(Closed) Joint accounts

posted 6 years ago in Money
Post # 33
Member
1889 posts
Buzzing bee
  • Wedding: May 2011

We have a joint account, and it’s much easier.  We already had separate accounts at the same bank, so after I had changed my name, we just went to the bank together, had all my money moved out of my account into his, put me on the account, and closed my account.  If you also merge accounts this way, your Fiance can still use his original checks, but they’ll send you guys new checkbooks with both your names.  Though TBH, we don’t write a ton of checks anyways.

tl;dr we have a joint account and Darling Husband didn’t have to do anything but sign off on it.

Post # 35
Member
218 posts
Helper bee
  • Wedding: August 2013

@MrsPaperFlowers:  if you’re scraping by at the end of the month and he has a cushion, the two of you should definitely have a joint account! It’s unfair that you have to stress about money when all your expenses should be shared jointly anyways.

Post # 36
Member
278 posts
Helper bee
  • Wedding: April 2013

We have a joint account and it’s so much easier on my peace of mind. I went through college having to count pennies and feeling bad if I bought somethign that wasn’t food or gas where as he didn’t really have to watch his money (and now has some CC debt because if this).

And since I’m not working yet after the wedding/move I consider it my job to keep an eye on the money.

That and his main account was at a small 2 branch bank 2+ hours away and was a sub sccount to his mom’s main account so we had to use her login and PW to even check the balance! And all of that was in German!

Post # 38
Member
3051 posts
Sugar bee
  • Wedding: February 2015

We just opened our own joint savings and we have a joint credit card. Everything we buy goes on the credit card except for rent and utility bills. My SO pays the rent (she makes way more than I do) and I pay the utility bills. I pay our BofA credit card off (because technically it’s mine, I haven’t added SO yet just out of laziness. It WILL make things so much easier though, not having to hand over the card whenever she needs gas or is going grocery shopping) and she pays off the chase credit card which tends to have more on it. We rack up reward points this way.

I think it’ll be nice having the joint savings because we can now transfer money THROUGH it. I think we’ll get a joint checking eventually…but I honestly can’t see the benefit of it right now. Everything works pretty well for us the way it is.

Post # 39
Member
55 posts
Worker bee
  • Wedding: October 1993

Make sure you keep a credit card in your own name, use it once in a while, and pay it off promptly. This will help you have your own, individual credit rating, which could come in handy should you want to start a business, or something happens to your spouse, or something happens to the marriage. We don’t want to think about those things, but they have been known to happen and I am a big proponent of women being financially savvy and secure.

Post # 41
Member
5283 posts
Bee Keeper
  • Wedding: October 2009

@MrsPaperFlowers:  My husband makes double what I make too, and I will say the joint account discussion was a tough one because he didn’t want to do it initially. 

Before we joined our accounts, we took both of checks and divded bills based on a percentage so that after bills we would have a similar percentage of the paycheck left over. The dollar amounts left over were different (because he makes more) but the percentages were the same – does that make sense? 

Joining the accounts eliminated us having to do that. Also, we have an agreement that if we want to purchase a single item over $200 (husband bought a new ipad last month for example) we would talk about it first. To help ease his mind that I wasn’t going to go ape shit with our money, we also discussed how much we each usually spend per month on “extras” like clothes & shoes for me. We agreeded on a monthly budget for that stuff that we both liked, and believe it or not, have not argued once about money since we joined our accounts because everything is transparent. 

Post # 43
Member
2961 posts
Sugar bee
  • Wedding: August 2013 - Wynn Las Vegas

Definitely easier when it comes to paying bills, dinners out together, trips, etc. So annoying to split everything between 2!

Post # 44
Member
5283 posts
Bee Keeper
  • Wedding: October 2009

@MrsPaperFlowers:  Yeah, see dollar for dollar can never work when you guys make different amounts. Okay, if he insists on seperate, at least if you should propose the percentage breakdown. I will explain it in more detail.

So right now, $100 of your paycheck is a different percentage then his $100. For the sake of easy numbers lets say your paycheck is $1000 and his is $2000, well that $100 for you to spend “as you wish” is 10% of your total paycheck, for his its only 5%. That is not fair. Like you said, you end up having to spend your $100 on gas, where he gets to spend it on lunches out with coworkers.

What you should do is take all your joint bills, then take the total of each paycheck, and break it down by percentage. In my case, my husband paid 70% of the bills and I paid 30%, while his dollar amount per month was more, we were contributing the same percentage of our check to bills. 

Hope this helps!

Post # 45
Member
2807 posts
Sugar bee
  • Wedding: September 2014

Fiance and i will each keep our own accounts (i have a checking and a savings, he has a checking), and we’ll also be opening a joint checking and savings. this is how my parents have done it, and his parents.

anything “us” related will come out of the joint (gas, car things, bills, mortgage/rent, etc), anything personal (personal shopping, haircuts, nail appointments, computer things, etc) will come out of our personal accounts.

why are we keeping our own personal accounts? in case of emergency or divorce or death. simple as that.

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