spending.

    Honestly it’s gotten a bit annoying because sometimes we’ll need to access our combined funds but they’re spread across essentially 3 accounts. And it can sometimes feel like a “yours” and “mine” instead of “ours” thing. 

    DH is in the process of starting a business so now he’s opening ANOTHER account for his business. 

    I think I’ll be suggesting ditching our personal checking accounts just for the sake of my sanity in the near future 😉

    Post # 40
    Member
    7887 posts
    Bumble Beekeeper

    We have joint checking and savings accounts that we started after we got married. We still have our old bank accounts from before we married, but they are dormant. We are fortunate to have good incomes and trust in one another, so we don’t really squabble over who pays for what. 

    Post # 41
    Member
    218 posts
    Helper bee

    When we were dating we has separate and then a joint when we moved in together now that we are married everything is joint I would feel like we’re roomates having tons of separate accounts and trying to keep track of how to split what and who has this rounds. Even with a joint we spend as we please or want as long as the bills are paid.

    Post # 42
    Member
    1710 posts
    Bumble bee
    • Wedding: October 2013

    View original reply
    daniellemc:  we have a joint account that’s strictly for bills/mortgage or other joint things (trips together, etc). We each have our own separate savings accounts that we transfer money (a percentage of what we each make, so it’s fair for both of us) from to put into our joint account. The rest of our pay cheques stay in our own accounts to be put towards our own investments and fun things.

    • This reply was modified 4 years, 11 months ago by  _blackbird_.
    Post # 44
    Member
    1432 posts
    Bumble bee
    • Wedding: November 2016

    We have separate accounts just because we’re lazy and haven’t ever done anything about it haha. 

    I have a standing order set up, money goes to his account on the first of every month (towards the bills etc). We both have separate savings accounts. It works for us for now. We agree that our money is shared (for example we need a new boiler at the moment so I’ll either send half to him or the other way round). When we get married will probably come up with a more permanent, practical arrangement though.

    Post # 45
    Member
    198 posts
    Blushing bee
    • Wedding: September 2017

    View original reply
    daniellemc:  We have one big pot – our savings account – and all our monies go into it. We always check with each other on spending!

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