(Closed) How many people have joint checking accounts?

posted 9 years ago in Married Life
  • poll: Do you and your husband have a joint checking account?

    Yes, and all of our money goes into the joint account.

    Yes, but we each have our own separate accounts also.

    No, but we plan to.

    No, and we plan to keep our finances separate.

  • Post # 62
    Member
    592 posts
    Busy bee
    • Wedding: October 2011

    We have a similiar set up to what others have said.  We have seperate accounts where we receive our direct deposits from work.  We set up our budget at the beginning of the year and agree on what we will need in the joint account – mortgage, utilities, groceries, misc, etc – we each contirbut 50/50 based on our needs.  We do the same thing with our savings accounts (travel, home and general) – we each contribute the same amount.  The rest is maintained in our seperate bank accounts – he has sole control over his and I have sole control over mine.  I never wanted to explain to him why I spent $$ on shoes, purse, vacation, etc!  Likewise – I have no reason to care if he buys a $400 golf club, its his money.  But we are both contributing equally to the expense account and the savings accounts…it works for us

    Post # 62
    Member
    114 posts
    Blushing bee
    • Wedding: October 2010

    We’ve had a joint account ever since we got married. I personally don’t understand how you can believe in marriage but still have the mentality of “this is mine, this is yours” when it comes to money. It’s also a lot more effort to be paying bills and  transferring money from separate accounts. I don’t have time for that and I think it would be a complete mess once you had kids.

    Post # 62
    Member
    114 posts
    Blushing bee
    • Wedding: October 2010
    Post # 63
    Member
    1675 posts
    Bumble bee
    • Wedding: October 2010

    View original reply
    @dookie32: This is exactly the type of attitude I alluded to in my response.

    I think it’s great that this system works for you, and I completely respect the choices you have made. But for you to then pass judgement on others who haven’t made the same choices……I just don’t think that’s cool.

    Post # 64
    Member
    3979 posts
    Honey bee
    • Wedding: July 2011

    We are 100% joined. We wouldn’t have it either way.

    Post # 65
    Member
    2065 posts
    Buzzing bee
    • Wedding: December 2011

    View original reply
    @dookie32:  It’s great that it works for you, but being completely joined just doesn’t work for others. It doesn’t mean I don’t believe in my marriage. It just means we have a system that works for us.

    Post # 66
    Member
    114 posts
    Blushing bee
    • Wedding: October 2010

    View original reply
    @hergreenapples:  So what is your reasoning exactly for why you do it that way? Not that it’s any of my business- I think the point of the thread was for the original poster to hear both sides and why people feel the way they do about their particular system. Just saying “this is what works for us” isn’t really going to convince someone why they should consider keeping separate accounts.

     

     

     

     

    Post # 67
    Member
    915 posts
    Busy bee
    • Wedding: October 2011

    We have had a joint checking account that 100% of our money goes into since about 2 months before we got married. I don’t know why we didn’t do it earlier cuz we lived together for about 1 year before we got married. It has really made things so much easier on us especially when it comes to paying the bills. I’d much rather write out one check for the rent than two and not have to worry about him putting money into my account everytime I pay a bill. I think it also brings us closer together cuz having just one joint banking account requires a high level of trust and we definitely have that. We also don’t care whose money we’re using if one of us goes out to buy something seperately. We think of it as our money which is the way it should be thought of when you’re married I think because marriage is about two Individuals becoming one.

    Post # 68
    Member
    1675 posts
    Bumble bee
    • Wedding: October 2010

    View original reply
    @dookie32:  Actually, if you read back, you’ll see that OP’s original question was, “do you have or are you planning to get a joint checing account with your husband?”

    She didn’t ask why. She didn’t ask us to convince her one way or another. And she certainly didn’t ask for us to make value judgements and declare one way to be the “be all and end all” of financial planning within a marriage. She merely asked whether or not other bees have joint accounts with their husbands.

    As I said above, I think it’s great that you’ve found a system that works so well in your marriage. I have found a system that works very well in mine, too (and one that I don’t feel I need to justify, frankly). I would just ask that you be respectful of others and recognize that the same thing doesn’t necessarily work for everyone.

    Post # 69
    Member
    699 posts
    Busy bee
    • Wedding: September 2011

    We got a joint credit card when we first moved in together.  We were both on the same page regarding what qualified to go on the card and what didn’t.  At the end of the month, we each paid half.  I highly recommend this approach, as long as you’re both on page about what counts!  I have seen way too many couples constantly keeping a running tab of “now I owe you 53.21” and now “you owe me 6.73,” and having trouble keeping their tabs straight, timing of who pays what… etc.

    Over time, what counted as joint expense grew and grew, eventually all of our spending wound up on the joint card, except for presents for each other and now they’re often on there too.  I used to make substantially less (min wage vs professional), so I had a deficit that we tracked.  When I got a “real” job, I started to pay that off.  Part of the deal with the wedding was that my deficit went away.  Now, our finances are virtually together.  We have our own accounts and one joint acct.  I’m in charge of “outgoings” which I generally pay all of from my accounts and his goes to mortgage and savings.

    Next up – once our mortgage is paid off soon (we have a lack of diversity in assets, due to some financial reasons), we will have to come to an agreement regarding investment risk.  I am a WAY more risk-friendly investor than my spouse.  Previously, my risk was basically backed by my spouse’s income, but as our financial situation and priorities have changed, that will have to change as well.  

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