(Closed) How to Join Bank Accounts?

posted 6 years ago in Money
Post # 3
Member
5428 posts
Bee Keeper

Keep your personal bank accounts for your personal use, and open a bank account just for the two of you for house expenses.

It’s not complicated, you get used to it….Laughing

Post # 4
Member
6248 posts
Bee Keeper
  • Wedding: August 1900

Fiance and I combined our finances.  I have my separate checking account that I get direct deposit in.  He has his for direct deposit as well.  Then we have a joint ING for the wedding and another for the house.  We shift money electronically as needed into the ING accounts but we just pay bills from our individual checking accounts.  It’s all OUR money, regardless of what account it sits in or gets taken out of.

Post # 5
Member
2158 posts
Buzzing bee
  • Wedding: July 2012

I don’t know if this would work for you, but we already have a joint savings account which we keep for all major things (right now it’s our wedding fund) and then individual checking accounts. That way the lump sum of our money is in savings and is ‘ours’ but casual spending money we can have and not worry if the other will be upset if we go out for a cup of coffee or somthing.  Is that an option? And can you switch his bills over to his name? That would make life easier.

Post # 6
Member
913 posts
Busy bee
  • Wedding: April 2014

We actually have four checking accounts between us. Two joint accounts, and we each have an individual account. It’s actually simplified our finances quite a bit, rather than complicating them. Each account has its own purpose and we use direct deposit to the various accounts so it’s pretty much automatic.

Post # 7
Member
2559 posts
Sugar bee
  • Wedding: September 2010

Well, when my Darling Husband (then FI) and I moved in together, we joined our money immediately (maybe not for everyone, but we were broke students with nothing to our names and had a lot of talks beforehand about how to save/spend).

Re: how to manage so many accts, my husband works at our bank and he’s set them all up to be ‘linked’. I’m not sure if you’d both need your names on all the accounts, but I don’t think so – you’d just link them all and then you’d be able to transfer freely or automatically between your personal account as well as the mutual. We do this for our savings acct as well as a moving fund we’ve started – they’re just linked and every paycheck I go to my/our typical acct and transfer over $X, and it drops immediately.

Post # 8
Member
989 posts
Busy bee
  • Wedding: September 2012

We have 3 checking accounts (2 individual and 1 joint) and 2 savings accounts (both joint) between us.  Once we figured out a system, it wasn’t complicated at all.  Like PP said, each account has its purpose, which simplified things.

Post # 9
Member
893 posts
Busy bee
  • Wedding: May 2013

@happyface:  We are going to be doing the same thing 🙂

Post # 10
Member
4676 posts
Honey bee
  • Wedding: August 2012

He added me to his account last summer after we moved in and I have slowly stopped using mine and am in the process of closing it out.  It is a lot easier and more convienent.  

Post # 11
Member
1629 posts
Bumble bee
  • Wedding: July 2012

We’re planning to open a joint checking account while keeping our personal check/savings accts open as well.  We’ll figure out a lump sum to start it with and then we plan to each add a certain percentage of each paycheck to the joint account (since I’m in grad school our incomes are really unbalanced, so proportions work best for us).  Any joint bills (groceries, rent, cable, etc) will be paid from the joint account, but if I decide I want to get a fancy new dress or something I’ll use my personal account.  When I graduate next year, our incomes will be about equal so it’ll be less of a concern but I think getting a system in place early where most of the money is “joint” is good.

Post # 12
Member
3773 posts
Honey bee
  • Wedding: December 1999

We each have our own personal account and then one joint. We figured the number that we needed to pay off our mutual bills and put x amount from each check into that account. The remainder of our check goes into our personal accounts.

Post # 14
Member
6124 posts
Bee Keeper
  • Wedding: August 2012

I just watched a Suzy Orman podcast on this recently.

 

She suggested:

1.  Determine your take home combined monthly income

2.  Determine what your joint/shared monthy expenses are

Find a percentage: eg. $10,000 take home combined, $6,000 = 60%

 

Now to figure how much each of you should contribute to the joint household account, multiple your take home incomes by 60%

 

Say you bring home $7,000, put in $4200 of your money

He brings home $3,000, he puts in $1800 of his money.

 

Instead of writing a check you could have a joint savings that you share simply for transfering money.  Then he can deposite one lump sum per month and you move it over to your account which is probably where all the bills are tied to.  You can even buffer it and add more to the joint/shared expenese to account for vacations, house projects, etc.

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