Joint or separate bank accounts

posted 3 years ago in Finances
Post # 46
Member
2968 posts
Sugar bee
  • Wedding: September 2015

View original reply
ajillity81 :  It’s us trying for a baby that was our push to join our accounts too. Its a lot harder to keep things separate once you’re a family and not just a couple.

Post # 47
Member
2523 posts
Sugar bee
  • Wedding: July 2014

We have one single joint account.  For us, we think that the easier it is to separate (separate finances) the easier it would be to split rather than to work out issues.  However, we both come from parents who are still married and manage their finances that way- I think background greatly influences what you are comfortable with.  

This works well for us- neither of us are big spenders and we agreed that we could spend up to 100 dollars without consulting the other, and beyond that we have to consult the other (usually that only happens for things for the house and repairs- things we need).  We have 2 credit cards that we both have access to, but one of us pays, so we will use that for gifts for each other, or just take out cash.  We know to snoop around less around holidays.  For me, I like the one account because it is easy to know exactly how we are doing financially, and the majority of our expenses are things like mortgages, utilies, food, home repair/improvement, etc- things that we both use.  

Post # 48
Member
1067 posts
Bumble bee
  • Wedding: August 2017

Not married yet (3 months to go!) but right now we have both joint and personal accounts. We live together so our rent and etc bills are paid through the joint checking and we put money in our joint savings towards the wedding. Our paychecks go to our individual and we just transfer the money we need for bills + savings every month. 

But after we get married, we are gonna merge our finances completely. We are going to keep our personal accounts for the sake of credit history but our paychecks and etc income will go to the joint and then we will both get a certain amount of money transferred to our personal accounts to spend as we please. 

We really believe that it is OUR money and not mine or his. 

Post # 49
Member
253 posts
Helper bee

We have our own bank accounts.  We have several shared credit cards, plus I have an independent one that I use once or twice a month for the sake of rebuilding my credit. (It’s also handy for buying him a birthday or Christmas gift without a notification going to his cell phone. 😉 )

He earns more; and my work is seasonal. He pays the static bills like the mortgage, and he keeps me informed of the varying bills like electricity and car expenses. I let him know what I’ve got leftover on a given payday after paying my bills, and we figure out how much I need to transfer to him and how much I just pop into savings for when I’m laid off.

Post # 50
Member
527 posts
Busy bee
  • Wedding: June 2017

We recently opened a joint back account, we declined new cards for it so it will be an online only type of account. The plan will be to have all income deposited into the joint account, and all expenses come out of it. We will withdraw a set amount each pay into our personal accounts for spending, and the rest will moved into savings.

We haven’t set this all up yet as we are going overseas in three weeks (vacation & wedding), I didn’t think it would be worth calling all the different utility companies to change my billing account when I’ll have to contact them again in two months to change my name. Might as well do it all in one go.

Post # 51
Member
23 posts
Newbee
  • Wedding: April 2015

When we first got married we maintained our separate accounts out of laziness basically. However, it was getting harder and harder to manage our finances when both of our checks were going to separate accounts and our joint bills needed to be paid! We eventually went to the bank and opened a joint checking and joint savings account. It has been soooo much easier to manage everything and it’s going just fine for us.

Post # 52
Member
23 posts
Newbee
  • Wedding: April 2015

View original reply
princessbeec :  Yes! Fefinitely agree with this. Both our paychecks go into one account and everything is paid accordingly with OUR money. Like you said, no need to worry about who is paying what.

Post # 53
Member
2185 posts
Buzzing bee
  • Wedding: October 2018

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

We are not married yet and keep separate accounts, but we pay for joint expenses all the time. Honestly, it’s whoever reaches for the check first. We don’t keep track of anything. For a trip, he might buy the plane tickets and I’ll get the hotel. He makes more and pays for more than I do, but, again,we don’t keep track of anything so I really don’t know. We live in his house together and he pays for the mortgage and all utilities. I help with groceries and tip the cleaning service, things like that. When he puts my name on the deed, I will contribute to the mortgage. I don’t like a strict accounting of money between romantic partners, and plan to merge everything once we get married.

Post # 54
Member
9426 posts
Buzzing Beekeeper
  • Wedding: July 2016

we have a joint account and separate accounts with our money from before we were married. the plan was to give ourselves allowances from the joint account but the reality is we haven’t felt the need so we haven’t done it.

we were both very good at money management as single people (and students to boot), and our spending habits haven’t changed too much even though we now have real jobs and are making way more money.. i assume thats why we have no issues with our setup.

Post # 55
Member
470 posts
Helper bee
  • Wedding: December 2015

We have one joint checking and one joint savings (months after meeting each other, shortly after getting engaged, when we moved in together).  I keep track of finances with Excel spreadsheets and we each get the same amount of “play money” monthly.  Everything that doesn’t get spent on bills goes to savings.  We each have one 1 credit card with the other as authorized user (one gets great cashback on everyday purchases, the other on gas/food (he made me so proud when he put in gas with the one that gives the best cashback on gas and then used the other to buy something inside :D).  Works great for us.  Things like gas or food we don’t run by each other.  The Excel Chart of Accounts and having our play money actually makes it so that we don’t have to talk to each other about finances much at all.  If I see a charge I’ll just verify it’s play and just charge it to him.  We use the credit cards for everything and pay them off each month and the checking only has enough funds for the mortgage, student loans, etc, with the rest of the money in savings.

Works great!

Leave a comment


Find Amazing Vendors