Joint account or not?

posted 3 months ago in Relationships
Post # 16
Member
1475 posts
Bumble bee
  • Wedding: March 2021 - Kauai, HI

It’s a good idea to have a separate personal expense account.  It prevents fights about individual indulgences and keep presents a secret!

Post # 17
Member
53 posts
Worker bee

We have separate accounts at the same bank.

 

Just makes it easier because I’m a bit of a ‘spender’. With separate accounts, I know how much I have that I can spend. I send a certain amount to savings each paycheck for him to take care of.

 

However, since they’re at the same bank, it is instant to transfer money back and forth.

Post # 18
Member
2612 posts
Sugar bee
  • Wedding: December 2017 - Courthouse

Personally, I love doing joint. I don’t understand why people add the extra step of moving money around to multiple accounts, paying their percentage of everything and all around separating things. But whatever works for you. 

We combined finances after marriage. We each have our own personal credit card that we had before marriage. Then we have a joint checking and a joint savings. All of our paychecks are set up to get deposited to the checking account. I pay all of the bills from there. There’s no his or her money. It’s all combined. That being said, we are both savers so we don’t spend frivolously. We never question each other’s purchases or get on each other for spending habits. I do understand if people have very different financial views, it might be better to separate your money. 

Post # 19
Member
3455 posts
Sugar bee
  • Wedding: April 2017 - City, State

We have a joint checking and savings account, and also individual accounts. We contribute an equal percentage to the joint accounts each month, and the rest stays in our individual account. 

Post # 20
Member
2799 posts
Sugar bee
  • Wedding: June 2017

We only have joint accounts, which we set up after we got engaged. It works very well for us, no his money vs. my money, just our money. 

Post # 21
Member
507 posts
Busy bee
  • Wedding: April 2018

kara71 :  Everyones different, and you may have to try a few different ways before you find the one that works for you.

I’m a saver, Darling Husband is a spender.  So he gets paid into an account he can’t see, and he gets an allowance each week of splurge money, and we have a small joint account which he uses for things like petrol and groceries.  I use the other accounts he can’t access to pay bills and build savings.

Obviously that wouldn’t work for everyone.  

I do think it’s important to have at least one joint account for bills, that you both contribute to.  

Post # 22
Member
170 posts
Blushing bee

My husband and I are in the process of getting joint accounts. We do share a credit card account. The joint account would just be for bills. So a percentage of our paycheck will go into the joint account. I think it is important to still have your own bank account and credit. 

Post # 23
Member
8099 posts
Bumble Beekeeper

kara71 :  we joined accounts right after the wedding. Some of our older credit cards are still separate (to keep our credit histories) but we’re authorized users on each other’s accounts and we use personal capital to aggregate everything so we both have a full financial picture. 

For bank accounts we have one checking and a few different savings accounts. Since we pay with absolutely everything with credit cards (for points, always paid in full) it doesn’t make sense to have more than one checking account. I have friends that use separate checking accounts for bills, daily expenses, etc but when it all goes on the same credit card I don’t get how that would work. The only bills we have that aren’t paid on a credit card are mortgage, gas, electric, and daycare. 

Post # 24
Member
5722 posts
Bee Keeper
  • Wedding: July 2018

I personally think individual and joint accounts are often the best option in this day and age.  It is important to have an “our money” mentality, so make decisions on all your earnings together as a team but retaining some level of financial independence is smart. 

Post # 25
Member
5722 posts
Bee Keeper
  • Wedding: July 2018

sarathemermaid :  For us having a separate account doesn’t mean we don’t view everything as “our” money and it isn’t really an additional step at all, our salaries get paid into the individual accounts we’ve always had and the next day X amount automatically goes to our joint account.  It was a one step-one time thing, we don’t actively do anything to move money around.  Having a description account is more to do with budgeting than his money/my money.  It is just easier for us to feel like we can spend money on whatever we want, there is no checking the balance and thinking can if afford to spend X on this thing or are there bills due etc. Our personal accounts are just a few hundred of fun money, no bills or direct debits come from those and it just makes sure we never over spend on that category. 

Post # 26
Member
1266 posts
Bumble bee
  • Wedding: July 2019

We are semi-joint. We have a shared checking account and a shared credit card that we use for joint purchases (house stuff, vacations, going out, groceries, veterinary/grooming/boarding for dogs, etc.). I also maintain my own checking/savings account & a couple credit cards to pay for things like my student loan, car loan, personal shopping, going out with my girlfriends. He uses his separate accounts/credit cards for things pertaining to his kids, his car loan, and personal shopping.

Post # 27
Member
348 posts
Helper bee

For me, I really don’t see any benefits of not fully joining.  For the people who have separate accounts for “spending” money, I still don’t see the point?  You can still take the spending money from one account?  I don’t feel a need to check in about purchases unless they’re extemely expensive and I trust him to make good financial decisions and don’t care if he buys some stuff for fun.  I know he wouldn’t buy something we can’t afford.  I guess for couples who argue about money it could help, but out of sight isn’t really out of mind to me anyway.  Legally it belongs to both no matter what account it’s in anyway, doesn’t it?

Post # 28
Member
3789 posts
Honey bee
  • Wedding: November 2019 - City, State

Fiance and I have our own separate accounts & CC’s, then a joint chequing & savings and CC. We put a set amount each pay into the chequing & savings accounts. The chequing account is used for bills & paying off our credit card (which we use for joint purchases & groceries), the savings account is used for wedding savings & expenses. After the wedding it will become our renovation fund. It’s kind of a pain to have money all over the place but it works for now. We’ll have to figure out a different system once we have kids and have to consider mat leave though.

Post # 29
Member
9504 posts
Buzzing Beekeeper
  • Wedding: August 2012

We joined everything after marriage. If you’re planning on changing your name it will probably be easier to just open the new account with that name to start with.

Post # 30
Member
724 posts
Busy bee

My husband and I share all checking accounts. We also have a separate account for our “fun” money (only $200 bi weekly) and I would say most of our credit cards are separate. I do like having my own account so that I can spend on things that may make him roll his eyes and vice versa. And I also like having a joint account that we use to pay bills and save for our future. I think you just need to find what works for you guys.

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