(Closed) Joint or separate bank accounts

posted 4 years ago in Finances
Post # 16
Member
1238 posts
Bumble bee
  • Wedding: July 2017 - The Lodge at Little Seneca Creek

Fiance and I will never have a joint account. He’s horrible with spending money. I make about twice as much as him, so I pay for most of our living expenses. He pays for a couple of the bills and his car, all of which come out of his account the first of the month. So he just needs to make sure he has enough in his account at the beginning of each month. The rest of his money for the month is spending money for him/us. I maintain the savings account (which he occassionally contributes to by PayPaling me).

Post # 17
Member
1970 posts
Buzzing bee
  • Wedding: May 2017

 We have a joint account with savings and separate accounts.  Joint pays the joint bills.  We pay our own car notes and car insurance from our own accounts. 

Post # 18
Member
6217 posts
Bee Keeper

View original reply
brokeandinlove92 :  We didn’t out of sheer laziness. I think it was a year later that we got around to making the accounts joint.  Our setup, if I remember rightly, is that the savings is us both.  We each have our own checking account but I think our names are on each others just in case or something.  Our paychecks are direct deposited into our individual checking and then if we save up a specific amount we transfer some into the savings. It’s worked out fine – so far we haven’t had to touch the savings account at all, we just go with our own things. 

Post # 19
Member
669 posts
Busy bee
  • Wedding: June 2018

We have separate checking and savings accounts and a joint credit card. He makes 3x as much as I do, so I pay less on the bills than he does. I pay “rent” every month and half of our boat payment, and our checking accounts are linked so I just transfer money into his account for those things every paycheck. I pay our cell phone bill and he pays our home and car and boat insurance. I pay my own credit card bills, student loan payment, and put money into my savings account. If we are going to make a large purchase (furniture, TV, home improvements, etc.) or go on a vacation or something, we each pay half for it. 

Post # 20
Member
9439 posts
Buzzing Beekeeper
  • Wedding: August 2016

We haven’t opened a joint account but we probably will eventually. Right now it works just fine with us having separate accounts so we don’t feel a rush to get a joint.

Post # 21
Member
3057 posts
Sugar bee
  • Wedding: March 2017

We have both.

Post # 22
Member
1898 posts
Buzzing bee

Joint everything for us. We have a budget, and we just track expenses in a ledger. So even though it’s 1 account, we know exactly how much each of us spent. 

For those with separate accounts- what happens when you go out to dinner or something? Who pays? 

Post # 23
Member
2544 posts
Sugar bee

We’ve been living together for over a year and have more or less been ‘sharing money’ while maintaining separate accounts. Once we’re married we’re going to open a joint savings account for long term saving, and joint chequing account for bills and joint purchases. We’ll also keep our existing separate accounts. 

We make a similar amount of money and just go back and forth paying for things when we go out together. I like having separate accounts  because then I don’t have to feel guilty whenever I buy a new pair of shoes I could probably live without (for example), and it means more (to me) when I buy him a random gift or treat him to something. 

We have very similar spending habits and approaches to finances so it’s pretty simple.

Post # 24
Member
1446 posts
Bumble bee
  • Wedding: August 2017

We joined ours once we got engaged. It has made everything so much easier, and I wouldn’t have done it any other way

Post # 25
Member
5995 posts
Bee Keeper
  • Wedding: November 1999

Joint. Everything is shared. I’ll add, when we had kids it was necessary, due to the imbalance in earnings. I’ve never regretted it.

Post # 26
Member
2417 posts
Buzzing bee
  • Wedding: September 2015

We’ve been married for about a year and a half and we are just combining our accounts now. Leaving everything separate worked for a while but with the mortgage and house bills it’s going to be significantly easier combined. Our plan is to have a joint chequing and savings and each keep a separate chequing. Our plan is when we get paid we keep 10% in our personal account and transfer the other 90% into the joint chequing. From there we’re gonna put 10% of that into savings and the remainder will go to the house, groceries, bills etc. Anything we have leftover at the end of the pay period will go towards our debt or into savings. 

Post # 27
Member
7 posts
Newbee
  • Wedding: March 2015

We both had seperate bank accounts but closed those and opened a joint checking/saving account. We both deposit wages into the account and bills/rent/etc. gets paid from there. We got married to build together not to build seperately. We do have seperate CC but we notify each other of when we use it because everything gets paid from both of our wages so it makes sense. I feel like we have to help each other keep good credit because after all I am trying to build something with my husband for OUR future so having combined incomes is was really makes sense and works for us. Now we have also discussed the subject of how we would handle everything if we were to , God forbid, divorce and we have came to a mutual agreement to divide all debt and assets 50/50.

Post # 28
Member
6294 posts
Bee Keeper
  • Wedding: September 2015

View original reply
brokeandinlove92 :  We have joint bank accounts but seperate credit cards.  The joint account has been great… it’s significantly less stress when everything goes into one place and we can figure out which bills to pay when based off of when we both get paid.  We each have bills that we’re “in charge of,” but I’m much better at watching our balance… so I schedule most of the bills.  I’m also better at saving money.  We’ve never disagreed about money or had any problems.  I personally feel like it would be more difficult to constantly transfer money just to keep up with bills, but we don’t really make an excess of money, either.

Post # 29
Member
1814 posts
Buzzing bee
  • Wedding: September 2017 - Pearson Convention Centre

We only have joint accounts and we’ve had them since we were 16 it has worked well for us.

Post # 30
Member
607 posts
Busy bee

I like this question and will be following it. I think I’d like both a marital account and keep my personal. 

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