(Closed) Merging Finances?

posted 9 years ago in Married Life
Post # 3
Member
124 posts
Blushing bee
  • Wedding: March 2009

We’re planning on opening up a joint bank account very soon and we both will deposit a set majority percentage of our paychecks into the account to handle joint expenses. We will each be keeping our own personal bank accounts for presents, surprises, and mini-mad money. Additionally, any inheritances will remain in the personal account unless the individual decides to place said funds in the joint account/college funds for kids.

Post # 4
Member
183 posts
Blushing bee
  • Wedding: May 2009

We will be getting a joint savings account, but each keeping our own checking accounts, which we already have set up so that we can switch money between the two. For us, keeping sepatate checking accounts just makes it easy as we don’t need to check with each other all the time to make sure there is enough money in the account. 

Post # 5
Bee
1048 posts
Bumble bee
  • Wedding: September 2009 - City Hall

I’m not actually sure! We have no secrets, but we do keep separate accounts right now. We both know how much each other makes and spends… I guess we’ll have to talk about that sometime.

Post # 6
Member
1042 posts
Bumble bee
  • Wedding: May 2010

We both like the idea of having our assets held seperately, mostly because Mr. B’s mom used to take money out of his accounts and not tell him about it:( I’m really fine with it though, and we always know we can ask each other for money if we need it!

Post # 7
Member
456 posts
Helper bee
  • Wedding: May 2009

Definitely going with joint account! I make very little money, and will eventually be a stay-at-home mom, so it just makes more sense. Actually the plan is for my checks to go straight into a savings account, since he makes more than enough to live off of. But he’ll be taking care of the financial side, since I’m *terrible* with money, and he’s great. 🙂 I hadn’t thought about gifts. Maybe I’ll get a gifts-only credit card so he at least won’t know ahead of time. 🙂

Post # 8
Member
1045 posts
Bumble bee
  • Wedding: January 2008

We’ve started a joint account already, which we each pay into monthly, but will maintain our own separate accounts for now.  I don’t see this changing after we get married– we’ll always want "private" accounts so we can book little surprises for one another, such as weekends away and gifts.

Post # 9
Member
5823 posts
Bee Keeper

My Fiance and I opened a joint account when we moved in together.  He usually moves all of his money to the joint account, and I move part of my paycheck to cover expenses and such.  But like you, my account is linked to paypal.  Also, I like the idea that we have separate accounts so I can’t spend all his money!  LOL

Post # 10
Member
72 posts
Worker bee
  • Wedding: April 2009

All of our accounts will have the other’s name on it, but we each have a "gift/slush" money account that will have $100-250 each month (well, whatever is left over after bills and saving we split in half).  That is our own money to do whatever we want with.  He actually ask for it to be this way.  He actually said, "I will give you my money to take care of if I just get an allowance each month".  He’s so funny.

Post # 11
Member
796 posts
Busy bee
  • Wedding: April 2009

Joint account, definitely. We already share all of our expenses, and it would just be so much easier if bills and checks for everything could come out of one account, instead of spending time trying to figure out who’s going to pay for what out of their account in order to keep us in balance. We are going to have to figure out a way to find out how much each of us can spend on fun stuff every month.

Post # 12
Member
2205 posts
Buzzing bee
  • Wedding: June 2009

We’re definitely merging all of our finances.  We’re going to both have periods in our life where one of us is working and the other isn’t.  I storngly believe that part of marriage is sharing responsibility for the money.  We’ll work together on determining an appropriate budget and then I’ll manage the day-to-day details (just because it is my interest and strengths).

I never thought about a gifts-only credit card (which might be an option), but we still plan to be very open with finances!  I know this can be a huge point of contention in marriages, so we are doing our best to work through things and doing them together!

Post # 13
Member
2022 posts
Buzzing bee

We are going to merge.  I agree with Latte that a marriage includes a team approach to finances.  We both have credit cards in our own names.  I think we will downsize those (ie, try to eliminate) and open a joint Amex.  I will handle finances because my Fiance has no interest in managing our finances and I have been doing it the past few years.  I can’t trust him to pay the electric bill on time!  He is terrible with that stuff!

Post # 14
Member
77 posts
Worker bee
  • Wedding: December 1969

We have a joint account. But we also have our own mini saving and checking accounts (which no money is ever in). I have a joint credit card (our only one). We draw on each other strengths and he is way better at making sure the bills get paid on time than i do (but i do know how to do it just incase he cant).

Post # 15
Member
122 posts
Blushing bee
  • Wedding: June 2009

We have three accounts each.

– Joint Checking – for billls/day to day expenses
– Joint Savings – Wedding/travel/home improvements/clothing/charitable donations/gifts
– Personal Checking – we each have our personal account for personal savings and spending money

 

 

Post # 16
Member
28 posts
Newbee

We have a joint checking account and then 2 separate personal accounts, but all of the accounts are through the same bank. We can transfer funds between accounts very easily online, and we each put a set ammount into our joint account each month. It works well because I use my account when I go shopping for myself, and he uses his account when he goes out with his friends, and we don’t fight about how much money was spent.

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