(Closed) Joint bank account, yes or no?

posted 3 years ago in Money
Post # 16
Member
114 posts
Blushing bee

We have both, and are still just engaged– my fiance and I have personal accounts for money that we’d like to keep as our personal budgets to spend on gifts for each other, fun treats for ourselves, etc. Plus I see it as kind of a buffer, just in case something should happen and we break up, we each have a stash of money to survive on until we can untangle the joint stuff. The joint account is used to pay for wedding expenses, rent, utilities, groceries, vacations; basically anything that we’re both using.

Post # 17
Member
9459 posts
Buzzing Beekeeper
  • Wedding: July 2016

we did because

1. we’re a team.

2. in the eyes of the law, it doesn’t matter if you join your accounts or not–you still each own 50% of whatever was made during the union.  Might as well be transparent.

3. we’re a team.  

Post # 18
Member
3481 posts
Sugar bee
  • Wedding: June 2016

We actually combined when we moved in together, which was a few months before we got engaged. It just seemed like the easier thing to do. I don’t like worrying about who pays for what. With a joint account we both pay for everything, even if dinner is on my credit card or the electric bill is on his, we pay them with the same checking account. It’s simpler, in my opinion.

Post # 19
Member
2594 posts
Sugar bee
  • Wedding: April 2017 - Valleybrook Country Club

I have worked in banking for 9 years and I have seen it all, my advice is my opinion based off of my experience both personal and professional.

Should you have joint accounts? Yes and no. 

Yes, you should have at least one checking and one savings account held jointly. This is where you agree on shared living expenses such as rent, mortgage, car insurance, cable, etc. You calculate how much you need to spend each month in the joint bills that will be paid from this account. Then decide how much each of you will contribute (50/50, 60/40…) Start the account with 2 months worth and always keep an extra month’s available in this account in case there is a miscalculation. Set up automatic bill pays from the account, or assign one of you to ensure that all of the bills are paid. For savings, agree on an amount you can both comfortably save ($50 per paycheck for example) then set this account aside as an emergency account for if your water heater breaks, or if you had to take an unpaid leave from work, etc. Always save because the unexpected expesnes aren’t usually cheap.

No, you shouldn’t have joint accounts for your shopping, or coffee, or debit card purchases. You shoudl each have at least one savings and one checking in your own names. This is the account where you have your spedning money and use your debit card. When two people share an account where they both use the debit card often it is hard to keep track of the balance and spending and may result in overdraft. Plus, do you each really need to see that $50 purchase at Macy’s or $15 purchase for lunch? Having your own savings is also important even if it is small because if you should want to spend money on something special for each other or yourself, or find you own spending in a bind, you have your savings as a reserve.

My philosophy is we have together to save and pay bills as a couple and we have our separate. As long as you contribute what we agreed to the joint checking and savings, I really don’t care what you do with the rest of your money.(for the most part)

Whatever you choose for yourself, talk with eachother and come to a mutual agreement. As long as you are both on the same page, that is the most important thing! Good luck!

Post # 20
Member
10090 posts
Sugar Beekeeper
  • Wedding: City, State

Nope. Never.

Post # 21
Member
8615 posts
Bumble Beekeeper

bunbun :  we set ours up right when we got home from the honeymoon. We went 100% joint and didn’t keep any separate accounts. 

Post # 22
Member
163 posts
Blushing bee
  • Wedding: June 2017

bunbun :  Were getting one this weekend. We’ve been talking about it since we bought our house together, but now that we’re saving/paying for this wedding we’ve finally decided it is time. I’m super nervous though because I don’t know if I want to know what goes on in his account and I”m not sure he wants to know how many amazon purchases I made this month LOL. It is scary, but nice to not have to do any more  money transfers for bills/groceries etc…

Post # 23
Member
4229 posts
Honey bee
  • Wedding: September 2015 - Hotel Ballroom

When Darling Husband and I moved in together we got a joint chequing account for paying household bills. We still maintained our personal accounts where our paycheques were deposited and for paying our own personal bills…and transfered money to the joint account as needed.

We have been married for a year now and still use that system. I also have a personal savings account because…well…I believe every woman should have one because you never know!

Post # 24
Member
28 posts
Newbee

We opened a joint account as soon as we got married. Big mistake. Why? One of us is a spender and the other a saver. One of us put a lot more money into the account than the other. Recipe for disaster.

If you see eye to eye when it comes to money, go for it. Otherwise, keep your finances separate.

Post # 25
Member
45 posts
Newbee
  • Wedding: May 2017

We have practically joint everything.  We each have one account that isn’t joint that each has less than $500 in it.  We got joint credit cards to built up each other’s credit (he hadn’t had a credit card before I put him on mine), but we only use our own credit cards.  The accounts where our money is saved and where our incomes go is joint.  I am way better at managing money so my Fiance prefers that I deal with paying the bills, making sure we are on budget, and have enough to save and for investing.  It was a lot easier when we moved in together and then especially when we bought a house to have joint accounts (happened before engagement). 

It works because we both have similar spending habits (he spends a bit more than I do, but it is all reasonable spending) and we were together 7 years before joining finances.  He also trusts me more than himself to handle paying bills and investing/saving the right percentage.  Looking back, it might have even been easier for us to have a joint account while we were dating and not living together to use for dates/going out.  It was annoying trying to remember who paid for what last.  

When we are planning a big surprise, we transfer a bit more into our separate accounts (how he we able to pay for engagement ring without me knowing exactly when he bought it, where and for what price).

Post # 26
Member
942 posts
Busy bee

We will be having joint accounts after marriage, but before that happens, we have separate accounts but have one in his name that we pool our wedding funds in. 

Post # 27
Member
431 posts
Helper bee
  • Wedding: March 2016

Been together 8+ years and married 6 months, we haven’t combined out of lazyness and what we have works for US.

He pays the mortgage (or rent before) and I pay for all the other utlities. We trade off sometimes on who pays when we are out together depending what credit card has best rewards at that time. We do have a joint investment account and when we talk about finances, we assume it’s all ours, we just have to say how much is in that account for you? But currently all checking/savings seperate and only just 2 credit cards are authorized user. But if I need to put some money here/there we just transfer as needed. May look into consolidating savings but lazy on checking cause all the auto deposits/drafts. We do have a rule about anything over $X we want to spend, to consult the other person.

Post # 28
Member
141 posts
Blushing bee

We have a separate account each and 1 joint account. We each get paid into our separate accounts but use our joint account for rent and bills for which we contribute a portion of our wages every month. 

Post # 29
Member
9364 posts
Buzzing Beekeeper

Ours are joint, but only because it’s easiest for us. But I don’t judge couples that keep separate accounts — different strokes.

Post # 30
Member
2097 posts
Buzzing bee

We combined everything while we were engaged.  One joint checking and one joint savings.  We still have separate credit cards but I think he is going to add me as an authorized user to his at some point. 

We were both raised with all money combined, we want to buy a house and have kids and both just had an all in attitude about money and our future. 

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