(Closed) Has anyone out there opted to not get joint money accounts?

posted 7 years ago in Money
Post # 3
Hostess
18644 posts
Honey Beekeeper
  • Wedding: June 2009

I don’t see how having joint accounts would make things any different for you (as long as the two of you are open and honest about your finances now when they are seperated).  I think no matter what you do, you need to have discussions about what you have, what you owe, what accounts you have, what insurance you have, etc.

Post # 4
Member
10218 posts
Sugar Beekeeper
  • Wedding: November 2010

We aren’t combining ours. I will add him to one of my checking accts and he will do the same in case anything happens. Other than that we see no point in the combination of our accts.

Post # 5
Member
4824 posts
Honey bee

For ease of paying bills. One person does it and it comes from one account. We dont have to remember its your turn to pay, I bought dinner last, etc.  We only created one joint checking account which we put the same % of our paychecks into it for shared expenses.  We still maintain our own accounts for non-shared expenses.

Post # 6
Member
10851 posts
Sugar Beekeeper
  • Wedding: September 2010

Nope, we’re not. I have mine, he has his, it’s clean and straight forward. It’s also easier for legal issues between Darling Husband and his son’s mom, I don’t want to get tossed into the mix there. Much like you, we’ve just settled into our routines and we’ve never fought about money, we just respect each other’s decisions and give advice or input where it’s needed. I find it’s weird that we’ve never fought about it, but I’m thankful! LOL!

Post # 7
Member
221 posts
Helper bee
  • Wedding: March 2012

Having two accounts would be like any other couple “playing house.”  It may be very southern of me, but you cannot be married and be one unit and have two seperate accounts. 

I can’t take credit for this next statement, but I’ve recieved some good advise…”When you handle your money together, you are agreeing on your hopes, dreams and goals”  and although it may take some adjusting from what you are used to, your marriage will thrive on this sense of unity.

Post # 8
Member
7771 posts
Bumble Beekeeper
  • Wedding: July 2010

If things are already going well for the two of you, then why not do whatever works for you.  Darling Husband and I had joint ones basically from the moment we met, and for us it works best that way. 

I do know a younger couple that has separate accounts and fights about money (right in front of us, in a restaurant- and it was my friend’s birthday!)  For them it seemed like they hadn’t combined finances because they weren’t fully commited and it seemed to be causing them problems- but that was them- and it was obviously a sign of other things.

Post # 9
Member
348 posts
Helper bee
  • Wedding: June 2010

As a former banker, the only thing I would suggest is that if you decide NOT to combine accounts, that you fill out “POD” (Payable on Death) paperwork on each individual account so you or your spouse can access the money in the event one of you passes. I know it’s morbid, but I’ve seen it happen. Even if you are married, if you are not listed on the account, it would have to go through probate court, which can take a lot of time. 

My husband and I are joint on all of our accounts, but we still only have one we actually consider joint. The other ones we treat as individual accounts. 

Post # 10
Member
1297 posts
Bumble bee
  • Wedding: June 2011

I think that if you are comfortable having your separate accounts and living that way, then you should stick to that.  My fi and I have a joint checking account where the mortgage and house bills get paid out of, we both contribute money to it after each pay check.  We also use that account to pay for dinners and nights out.  Now that we are saving for a wedding, we each contribute an extra ‘wedding’ amount into our account so we can write checks to our vendors from that account.  It works great for us because we like to see ‘our money’ together in one place, but still have the freedom of having our ‘own money’ in our private accounts. 

Post # 11
Member
753 posts
Busy bee
  • Wedding: October 2011

We combined our accounts and haven’t had any issues.  Honestly, I am more organized when it comes to remembering to pay bills, etc. 🙂 I just think it is easier that way, but everyone is different.

I would say that the only issue that we do have is keeping track when each of us uses the debit card (using it for smaller purchases like coffee gets to be a bit much to track).  We are trying to take out the cash that we need at the beginning of the week so that we don’t use the debit card quite so much.

Post # 12
Member
1057 posts
Bumble bee
  • Wedding: December 2010

When we do get married we will open a new account for things like the mortgage and groceries, etc. but we will also keep our separate accounts for personal spending. 

Post # 13
Member
375 posts
Helper bee

We have three accounts — his, her’s, and our’s.  When we married, we each kept our own personal accounts and then opened a joint account.  The joint account houses our joint savings and our household funds.  Our personal accounts are just that, personal.  We don’t ever have any fights over finances because we both make absolute certain that each month our bills are paid and our savings accounts are padded.  Anything else is free game. 

Post # 14
Member
786 posts
Busy bee
  • Wedding: May 2012

We will keep them seperate but will have a joint savings account.

Post # 15
Member
1046 posts
Bumble bee
  • Wedding: December 2010

We haven’t combined accounts yet because it was important to me to wait until we were married for that. But we’re planning to combine accounts and have one account that we use for household expenses (rent, bills, groceries) and one account that we use for all of our discretionary spending (entertainment, restaurants, lunches during the week, whatever we individually want to buy). We’re then setting a budget of money that we are each allowed to spend per month that we don’t have to justify or ask each other about whatesoever. And then we’ll have a budget of money we spend on things together or for joint or big purchases that we need to ask each other about first. It was important to us to do this so that our money doesn’t feel like mine or his so that it’s always ours. We will probably always have a discrepancy in incomes (right now he makes way more but in a few years that will flip flop) so this will help even this out so that we can make equal expenditures.

Post # 16
Member
7365 posts
Busy Beekeeper
  • Wedding: October 2010

We do not have any joint accounts and do not plan to merge the accounts any time soon.  His money is his and mine is mine.  We have worked it out and honestly, at this point, I think it would be more trouble than its worth to combine things.  Some of our friends have been very judgemental about it when they found out.  But as long as he and I are fine with it everyone else needs to mind their own business.

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