(Closed) Joint or separate bank accounts

posted 4 years ago in Finances
Post # 2
Member
739 posts
Busy bee

Personally I think both is the best option.  We moved in together and after a few months we opened our joint account, we had discussed marriage/our future etc first. 

It has worked out great, I don’t see us changing to just one account.  Everything is still ‘our’ money, we both just get the same amount left in our personal accounts to spend how we wish.

Post # 3
Member
47432 posts
Honey Beekeeper
  • Wedding: November 1999

We have both joint and separate accounts. Everyone should maintain their own credit and banking history.

Post # 4
Member
2959 posts
Sugar bee
  • Wedding: August 2013 - Wynn Las Vegas

My DH and I have both a joint account and our own separate accounts. It is the best of both worlds. If we have a joint expense we use that account.

Post # 5
Member
10541 posts
Sugar Beekeeper
  • Wedding: City, State

No. We kept seperate accounts. I pay the household expenses so DH just gives me a set amount of money each month that I then put into my account to pay bills. He did add me onto his account recently so I can just swing by his bank and pick up the money on my own or in case I need to cash a check on a weekend when my bank is closed.

Post # 6
Member
2676 posts
Sugar bee
  • Wedding: September 2012 - Southern California

We got joint accounts like 6 months after getting married out of sheer convenience. We have both kept our credit cards separately though. We use our credit cards for mostly everything anyway and have a set amount that we budget to put on our cards in order to pay them off at the end of the month.

Post # 7
Member
449 posts
Helper bee

We have a joint account where everything goes into, but we each get an allowance deposited into our own personal accounts each month to spend as we wish. Best of both worlds. It’s easier to budget and set goals if we’re looking at ‘one pot’, but we can also buy stuff with our allowance without oversight.

Post # 8
Member
864 posts
Busy bee
  • Wedding: July 2011

View original reply
brokeandinlove92 :  We kept all of our own accounts, but did also open one joint account.  We shared one bank in common (H has lots of accounts LOL), so we opened a joint account that both of us can access, and is linked to each of our individual accounts.  So I can move money to and from mine and joint, he can use his and joint, but neither of us has access to the other’s individual.  It works really well.  And if we do need to transfer between individual accounts, we just do it through the joint.

For us it would have been complicated and pointless to combine EVERYTHING.  We already had so many things set up – bill pay, direct deposit, etc.

Post # 9
Member
2990 posts
Sugar bee
  • Wedding: March 2017

We have separate accounts, and I prefer it that way. When split living expenses. He usually pays a little more than I do for vacations, because he makes more. I really don’t want him to be looking at what I spend on stuff, and I don’t want to know what he spends. We’ve lived together for many years. We almost never argue about money because we pretty much don’t worry about what the other one spends. 

Post # 10
Member
782 posts
Busy bee

We have separate accounts but I’m on his & he’s on mine. We plan on doing a joint account as well just haven’t set it up yet. 

Post # 11
Member
1191 posts
Bumble bee
  • Wedding: September 2017

I’m old fashioned and believe in one account.  We will be joining our checking and savings.  Stocks and other stock accounts will remain in our own names. 

Post # 12
Member
1350 posts
Bumble bee
  • Wedding: September 2017

We have seperate accounts and a joint account. We also have 1 cc that we charge all of our expenses on but maintain personal accounts as well. 

We spend very differently so we just keep similar #’s in our accounts and put into savings- ex: I spend more on small items a shirt from zara vs Fiance who will buy 1 pair of shoes from a high end store less frequently. 

Post # 13
Member
8 posts
Newbee

We have a joint account and then we each have our own separate account.  Household expenses come out of the joint account that we each deposit a set amount of money into.  It’s worked well so far. 

Post # 14
Member
1355 posts
Bumble bee
  • Wedding: January 2027

View original reply
brokeandinlove92 :  We are not married, but we have been together for over 9 years and we have joint bills, so we have a joint account for bills and his VA pay goes in there and covers most of them. Then what we make from our jobs goes in our seperate account for us to do what we want with it. 

If he did not have the VA pay, we would (and we did for several years) each put our checks in the joint account, pay bills, and divide the rest like an allowance for ourselves. 

ETA: I said MOST of our bills in the 1st paragraph and then did not explain. There are some bills that we have created ourselves, that we each pay ourselves. Such as his motorcycle payment. If that was his only means of transportation, then it would be our 2nd vehicle and therefore we would pay from the joint account. But that is for him to play around on, and therefore his bill. Anything I use one of my credit cards to cover for my crafting, then I pay that from my own personal money. 

Post # 15
Member
3881 posts
Honey bee
  • Wedding: April 2017 - City, State

We have joint savings and joint checking accounts. We also have our own separate accounts. We used the money gifted to us from our wedding guests to open our joint account as that only seemed right since the money was given to both of us.

We haven’t decided what portion of our salaries will go into personal vs joint accounts just yet. We need to sort out what our joint expenses will be like as we just moved in together about 3 weeks ago.

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