(Closed) Joint accounts

posted 6 years ago in Money
Post # 63
Member
3339 posts
Sugar bee
  • Wedding: April 2013 - Rhode Island

Just add each other as joint account holders to your existing separate accounts.  That’s what Darling Husband and I did.  That way, if something happens, you both have access to all the money.  But you don’t have to worry about closing one account and merging all finances and changing the autopay on all your bills, etc.

Post # 65
Member
3339 posts
Sugar bee
  • Wedding: April 2013 - Rhode Island

@MrsPaperFlowers:  Umm…I don’t understand this at all.  Sorry.

Post # 67
Member
2777 posts
Sugar bee

@MrsPaperFlowers:  We have been discussing merging out accounts for a long time and my boyfriend didn’t want to until we got married. What I did was I wrote out how I actually wanted to merge them and I wrote down plans for saving that would be much easier to do with a joint account and he agreed to it..we merged on Monday. Basically what we did was transfer ALL of the money in his accounts to my savings and then added his name onto my already exisiting accounts. We agreed to have my direct deposit go straight to savings from now on and we signed up for mint.com so it will monitor our spending and budgets. 

Post # 68
Member
3339 posts
Sugar bee
  • Wedding: April 2013 - Rhode Island

@MrsPaperFlowers:  I don’t understand why you don’t want to add each other to your accounts.  It doesn’t matter if you like each other’s banks or not.  Once you’re married, you should both have access to all the money.  This is the simplest option.  The only other thing I can even think of is to go find a new bank, close both your accounts, and then go open one or two joint accounts there.  But that seems like a lot of hassle…I just don’t relate to your problem so I don’t know how to give any other advice than what I’ve given.  Take it or leave it.

Post # 70
Member
904 posts
Busy bee
  • Wedding: September 2015

In all, Fiance and I have 6 accounts – 1 joint checking and 1 joint savings, and then 1 personal checking and 1 personal savings each.  Our paychecks are deposited into our personal checking accounts, and then we each transfer a set amount into the joint checking account to be used for all household expenses like rent, utilities, food/groceries, entertainment, and the car.  

We each leave a certain amount in our personal checking accounts to be used for student loan & credit card payments and our individual fun money.  FI pays for his own lunches at work, gaming supplies, and clothes, and I pay for my own books, clothes, and chocolate addiction.

We each maintain ~$1000 in our savings accounts, with the understanding that if a major expense like a car repair comes up, we’ll contribute equal amounts from our savings.  We don’t use the joint savings account often; we try to put a small amount in here and there when we get a little extra money, like our tax returns, but it gets used up fairly quickly.  Once we each pay off our credit cards, we’ll make more regular deposits into the joint savings to be used for wedding expenses.  

We won’t have a shared credit card until we are married and our individual cards are paid off.  We’ve talked about having our paychecks deposited into the joint checking account once we get married, but so far our system has worked really well, so we’ll see.

Post # 72
Member
407 posts
Helper bee
  • Wedding: June 2015

We have one joint account that both paycheques go into, one savings account, we transfer 600/month into saving, both have full access to everything, we run purchases over 100$ by each other before making them, other than that I manage all of the money and pay all of the bills from the account. He’s not wonderful on a computer and I prefere to get everything done before I even get out of bed when it’s bill day. 

Post # 73
Member
904 posts
Busy bee
  • Wedding: September 2015

@MrsPaperFlowers:  It’s worked well for us for several years.  I’m not entirely against the “all money is joint money” concept, because I know it works for others (my parents included), but it makes me more comfortable to have our money somewhat segregated.  Otherwise my perfectionist ways would have me way too caught up in how each of us spent joint money on non-joint things.  I know I would hate the idea of helping to pay for FI’s Warhammer / Magic hobbies, just as he would take one look at the books I buy and probably have a heart attack.  Once we put our respective lumps into the joint account on payday, we’re free to do what we please with the remainder.  And the joint account is fantastic, because splitting the groceries and having him write me a check for his half of the utilities was just plain exhausting.

Post # 74
Member
2837 posts
Sugar bee
  • Wedding: November 2013

We have had a joint account since before we we engaged.

He had his own, I had my own.  When we got a joint acct, he closed hisown acct.  I still have mine because I get direct deposits I there, and they are not work deposits, so there’s a little more involved to change the deposit acct on that.  It IS swilling I will dobrut it doesn’t bother him that I haven’t yet.

we basically share EVERYTHING.  And for us, it works well.  He had a short time of unemployment- I picked up the slack.  I finally left a job that was making me unhappy in May- and now I am not working.  Obviously if we were in a tighter spot for money, I would be working right now, but we aren’t, and I’m planning our wedding, so he doesn’t want me to work.  And no, we are absolutely not wealthy by any means, but we manage.

He is not a shopper (but will go shopping with me- yay!!), so he rarely spends money short of gas, food, etc…..when he does buy anything significance, we are either together ( he’s my best friend,and we love to spend all our free time together) or we will have talked about it before.

I spend more I generation gone real on skin care, I have a handbag addiction ( but I don’t go overboard), haven have an awesome five year old who I love to shop for.  I’m also the one in charge of paying our bills/credit cards.  No complaints so far. 

Good communication is really all it takes to successfully have joint accounts.  As long as both pepole are reasonable, or you’ve set guidelines that bottle both follow, it should be easy.

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