Best Use of Shared Account?

posted 2 years ago in Finances
Post # 2
3826 posts
Honey bee
  • Wedding: April 2017 - City, State

Dh and I have a shared checking and savings account, and we each have individual accounts. The joint checking account is used for joint bills, groceries, travel, and dining out. We each put in the same percentage into our checking and savings account so while we aren’t contributing the same dollar amount, we’re contributing equal to our joint accounts. The money is automatically transferred from our individual accounts into our joint accounts on scheduled days so we don’t have to think about it.

We still treat each other out to dinner and nights out from our own accounts as well if we want to. Our individual accounts are basically used for purchases that don’t need to be “approved” by the other person. 

Post # 3
1071 posts
Bumble bee
  • Wedding: January 2019

My husband and I each have personal savings and checking, and a joint savings and checking. All of our money is deposited to the joint checking, then we transfer 10-20% to our personal accounts. The joint account is used to pay all bills, household expenses, anything done together such as dates etc. Our personal accounts are for individual things such as getting nails done, girls night out, my hisband’s Comic books etc. anytime a new expense comes up we just discuss where it should be paid from.

Post # 4
321 posts
Helper bee

Before H and I got married and combined our finances, we each had an individual account and a shared account. Our shared account we payed all of our household bills from, even if they were bills that H just paid for (like Netflix). I would total up the amount of bills for the month (gas, electric, groceries, rent, cable, internet etc etc) and we split those evenly. Then if we went out to eat or wanted to buy something that came out of our personal accounts. Vacation money would also be put into the shared account as well. That system worked well for us for the 5+ years that we did it

Post # 5
788 posts
Busy bee

Hubs and I share all of money except $200 each paycheck for our own allowance. I make more than him, but not by a significant amount. Plus I’m on his insurance plan. 

We use our shared account for literally everything we share. Groceries, bills, meals out together, etc. If however I want new shoes then I’ll use my allowance. When he goes out with his friends he uses his allowance. 

Post # 6
1664 posts
Bumble bee
  • Wedding: May 2019 - City, State

We both have individual savings and checking accounts, but we primarily use the joint accounts. His paycheck now goes to the joint account. Anything that can be labeled as a necessity or a household/shared expense comes from the joint account. Any superfluous purchases that only benefit one of us, we use our personal accounts – particularly me, since right now I am a full time grad student so I’m not contributing towards the joint account. He had to get the suspension on his car repaired? Joint account. I bought a new nail polish as an early birthday present for myself? My personal account. Groceries and bills, joint account. 

Once we’re both making money, we plan to mostly do away with our personal checking accounts. We’ll probably both put ~2% of our paychecks into personal savings, then the rest will go to joint accounts.

Post # 7
890 posts
Busy bee

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somedaymrsj :  we have individual accounts in other countries, but shared accounts in US where we work and live. We have separate credit card accounts which are linked to our joint accounts. Salaries are deposited to the same account. When we go out, either of us pay, since the cash is pooled anyway..

Post # 8
15421 posts
Honey Beekeeper
  • Wedding: June 2011

We just have joint everything.  We’re both frugal and don’t really spend a lot so we didnt see a point in separate ‘fun money’ accounts since in the end we view everything as ‘ours’.  We have our target savings goals, then everything left over is free to spend.  We run bigger purchases, which don’t happen a lot, by each other, but haven’t really run into a case where one of us REALLY wants something, and the other actually cares to be against the purchase.  If one of us really wants something bad enough, we tend to think it’s fine since it doesnt happen a lot and it’s affordable.

Post # 10
541 posts
Busy bee

My old personal account just has my rrsp and my husband’s old personal account has his savings account. I say old accounts because they basically just sit there now. We put our paycheques into our joint and use that for everything except probably gifts for each other (we could use the old accounts or we’d use cash). It works well for us; I was afraid we’d be watching each other’s spending a bit but that hasn’t happened. Before we married we split by percentage earned. We’ve been on pretty much the same page for spending. It’s nice 😊

Post # 11
544 posts
Busy bee
  • Wedding: April 2018

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somedaymrsj :  We have 2 shared joint accounts – one for petrol, groceries and other incidentals, and one for bills.  Our pay goes into the bills account and is parted out to the other accounts via automatic weekly deposits.

We also have 2 joint savings accounts – a small one for emergencies (eg. insurance excess, car repairs, replace a broken appliance etc. and a bigger one which is currently saving for a house deposit. 

Then we both have our own individual “splurge” accounts, which we each have our own card for, and the other one can’t see.  We use that for our own personal expenses.  I use mine for clothes and going out for meals, DH uses his mainly for eating out and cigarettes. 

This works well for us because all our joint financial goals are being met, while we are still able to enjoy our own personal money too. 


Post # 12
716 posts
Busy bee
  • Wedding: June 2018

So, do you and your SO have a shared account, in addition to individual accounts? Yes

If so, what is the shared account used for, primarily? All joint expenses. Mortgage, household bills, groceries, home renovations/repairs, pet care, cell phone bill, TV/Internet, etc. etc. You get the idea.

Do you pay all common household bills from the shared account, and personal spending from your individual accounts? Yes. Any medical bills come from our personal accounts though. That’s mostly because we both have insurance separately through our employers.

Do you each contribute to the shared account with specific amounts regularly? Like, when you get paid, you know to put $500 in shared, and SO does the same? Yes. Our contribution is relative to our income, so a percentage of what we make each paycheck as other PPs have stated. DH and I make close to the same salary now though, so we put in the same amount. However, there have been situations where I’ve had to put in less for whatever reason here or there and DH has had to put in less, so we just compensate when something like that comes up.

Do you use the shared account when going out to dinner, taking a vacation, etc.? Or is that funded by individual accounts? Yes. Date nights and joint vacations come out of our joint account. DH and I both have individual girls/guys trips coming up and those come out of our personal money.

Does your system work well for you? Yes. TBH, we’ve just had a busy first year of marriage, so we haven’t changed our system. It is likely that things will change when we have kids, I anticipate us combining a lot more of our money when we get to that point.

To add, DH and I both had debt coming into our engagement and marriage and for our own personal reasons we just felt it better to keep that debt separate. We both have car loans and I have student loans that we pay off from our personal accounts. I would have felt extremely bad lumping my $35k in student loan debt with our joint expenses when DH didn’t choose to go to college and acquire student loans. Our vehicles were also both purchases made before we were even engaged. Car insurance and gas also come out of our personal accounts as well, we’ve done it this way since we were dating and until we have kids, I don’t see this changing either.

I’m not going to hide the fact that DH and I haven’t argued about money and I do sometimes think it would be easier to have everything joint BUT DH and I have different spending habits so for now, the separate accounts and one joint is what works. I may spend $20-$30 more “regularly” on fun items or clothes on sale and DH sometimes make larger $500-$1000 purchases at once and those are just things that are easier to take from our personal accounts rather than thinking we need “permission”. THAT being said… we are VERY open about our finances though. We know who has what money and how much in what accounts (we both have personal checking and personal savings) and we ALWAYS discuss major purchases with one another. No, I don’t ask DH if I can buy stuff from the VS Semi Annual Sale but if I wanted to buy… say a $400 Apple Watch, I’d probably run it past him. He does the same for me when he wants to buy new guns or truck parts or whatnot.

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