Poll: question for married couples about bank accounts

posted 4 weeks ago in Married Life
  • poll: How does it work for you?

    We only have separate accounts

    We only have joint accounts

    We have separate accounts with a joint account

    Something else - I’ll explain!

  • Post # 2
    Member
    3210 posts
    Sugar bee
    • Wedding: June 2017

    We only have joint accounts! For the first six years (or longer) of our marriage I will be in graduate school full time and I’m really glad we don’t see things as his vs. my money.

    Post # 3
    Member
    3760 posts
    Honey bee

    Completely separate and will remain that way.  

    Post # 4
    Member
    7348 posts
    Busy Beekeeper
    • Wedding: February 1997

    We have joint accounts. A while back when I started working again (I was a Stay-At-Home Mom for about 12 years), I started a separate account in only my name. I intended to use it for a luxury item here and there, but I just never got around to spending it. So I paid for a new roof for the house, two children in braces, a vacation or two and now I am spending it on school because I am seeking additional certification. It is nice to have a slush fund out of which I can pay cash for things. Of course, we have an emergency fund, too, but it is better if we don’t have to use that. 

    Post # 5
    Member
    1590 posts
    Bumble bee
    • Wedding: June 2018

    Completely joint. I started a new job soon after we got married so I just set up my direct deposit into his existing checking account, and we added my name to the account. Then I closed my old account. I also had a savings account with an online bank (it was the “wedding savings account” before we were married 🙂 and we kept that, and added his name to it. It’s now our vacation savings account. We both closed one credit card and added each other to our remaining credit card- so now we have two credit card accounts for both of us. 

    We haven’t had any issues with finances. We both make good salaries but I make significantly more than he does. We talk about big purchases, but I can’t think of a time where one of us really wanted to buy something that the other person was really opposed to. We tend to see things similarly, and are compatible with our financial thinking.

    Post # 6
    Member
    2162 posts
    Buzzing bee
    • Wedding: September 2020

    We only have joint and think very much in terms of “our” money, regardless of who is making more at the moment – we’ve both been the primary breadwinner at one point or another. Having separate accounts would make me feel like we were roommates or distrusted one another. 

    ETA: After you set up your joint account, keep your solo accounts open (assuming you don’t need some large minimum balance) because it’s good for your credit score. After many years of non-use, your bank will probably close them.

    Post # 8
    Member
    7885 posts
    Bumble Beekeeper

    We bought a house a few years before we got married, and set up a joint account for house stuff. We’ve been married for a few years and still haven’t gotten around to fully combining everything. I have mine set to auto transfer funds bi-weekly and he does it once a month. We discuss any big purchases (like $500+) but other than that it’s just money. We don’t really consider it mine/his, were just lazy 😂

    Post # 9
    Member
    359 posts
    Helper bee
    • Wedding: December 1969 - Montsalvat, Victoria

    We have a joint savings and everyday banking account. We also have an account/trust we opened for our son which we are both signatories for. Our salaries go directly into the joint account and then from there we sit down once a month and pay the joint bills (mortgage, phone service, subscriptions etc), % to our sons trustfund and % directly into our joint savings. From there we then send ourselves monthly “allowances” to our seperate personal accounts. We prefer it this way so I don’t have to justify purchases like new handbags, day spa appointments etc and he doesn’t need to tell me about the new guitar purchase he made! It’s also nice so we can still surprise each other with gifts etc for birthdays or whatever. Oh, as a side note, we also agreed to send our yearly bonus’ directly to our seperate personal accounts to do with as we please.  

    Post # 10
    Member
    2710 posts
    Sugar bee

    We consider it all our shared money, but we technically each have separate brokerage accounts from small inheritances we’ve each received (we had these before marriage so just never bothered combining). This money will eventually go toward home renovations on a jointly owned property. And of course we each have our own retirement accounts. Bills get paid from our joint checking (where paychecks also get deposited) and our emergency fund is in joint savings. We don’t consult each other on small purchases, but bigger financial  decisions we make together. 

    Post # 11
    Member
    2736 posts
    Sugar bee
    • Wedding: May 2015 - St Peter\'s Church, East Maitland, and Bella Vista, Newcastle

    Joint everyday account, which mortgage/bills/household expenses come out of – we both have automatic transfers set up to deposit money into that.  We each have our own fun money accounts – personal purchases come from those.  

    Post # 12
    Member
    1740 posts
    Bumble bee
    • Wedding: May 2019 - City, State

    We have a combination. We’re in the camp of everything earned post marriage is our money, and everything prior is either mine or his. Both of our salaries now go to either the joint checking or savings accounts, but we still have our previous accounts that for the most part we don’t touch. 

    Post # 13
    Member
    3778 posts
    Honey bee
    • Wedding: April 2017 - City, State

    We have separate and joint accounts. Each month we contribute an equal percentage to the joint checking and savings accounts, but our paychecks each get deposited into our own account. Our joint money is our joint money, our personal money is our personal money. 

    I’ve seen one too many family friends get into situations where things went south and their partner cleared the joint account and they were left with nothing and had to fight for their share. That will not be me (not that I anticipate Dh and I ever separating, but those couples didn’t anticipate it either). We also just value having some financial independence.

    Post # 14
    Member
    388 posts
    Helper bee
    • Wedding: September 2021 - Australia

    we use the same bank and each have a daily account, a savings account, plus a joint account. Currently, the joint account is used for wedding expenses and we both put money into it each pay cycle. After the wedding the plan is to use that joint account for all our standard expenses – bills, groceries, etc.

    Post # 15
    Member
    1654 posts
    Bumble bee

    In my first marriage we had only solo accounts.  My ex wasn’t great with money and we split bills. 

     

    This time, I am closing my accounts and going joint on the savings and checking. I make way less. We are simply pooling all payroll money into the savings and keeping a float of 5k in the checking for bills at all times. 

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