Joint Finances – Do you or Don’t you??

posted 2 years ago in Money
Post # 2
Member
3730 posts
Sugar bee
  • Wedding: November 2014

We joined our accounts about a year after getting married. I kept my old account open as a back up in case I didn’t like the banking system my husband used. It’s a lot more simple to keep up with our finances with money coming out of one place. I think it’s just a personal preference though. There isn’t a right way to go about finances as long as it works for you.

Post # 3
Member
620 posts
Busy bee

We have a joint to put money in for joint bills… but for the time being we have seperate accounts.

Maybe once married I will put all my money in our joint for him as hse is amazing at saving and I suck. Im all for the idea of im giving me pocket money. haha

Post # 4
Member
197 posts
Blushing bee
  • Wedding: July 2011

We have a bunch of accounts that were already established and saw no reason to mess with what was already set up, although we did open a joint after we got married.

So in practice, no, all of our money isn’t in one account, because I can’t fathom trying to deal with that. But we still consider all money in all accounts 100% ours. We move money back and forth all the time.

Post # 5
Member
5 posts
Newbee
  • Wedding: November 2018

I would definitely suggest joint account. If you trust and plan to spend the rest of your life together, why would you want a separate account? The reasons you give for wanting your own account is like saying you’d rather have your own Amazon prime account while your husband has his (even though it’s shipping to the same address) just so you don’t see what you’ve bought each other. It’s a bit redundant, and frankly, unless either of you are REALLY nosy, it should be fine. 

Agreed that there’s no right answer here, but I’ve seen different practices in different cultures. I’m Asian, and all the Asian couples I know (both older and younger) have one or two joint accounts.  They do not have any personal or individual accounts, because honestly, what do you/your spouse have to hide? I know most couples make joint decisions anyway, so it’s more convenient to have the total amount of your earnings/savings together. Money in our family is “ours” and not “his/hers”, regardless of how much the other makes.

 

Post # 6
Member
1599 posts
Bumble bee
  • Wedding: August 2017

We’ve had a joint account since we first got engaged. I honestly don’t know why anyone wouldn’t have a joint account, it just makes everything so much easier. But no judgement, people can do whatever is best for them!

Post # 7
Member
689 posts
Busy bee
  • Wedding: June 2018

For the most part, we do not. We have a joint credit card but everything else is separate. We bank at the same place and can transfer money between our accounts when needed but otherwise keep it separate. It works for us!

That being said, all of our financial decision making for purchases over a couple hundred dollars is joint, even if only one person is paying. For example, he just bought an $800 snowblower and paid for all of it but we still discussed the purchase first. We definitely make big purchase decisions together like vehicles or furniture, etc.

Post # 8
Member
5537 posts
Bee Keeper
  • Wedding: July 2018

Having a personal account along side a joint account does not mean you are trying to hide anything, what rubbish.

We have a joint for bills, joint expenses, savings etc and we just keep our fun money in our own accounts. It’s just nice to have a level of autonomy over things, I don’t have to worry that if I spend the last £100 in there on shoes that it’s taking anything away from Fiance doing something he wanted to do.

Post # 9
Member
1158 posts
Bumble bee
  • Wedding: October 2016

We opened a joint account a few months before we got engaged, when we purchased our house together (with the expectation that we would be getting engaged within the year and married shortly after that). I know it doesn’t work for everyone, but we found the transition smooth. Darling Husband makes a bit more than me, but also has significant student loan debt and I do not, so it all evens out. 

We follow a budget where every dollar we make goes somewhere – whether it is going to a bill, savings, paying down debt, etc. Anything that is “extra” from overtime or gifted money, we discuss what we want to do with it. Haven’t had any issues, and going on almost 3 years this way. 

Post # 10
Member
3415 posts
Sugar bee
  • Wedding: June 2016

We’ve had a joint account since before we were even officially engaged. It’s just so much easier for us. We each have our own credit cards, but we pay them off every month from our joint account. It works for us, but I completely understand why that would be wrong for so many couples.

Post # 11
Member
264 posts
Helper bee

Darling Husband and I have been meaning for years to go open a joint account to use for bills and stuff but just haven’t gotten around to it. TBH I just don’t really care or think it will make much of a different to pay bills out of another account so I imagine this will just never get done lol

Post # 12
Member
1312 posts
Bumble bee
  • Wedding: City, State

nah, i see no point. he gives me a set amount each month for the bills and I pay them.

Post # 13
Member
6434 posts
Bee Keeper
  • Wedding: February 1997

We have joint accounts – checking and saving – as well as joint credit cards. I do have a savings account that is only in my name, which Darling Husband knows about. I had intended to use it for “luxuries” now and then, but I generally end up using it to pay for more important things in cash. I’ve paid for two children in braces, a new car and an extra vacation so far.

I was also a Stay-At-Home Mom for a number of years, and there was no way that I was going to ask for money if I wanted to buy something, nor was I going to have Darling Husband deposit money into a separate account like an “allowance”. We made the decision for me to stay at home with the children as a joint decision, so his salary has always been our money and not his money.

Post # 14
Member
1276 posts
Bumble bee

having separate bank accounts doesnt mean you are hiding something. That’s ridiculous. 

different things work for different couples. and picking one option doesnt mean you cant change it.  personally don’ like the idea where everyhting is joint. this naturally works only with people where both are working. yes couple should have the same quality of life but I do think that some luxuries is fair to buy with own money. I personally wouldn’t be happy with spouse using “our” money to buy something expensive and on my opinion useless. and I woudnt think  it’s fair for me to dictate where he uses his hatd earned money. also if I want to go out for a weekend with the girls I wouldn’ t feel comfortable using “our” money. since I am that person I shouldn’t have all the money in the same pool.

there are so many factors affecting  such as if one has loans, differences in income, spending habits, is one a stay at home parent etc.

Post # 15
Member
2757 posts
Sugar bee

We have joint everything. 

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