Post # 1
I just got married in August, and we are now trying to figure out the whole joint account vs separate accounts finance issues.
What creative solutions to this have y’all found? Anything really not work, or work better than others?
Post # 3
Our solution isn’t really creative, lol…we have joint everything. I was added to his checking and savings account, and we opened up a new checking account together. The “your money, my money” thing doesn’t really work for us; it’s all “our money” since I would never feel like I had to hide a purchase or ask permission for anything, and neither would he. Having separate accounts just wouldn’t feel natural for us.
Post # 4
Joint checking account: rent, electricity, water, renters insurance
Joint savings account: wedding/travel/emergency fund that all gets funneled into a money market account so it gets a higher return than leaving it in the bank savings account
Then we each have our own personal checking and savings account that we use for everything else, and pay on our own.
Post # 5
We have it all! We both have our own savings/checking, and we have a joint savings/checking.
For us what worked was to first come up with the “joint” bills. For us this was everything from the mortgage, utility bills, to groceries and entertainment money.
From there we split up how much each of us would contribute to cover the bills.
Post # 6
We opened a joint checking and savings account. Each month, we deposit money for bills and food into the checking account. Whatever is left over gets moved into the savings account and we start over again the next month.
We also still each have our own accounts so we can spend money without having to worry about what the other is doing. We communicate about money and try to add more to our joint savings account when we can. For example, Fiance got some money from Bridal Party for lost wages and he put that in the joint account instead of his regular one.
I don’t think it’s really creative but it’s what works for us.
Post # 7
We are transitioning over to joint everything accounts. only thing that isn’t joint is hubby’s business account. he’ll “pay” himself from that account into our joint account. we don’t split bills, its basically pooling all our money together (our money mentality).
it works for us and we still go out and buy stuff for ourselves and one another, just from a joint account.
Post # 8
We have joint everything and I’d refuse to have it any other way (as would DH). There is no “my money, your money” – it’s all “our money”.
Post # 9
We have joint everything, with the exception of 1 credit card each. Neither of us wanted to close our account and we agreed that we each had too many cards to keep up with so we didn’t care to be added to each others. Our spending/savings habits are similar so this works great for us.
Post # 10
We have a joint account and we have individual accounts. Works wonderfully for us. It’s not “creative”, though :). We keep “personal accounts” for personal things–like when i get my nails done, i buy my own gas with it, i go out to lunch with girlfriends on my own account, buy clothes/makeup/magazines, that sort of stuff.
Post # 11
We have joint everything. It works well for us. I think the only issue for me is gifts, b/c he is the one that deals with our bills and so I don’t like charging gifts… but luckily my grandma supplies me with a good amount of cash.
Post # 12
We haven’t done this yet, but as some others have, we’ll retain separate accounts and have joint accounts. I think we’ll have joint savings for wedding/vacations/emergencies, joint checking for bills, eating out, groceries, and individual checking and savings accounts. Not sure yet what each of our contributions will be but we’ll figure it out (maybe 50% into joint checking, 10% into joint savings, rest into individual or something).
Post # 13
ours are sort of messy. We have a joint checking, a joint savings, and then I have a checking account that he is an authorized user on because I was to lazy to transfer all my automatic withdrawls to our joint account. Then he has a credit card which he is the only user on because the two times I have a credit card, I never remember to use them and put it all on my debit anyways so I cancelled them. It was all sort of organic.
Post # 14
We have a joint checking and savings. Our paychecks are both direct deposited into the checking and we both have access to all the credit cards to view history and purchase items, etc. We have budgets and a savings goal, but of course things come up that we need to discuss all the time.
Post # 15
We are fully joint because right now I’m a full time student and not working, so he is supporting me right now (though I am paying my tuition with funds I had already saved, so it’s really just “our” living expenses I’m not contributing to). He still has his own checking account and I still have mine, but we don’t keep money separate right now because we can’t.
Post # 16
Ours is the same as FutureKMM.