Joint account or not?

posted 3 months ago in Relationships
Post # 31
Member
1262 posts
Bumble bee
  • Wedding: June 2016

WHen making the decision on joint vs hybrid vs separate I asked myself the following questions:

– Is SO more/equally responsible with money as I am? 

– Do we expect to have similar incomes/easy division of expenses?

– Do we have vastly different costs of hobbies/disposable expenses OR do we have highly varying financial goals?

For us, the answer was yes, no, no so it made sense to have joint accounts. He’s more responsible with money then I am, we expect that our incomes will probably vary quite a bit over our careers and there will be times when one partner is largely supporting the other, and we are very much on the same page in terms of our financial goals – so why go separate? 

Now we do also have vastly different costs for hobbies but we had a lots of discussions on reasonable budgets for both of our hobbies and committed to factoring those into our joint planning. It doesn’t bother him that my hobby is ~3x more a month then his. Our mindset is that we are buying equal happiness – mine just happens to come at a higher price tag (but my horse is so cute that she’s worth every penny :D)

Post # 32
Member
872 posts
Busy bee
  • Wedding: June 2017

We started with joint savings and checking for combined expenses and then our own accounts for personal stuff, but honestly, it was SUCH a pain to move money all the time so we ditched our sep accounts and went full joint once we purchased our home. and it’s been fine.

Both of us spend freely, and if there’s a big purchase, there’s an agreement that we discuss it first.

Post # 33
Member
483 posts
Helper bee
  • Wedding: August 2019

pinkflamingos :  For us, it’s just a matter of budgeting. We both are notoriously awful about wasting gobs of money on dumb things (like that one time he bought a cold brew at Starbucks every day for two weeks, or my chronic impulse to just buy lunch instead of packing it). Having one card that is specifically for those dumb things is much easier than trying to keep a running tally out of one account. 

Post # 34
Member
68 posts
Worker bee
  • Wedding: November 2019 - Baton Rouge, LA

We combined finances (checking and savings) once we bought our house.  It was so much easier at that point than having separate accounts.  We have similar habits/views on money and spending, discussed our respective hobbies, etc before combining, and set out a budget.  We also have an understanding that we discuss big purchases, but small ones (under $100) are fine.  

Do what works for you.

Post # 35
Member
1116 posts
Bumble bee
  • Wedding: April 2019 - USA

kara71 :  We set up joint accounts for all our incomes and expenses to be funneled to. I think we both still have our own personal accounts but we’re not putting anything into them, will probably close them here soon since we just got married. 

I think logistically it’s easier to have joint accounts, plus relationally it builds trust and teamwork to be able to plan together financially. We have had to have some tough conversations but they’ve ended up making things so much easier once we figured out how to deal with money together. 

Post # 36
Member
548 posts
Busy bee
  • Wedding: January 2005

I think its a personal preference based on trust. I trust my husband implicitly and he trust me implicitly. We have an agreement on what constitutes a large purchase. Anything over $250.00 must be considered by us both, anything under is fine.

We have joint accounts, but on top of joint savings and checking we also have a vacation savings account that we frequently put money in. Im the primary on that because I do most of the vacation planning. Of course he knows all relevant details. 

These are some questions to ask yourself and your soon to be spouse

Is either of you irresponsible with savings or spending? If one of you is then separate is better so that one doesnt put the other in financial danger, but this is also a huge red flag and you probably shouldnt marry someone who isnt good with money.

Does either of us have outstanding loans that are of large amounts that could affect our financial situation? A mortgage? A car payment? If either of you has a mortgage how will money be divided for payment, will their be a name added to the deed if both begin paying on the mortgage? Will it remain solely in the name of the original borrower? This is a good thing to know

Credit ratings: Do either of you have a bad credit rating? If so why? Can it be resolved and if not then keep your accounts separate. 

 

 

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