(Closed) Joint bank account, yes or no?

posted 5 years ago in Money
Post # 2
666 posts
Busy bee
  • Wedding: September 2016

We got one when we were engaged to pay for wedding things. We will also soon be getting a joint credit card. We believe in “yours mine ours” and have discussed each contributing X amount to the joint each month and paying bills y and z from there. As time goes on we will probably use the joint more and contribute more monthly, but we will always have or own fun money. 

Post # 3
2309 posts
Buzzing bee
  • Wedding: June 2015

We got one once we bought a house together. It works out well because we have a join account but also have our own accounts. We use the joint for our mortgage, condo fees and any house bills (if we have $4 left over) but then use our own accounts for other bills, personal things we want to buy, etc. 

Post # 4
573 posts
Busy bee
  • Wedding: July 2014

Joint Bank account established 2 days after wedding, savings account to log the money some generous people sent us.
Each have individual accounts which are our main accounts

Post # 5
423 posts
Helper bee

I too believe in the joint for bills/household expenses/kids and seperate accounts for anything left over. 

Post # 6
4263 posts
Honey bee
  • Wedding: April 2016 - Manhattan, NY

View original reply
bunbun :  We set ours up after we got married just because things were too hectic beforehand, so we didn’t get around to it. My husband wanted to set it up because he knows I’ll never ask him for money, but he wants me to have access to his funds if I need them. He supports us while I’m a full-time grad student working in exchange for my tuition and a very small stipend. So I unfortunately don’t have much to contribute to the joint account right now, but will once I start working. Once I have a real income to share, we’ll figure out how much we want to contribute to the joint account. We still have our own separate checking and savings accounts. 

Post # 7
332 posts
Helper bee

always paid for things by roles before marriage, moved in together. Didn’t combine it till after marriage. Weddings don’t always happen, be smart about it do it after the wedding. What is the difference?

Post # 8
1242 posts
Bumble bee

We started a joint account for expenses we share (mortgage, utilities, home maintainence savings). We opened the account when we started living together, and the money we put in that account is based on percentage of income (DH earns more than me, so his portion of our joint expenses/savings is 60% and mine is 40%).

We keep our individual checking/savings accounts for whatever things we need on our own.

Post # 9
197 posts
Blushing bee

We started a joint account as soon as we moved in together. It just makes it easier to pay our joint expenses such as our mortgage, utilities, groceries, etc. We also have out own accounts, which we use to pay for our own expenses.

Post # 10
14011 posts
Honey Beekeeper
  • Wedding: November 1999

We did not get a joint account until we got married.  DH was concerned about some legal ramifications if anything happened and didn’t want to do it to insulate me from liability, and vice versa.  Once we were married, we got a joint account where about 90% of our income goes, and we each have a separate account for the remainder that we can use for buying things for each other.

Post # 11
2942 posts
Sugar bee
  • Wedding: May 2014

We combined a main account shortly before we got married.  All bills (including student loans that are “just his”) come out of that account with us each having an “allowance” personal account. 

His student debt is massive (law school) and he was paying it on a negative amortization schedule (aka income based repayment) piror to us getting married. Now that we are combined, it is easier to pay that and get out of debt to get us to the “fun parts.”

Post # 12
2394 posts
Buzzing bee
  • Wedding: October 2016

View original reply
bunbun :  We combined bank accounts after we were engaged when we moved in together. It was just easier because we had the same expenses. But I have a seperate savings and he has a credit card from another bank. But our paychecks and bills go into and come out of one account. 

Post # 13
754 posts
Busy bee
  • Wedding: July 2014

View original reply
bunbun :  We started using a joint account once we moved in. My parents had all their finances merged and growing up I always thought it was the right way. However, when we started living together, I realised that I need my financial independence. We deposit part of our salaries into the joint checking account to be used for bills, rent, going out, food, anything fun we do and mini trips. Part of our salaries go into joint savings (also used for emergencies). The rest is our personal money. Clothes, lunches, going out separately, hobbies, personal savings. This works wonders for us as we feel like mostly our finances are merged but we also are free to do what we want with our personal money whiteout telling one another.

Post # 14
5077 posts
Bee Keeper
  • Wedding: December 2014

We have some separate credit cards, but for the most part we’re 100% joint. I manage all the finances. We started this when we moved in together, prior to getting engaged. 

Post # 15
1930 posts
Buzzing bee
  • Wedding: October 2015

Our set up is a little one sided, simply because DH makes 3x what I do.

I refused to be apart of his account until he got out of overdraft and reduced his maximum to 500 (not 5000) which he did so now I have access to his account. I’m better at saving so it makes sense for me to more or less monitor it. He can have access to mine if he wants, but it doesn’t make sense because I pay certain bills that line up with my pay period and there doesn’t end up being much left. Most of what’s left after bills goes towards food that I pick up daily (depending on what I’m making) and my beauty expenses (nails, hair, etc.).

We have a joint savings account. He has an automatic payment whereas I tend to be more of an envelope style saver so I tend to just save oodles of cash until we need it for something. Or I put it in the savings, but I’m more or less responsible for saving for the big things (trips, etc.) over a long period of time because he pays more of the day to day expenses. 

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