(Closed) Joint Checking Accounts

posted 7 years ago in Money
Post # 17
Member
42 posts
Newbee
  • Wedding: January 2015

We just recently opened a joint bank account (well I added him to my chequing). He still has his normal chequing and I have another savings. We’ve been living together a while and engaged a year, but we didn’t get around to it til now. Before the joint accounts, it was so silly because we were transferring money back and forth all the time and it was a pain in the butt. It has been “our” money for a while now. I make more than he does and I can carry all our expenses on my income alone, so usually what we do is have all bills come out of our joint account + both of our monthly spending (joint stuff like dinners together/groceries and separate stuff like lunches, clothes, etc.) come out of our joint account. Only my paycheque goes to the joint account. With his paycheque we put it all straight to debt (student loans, credit cards if we $ on them).

Post # 18
Member
15196 posts
Honey Beekeeper
  • Wedding: June 2011

We just added each others names to all our accounts after we got married.  We still continued to use our ‘own’ accounts until about a year after we got married when my husband was tired of the multiple accounts so we just started using “my” original account (which his name is on).

Post # 19
Member
160 posts
Blushing bee
  • Wedding: July 2014

We got a joint account not long after moving in with each other, but I can’t remember if it was before or after we got engaged. We both kept our own accounts and visas and pay most of our bills out of those (easier than switching all the direct deposits, though thats the eventual idea). The idea was we would each put 80% of our income towards joint expenses and then the other 20% would be completely fun money. In reality, I’m a freelancer so it’s a bit feast or famine for me and I’m never entirely sure how much I’ll bring in on a given month which makes it tough to budge like that.

 

We end up covering our bills/saving and then discussing major purchases with each other. We both are inclined to spend/save at about the identical percentage so there’s never been any issues there. At the moment, I’m socking all the money I can towards the wedding, so he’s paying for more extras like eating out, but ultimately we consider it all ‘our’ money anyway, and its just a matter of practicality whose account it comes out of.

Post # 21
Member
4027 posts
Honey bee

@otto2008:  We only have a joint savings account that we both contribute to on a monthly basis. Our plan is to do a joint “expenses” account where will both contribute and then pay our rent, utilities and other bills, but we haven’t done it yet.

Post # 22
Member
1767 posts
Buzzing bee
  • Wedding: December 2011

We combined all of our accounts about 6 months before we got married (which was also 6 months after we got engaged). We had always seen it as “our” money, with both of us borrowing money from each other over the four + years we were together. When we first combined, I contributed much more than he did, but now it’s almost exclusively from his paycheck (I only work a few hours a week at the moment).

Post # 23
Member
3182 posts
Sugar bee
  • Wedding: May 2012

The hubs got on my checking account before we were engaged. I was in law school and living with the hubs and we had to prove domestic partnership so I could get on his health insurance. I was added to his after we get married. 

Our system works really well for us. My paycheck goes into my account, his paycheck goes into his, and neither one of us really draw on the other one, but we can just in case. Also that keeps the accounts out of probate in case one of us dies suddenly (which I realize isn’t the purpose of this thread).

We also have a joint credit card that he pays off every month (because he makes more $$$), so if I’m low on funds in my account I’ll put stuff on there. 

Post # 24
Member
13 posts
Newbee
  • Wedding: June 2010

@otto2008:  

We only have a joint savings account. I am on his checking, though I don’t use it, he is not on mine. It works better for us. We pay our bills, add to our savings and then what I do with my money is my business and what he does is his.

Post # 25
Member
150 posts
Blushing bee

Commenting to follow! I will hopefully be moving in with my SO by summer and I have been thinking about how to combine some of our money.

Post # 26
Member
78 posts
Worker bee
  • Wedding: April 2014 - Carondelet House

We have a joint account that we contribute to equally, and our own separate accounts. Joint account is used for mortgage, utility payments, home repairs, etc. Anything not explicitly joint (like car payments, student loans, restaurant bills, shopping, etc…) is paid personally. We opened the joint account when we bought our house (together 8 years, living together for 3 of them, and about 16 months before we got engaged).

We like this setup because it keeps us each responsible for our own finances, prevents any possible resentment about who earns/spends more, and, in the unlikely event it were to not work out, it would be easy and tidy to divvy up.  It may not be romantic, but we are very practical people, and we consider it the most rational thing to do.

Post # 27
Member
67 posts
Worker bee
  • Wedding: April 2014

Yes i did

Post # 28
Member
4045 posts
Honey bee
  • Wedding: January 2014

My Fiance will put me on his checking account once we’re married. We always agreed we would have one main joint checking account for bills, groceries, and other household needs. On top of that, we will deposit a percentage of our paychecks into a separate checking account for fun money, which we can spend on whatever. We discussed this all before getting engaged.

Post # 29
Member
481 posts
Helper bee

We created a joint account about a month after we got engaged (we were engaged for 6 months). He was the only one working at the time so he was the only one contributing. When I got a job I [obviously] started contributing. Neither of us has other accounts. We never even considered keeping parts of our $$ separate, so it wasn’t really an “issue”. We did what came naturally to both of us. :}

Post # 30
Member
398 posts
Helper bee

I have been trying to get my SO to get an account with me for just SOME of our funds, but he feels it would come across weird to others. I am trying to convince him that what they think doesn’t matter, as the joint account would only be for rent, bills, food, etc. 

I am sick of trying to calculate who paid for what and how much and why every month… It is very complicated!

Post # 31
Member
2729 posts
Sugar bee
  • Wedding: March 2014

My fiance and I have had a joint checking account for about a year and half now. I don’t work, so he is the only one contributing to it, but he always refers to it as “our money.” We live together so it’s just really convenient for paying bills and having everything right there listed in one account.

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