(Closed) Joint bank account, yes or no?

posted 5 years ago in Money
Post # 31
Member
1171 posts
Bumble bee

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bunbun :  We have one joint account & our seperate accounts.

Joint accounts for our house bills, joint bills & our seperate accounts for things we want and our own personal expenses. My husband and I pay our own car payments/ insurance. It’s cheaper for us that way.

Post # 32
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1508 posts
Bumble bee
  • Wedding: April 2018

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bunbun :  When we had been living together for a couple of years, we combined all our accounts.  FI works on a casual rate so this got a bit stressful as he would take money from my account to pay for things if he had a short week, without discussing it with me.  Both of us also felt bad if we made big purchases (such as me getting my hair done) as it felt like we were taking it from our money.

A few months ago, we separated our accounts again.  He has his account and I have my account.  We have one joint access account with which we both put in an automatic payment each week.  We also have a joint savings account.  This works heaps better for us because the bills are all paid and savings are there, but the leftover money is ours to do with as we please.  We have both been more frugal during the week because if we have $100 left at the end of our pay week, we can use that on what we want.  

Post # 33
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1508 posts
Bumble bee
  • Wedding: April 2018

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MrsSapphire :  Haha, this is exactly what we have ended up with, after some trial and error of different accounts.  Thank you for your input, I agree that this setup has made us feel the most financially secure, while still being independant people with our own play money.

Post # 34
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1030 posts
Bumble bee

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bunbun :  we kept finances separate when we were bf/gf and living together and then combined everything when we got engaged. i strongly recommend united finances for engaged/marrieds. in my view marriage is a partnership and a merging, and i don’t understand how couples could do financial planning together towards a common goal and future, yet keep everything separate. i mean, i’m sure it’s possible to do it, but it would be more work, double the accounts, potentially worse compound interest, more fees if you have investment accounts, etc. we keep pretty detailed spreadsheets and i would hate having to do two, just seems silly. 

i also don’t see any real benefit to separate finances. i think even if your finances are separate you should ideally be on the same page with how you live, save, spend, invest, etc. since decisions affect you both. so, why not just combine? i also don’t get the whole dynamic of being annoyed at each other’s purchases, that’s never been an issue for us. we don’t do the allowance thing, we just set goals together, track our results together, and touch base once a month about how we did the month before. if we’re meeting all of our goals dh doesn’t care if i spend $40 on clothes and i don’t care if he spends $40 on telescope gear. if we go over budget we just look through an itemized list and take the facts at they are. it’s not personal and there’s no blame, we just take responsibility and do better the next month. 

i think we’re successful because dh and i want the same type of future and we know what we need to do financially to get that. we save 40% to 50% of our income each month. i don’t think we could do this as effectively separately, we’re stronger and smarter as a unit and we keep each other accountable and motivated. 

Post # 35
Member
534 posts
Busy bee
  • Wedding: June 2016

I’ve been wondering much the same, OP, when and how does one make the trasition? SHOULD they make the transition? So far though, for my SO and I are not yet engaged.. but we do live together, and are planning on marriage. We both have our own separate accounts, SO works more and makes more, so he covers the bigger bills like rent/groceries, I cover the smaller ones like utilities/phones, but despite the fact that we have separate accounts, we more or less share all income. For example, if he pays rent/etc and is broke and needs something, I’ll pay for it, and vice-versa. In some ways, this is kind of perfect just because I have the freedom to indulge in my guilty pleasures while still being financially combined (target unnecessities, Starbucks, etc lol)  from time-to-time without him REALLY knowing about how much I spent, or worrying that it will cut into bill money (it doesn’t, I’m responsible, bills come first, always) anyway, I think that you two just need to see what works best for YOU GUYS. My parents always had just one joint account, so for the longest time, I assumed that was The Way To Go, but I think I prefer where I’m at right now, perhaps in the future, things might change, but for now it works, I love that we’re independent, but still combined, if that makes sense

Post # 36
Member
33 posts
Newbee
  • Wedding: March 2017

We’ve had a joint account since our oldest daughter was born in 2001. Never been a problem. 

Post # 37
Member
6331 posts
Bee Keeper

We started a joint account after we got married. We were committed but still separate people while engaged, and we didn’t want to make things more complicated for taxes and other legal things. 

Post # 40
Member
278 posts
Helper bee
  • Wedding: October 2017

We ve had a joint for our bills since we moved in together and made joint savings when got engaged, we just transfer set amounts into them each month and keep the rest in our personal accounts. Once we have kids we ll most likely entirely combine finances. 

Post # 41
Member
49 posts
Newbee

We got a joint account few months after we moved in together for bills. 

Still both have our own accounts and just put money in to the joint account each month. was easier than trying to work out what’s bills come out of whose account. 

Post # 42
Member
2470 posts
Buzzing bee
  • Wedding: May 2015 - St Peter\'s Church, East Maitland, and Bella Vista, Newcastle

We got a joint account not long after getting engaged (although the primary reason was that we were about to travel overseas and got an account which gave us free international transactions!).  We’ve both kept our own accounts as well; pay goes into personal accounts and then automatically transfers a certain amount to the joint account which the mortgage, bills and any household expenses come out of, plus we use it for date nights and things like that as well.  Personal accounts are for our own spending.  Works well for us!

Post # 43
Member
204 posts
Helper bee

We opened a joint account when we moved country. We didn’t before because of my credit score. All our assets are in both our names. 

Post # 44
Member
121 posts
Blushing bee
  • Wedding: May 2017

 

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bunbun :  Coming from someonw who works at a bank..yes!!!

Post # 45
Member
1149 posts
Bumble bee

We keep everything separate and each pay our own designated bills. Only recently have we started saving money together (we just keep it in our safe lol).

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