Post # 1
I’m curious about how everyone is planning on handling their bank accounts after marriage. I asked a girlfriend who recently got married and whose taste I trust implicitly what they did, and she said they made a joint savings account but kept their individual checking accounts and credit cards. He makes twice what she makes, so he pays most of the bills and she pays a couple of the smaller ones.
However, I found this a little disjointed and weird. I always planned to just combine everything, but then I got worried that if one of us wanted to surprise the other with a gift, we couldn’t because the other might see it in our online banking, etc. Then I thought maybe we’d combine everything except credit cards, but then the other would STILL see any surprise gifts because they’d see that the other’s credit card payments had gone up. I don’t know how much I like the idea of separate checking accounts, so what do I do? Am I just way over thinking it??
I guess I could always say “hey don’t look in the checking account for the next month” but that would obviously blow the cover off a sneaky gift…
Thoughts?? Thanks bees!
Post # 3
@TwoStatesBride: We are keeping ours seperate. With online banking we can move money well enough around to eachother that it never becomes a hassle. I don;t see a need for a joint account yet so we aren’t going to open one till it’s needed.
We still split things as evenly as possible and some weeks I do more then him and others he does more. We make close to the same so that helps, but knowing how to be fair about it is the other half.
Post # 4
Our money will all be “ours,” but we’ll still each have a separate checking account.
Joint Checking (all money gets deposited into here)
My Checking (agreed upon amount each month gets put into these two for our personal stuff – clothes, haircuts, spending money, car toys for him, etc)
We have a couple of credit cards between us. I’ll keep mine primarily for work expenses (and pay it off using reimbursements), and then I’ll probably get added to his and that’s where I’ll put gas.
I am ADAMANT (and Fiance agrees) that both of our names are on every single account. If something happens to one person, not being on the account makes for a huge hassle. Even if he doesn’t use my work credit card, I want him on the account so he can deal with them if something happens.
We follow Dave Ramsey’s plan, for the most part (not all). So we will sit down every month and create a budget for that month together and agree on where the money goes, then we just follow through on that plan.
I make a little more than Fiance right now, but there could certainly be a time in the future where he makes more than me. I feel very strongly about it all being our money. I don’t get more of a “personal allowance” just because I make more. Some months he may get more because he has a trip or an activity planned, some months I may get more because I need to do a bunch of clothes shopping, etc. It is about being loving and giving of ourselves, including our money, not about protecting mine vs. his.
Post # 5
@TwoStatesBride: Our finances are already combined. We moved in together after a few weeks of dating, so we’ll already have been sharing bills for almost 5 years when we get married. Also, since we moved from CA to NC, I don’t work. My FI’s job pays for everything. We merged all of our accounts (except for investment/retirement accounts) and I take care of budgeting/saving/spending/bills, whatever is left over from that I put into our “fun money” account which Fiance is in charge of. We love it this way, plus Fiance likes the fact that he doesn’t have to worry about where the money is going, but still gets to spoil/surprise me.
Post # 6
We just combined everything. I make twice what Darling Husband makes but that didn’t affect our decision or how we manage our money (I don’t get more just because I make more). We each have credit cards that are our own and when birthdays or holidays come around we shop with those so the other doesn’t know what they’re receiving.
We briefly thought about having joint and personal accounts but at the end of the day it just seemed like too much work. Yes, dividing all the bills equally by earnings, transfering money into and out of accounts for bills and personal expenditures….bleh! We have an excellent understanding of where we need to be financially and are on the same page when it comes to personal spending. So, there was really no reason for us to make it more complicated.
Post # 7
- Wedding: August 2013 - Rocky Mountains USA
We’re going to direct deposit about 90% of our joint income into a joint checking/savings account from which we will pay all the bills, buy our “joint” purchases, and manage savings/retirements. We’ll also have a joint credit card that we pay off each month from that checking/savings account.
Then we’ll each have an individual checking account where we put 5% of our total income each, like an “allowance” for personal spending. That way he doesn’t get grouchy when I spend “our” money on clothes or I don’t get grouchy when he buys all his friends a bunch of rounds at the bar.
Post # 8
We are putting ours completely together. Right now, we split everything evenly between our two checking accounts. Once we move to Baton Rouge next month (from Chicago), we will get a joint savings and a joint checking account and just go from there!
Post # 9
We have a joint checking/savings account and we each have personal checking/savings accounts. We have one credit card together, and I have a credit card of my own. (I also have student loans, which only I am accountable for.) A set amount gets direct deposited from each of our paychecks into our joint checking, and the remainder goes to our personal checking accounts. All bills, groceries, etc are paid out of the joint checking, and the remainder (about $200-$300 monthly) goes into our joint savings. It gives us each some freedom with our money. I make more than my Fiance, but my bills are considerably higher and I tend to save a ton of money on my own (which is going towards our joint downpayment) so we have about the same amount of “fun money” every pay period. Works for us!
Post # 10
We have separate bank accounts (with each others names on them) and one joint “major savings” account. We each have bills that we are responsible for and deposit equal amounts into the mortgage account.
Every couple that I know that has joined their money is always fighting about it. Every couple that I know that keeps things separate, don’t fight as much. It was weird for me because I assumed we would join everything (direct deposit into one account, pay all bills from that account and each have an allowance, so to speak). But after hearing about Darling Husband expereinces (he’s lived with many women and was married once), we decided this was the best way. And it for the most part really has worked out well.
Post # 11
We have combined checking/savings accounts and a joint credit card where our paychecks go in and bills come out. We also still have own own bank accounts that we each transfer some money into each month for personal spending, and a credit card each from before that we use occasionally.
For the most part everything we do or spend is equal. If i take out $200 to put in my personal account i just tell him ” hey babe i took $200 “. and vice versa.
We also have our own savings/retirement savings.
Post # 12
We plan on combining most of our accounts together. We will still have separate credit cards because that is just easier for us. We also agreed to keep a small account in our own names so that if we want to buy something for the other person or something for ourselves we can do that without worrying how it will affect our joint account. It makes sense to me to have your own little account just in case you need to spend your own money on something for him or just something for yourself that you don’t think the joint account should cover.
Post # 13
We set our finances up so that we have a joint account and then our seperate accounts. All the money is still “ours”, but this simply makes keeping track of everything easier for us.
It also makes it much easier to dump all the money out of my account when my parents visit so they can get a decent conversion rate. Not to mention they can’t use credit cards at the grocery store and don’t like carrying around a lot of cash.
Post # 14
Our finances are combined already, we did that about three months ago.
Joint Checking (All paychecks, Extra money, etc)
Joint Savings (25% of Fiance checks ) *He has to pay taxes at the end of the year bc he is “self-employed”
Joint Credit Card (Gas, groceries, etc)
& Fiance has a roth account
We take out alotted amounts of cash every months for eating out, movies, hair cuts, getting nails done, shopping etc. Helps curb the spending. Thank you dave ramsey!
We can see exactly how much money we have, where it goes, and agree. Fiance is a little older & I don’t have any credit so by my “piggybacking” on the CC I’m gaining credit. I love sharing & having all of our numbers in one place. We also have a monthly budget we fill out at the end of every month to see where we are and how much $$ we have left after expenses. It’s on christianpf.com if anyone wants to check it out. As for surprises I just tell him like a month in advance not to look at the statements lol. Lame, but oh well. We are both terrible at keeping secrets, so it’s pointless anyway. He is great with money & has really taught me a lot (still learning) & it is the last thing we fight about, thank the Lord.
Post # 15
I guess I am old-fashioned in the sense that I always thought a couple’s finances should be joined and discussed together regularly. So when we got engaged he transferred his direct deposit to the account I had and we added him on. WE each do have separate savings account but that’s just so we cn have some money if needed to buy for each other really. All the bills are on autopay and have been coming from my account since we moved in together 4 years ago. He used to just write me a check each month but it’s SO much easier and we never argue about money anymore either. As of right now I make almost double what he does but would never buy anything unnecessary or without talking to him 1st.
Post # 16
This may change in the future but currently, we have separate accounts. We have a savings account with both our names but that’s literally only for savings and neither one of us withdraws from it.
Our paychecks go to our respective personal bank accounts. I cover a few bills; he covers a few bills. We’ve lived together for years and always did it this way and it seemed easier to continue. It does make gift giving a lot easier and you avoid the whole “You spent how much at Nordstrom?” argument.
Darling Husband hates paying bills though and I’m much more efficient, so it may get to the point where we have a joint checking just for bills and we can deposit (mostly him) funds as needed.