(Closed) Seperate bank account or Joint accounts?

posted 6 years ago in Emotional
Post # 2
Member
214 posts
Helper bee
  • Wedding: June 2015 - Ritz Carlton Laguna Niguel

This is a very personal choice. 

Fiance was all about totally joint and I needed to ease into it so we decided to do 1 joint checking, 1 joint savings and then we each maintain our own checking as well. I trust Fiance but I am a control freak and wanted to have money that was guilt free and I wouldnt have to clear purchases first with. Which Fiance doesnt care and would never make me “ask” (he makes more than I do) but I still like that we have some separation even if minimal. 

We opted to put 80% into joint and 20% into personal. That works for us as the 80% is enough to cover all of our bills/ savings and then 20% is our fun money for whatever purchases we might want to make through the month – for instance my spotify account, manis, and any shopping I might want to do that isnt a need. We often end up moving our “fun” into joint or putting it towards bigger house purchases (we are new home owners) depending on what we decide to buy that month. 

Good luck! 

Post # 3
Member
346 posts
Helper bee

What’s good for some isn’t good for others.

We have joint everything. We are both of the same mindset on money, so we don’t have judge each other. It’s easier for us. It makes sense for us… we are married, we are a unit, our finances are a unit.

Post # 4
Member
383 posts
Helper bee
  • Wedding: August 2015

Our financea are already combined and we wont marry until august. Joint everything. It just seems easier. We both buy what we want when we want and have access to everything. We obviously run things by each other but we are a team and we pay for bills and stuff together and we get to spend money without an issue so I guess i dont ever understand why not?

Like if my fi said he would have wanted seperate bank accounts and i wanted them id probably be like well why wouldnt you tryst me to share our money? Do you have a spending or gambling problem you dont want me to know about? Do you expect that we will divorce and you will have to seperate it again?

I feel like financial  independence leaves the moment you say i do. Youre still individuals but you have joint bills and responsibilitues and should trust each other whole heartedly, otherwise why marry them? 

 

Not everyone has this view and i do respect other peopels relatio ships and their choices  in them, thats just how i feel about the matter and how i would feel if my fi insisted on seperate accounts.

Post # 5
Member
1388 posts
Bumble bee

Personally, my Fiance and I will have joint accounts. We are building in the second half of the year so working out finances/mortgages now and it wil lbe much easier for us to combine it all. We earn a similar amount but have plans/hopes that I will become a stay at home mum when we have kids (at least until they go to school). It will make it a lot easier for us if we combine all finances now and save as much of my income as we can. We have lived with joint bank accounts before when we were living over seas so we fully get the whole “what’s mine is your’s” thing and are happy with that. 

 

All that aside though, it really depends on each couple, how much you have set up before you combine finances, how each person deals with their money etc. 

Post # 7
Member
3936 posts
Honey bee

 

It’s very personal and particular to each couple; there’s no correct answer or one-size-fits-all situation.

Having said that, we combined and chose to set up two separate “petty cash” type accounts for our individual fun spending. That works for us and is in keeping with our commitment to a covenant marriage of two-becoming-one.

I’d suggest reading some articles together about different personal finance methods and then pick your favorite.

 

Post # 8
Member
2704 posts
Sugar bee

We have a joint accounts for both every day expenses, savings and a joint Self-managed super fund but maintain selerate accounts as well. Financial independance is important o both of us, and I view marriage as two individuals in a family rather than one unit as such however I don’t think it matters as long as both are happy and informed about their financial position

Post # 9
Member
1388 posts
Bumble bee

View original reply
futuremcm:  I totally get what you mean about ‘guilt free’ money, and my Fiance was the same. We decided that we will have our own ‘savings allowance’ of a certain amount per week. Whatever we do with that money is of our own accord – we can save it up and make a big purchase once a month or we can spend it each week on little things (clothes, movies, games etc). 

Post # 10
Member
383 posts
Helper bee
  • Wedding: August 2015

View original reply
olna:  well i wouldnt agree. How is it his fault your job doesnt pay as much? Why should he have less spending money and pay for more of the bills than you just because hos job pays Better?

Post # 12
Member
383 posts
Helper bee
  • Wedding: August 2015

I feel like having so many accounts and doing all those transfers are overkill. 

 

Also those who sre seperate what do you mean by guilt free money?

If your money is all on one place and you want to buy something why would you feel gultiy about it? You still have access to the money and you still have the perogative to take money out or buy things, so what about it being joint makes you feel guilty? 

Personallt i find it wasier to have one savings and one checking and then we organise all our finances in and out of that so there is less hassle. 

As long as we have money for bills and savings in case of emergencies i wouldnt care what he bought and neither would he.

Post # 13
Member
214 posts
Helper bee
  • Wedding: June 2015 - Ritz Carlton Laguna Niguel

View original reply
olna:  no he pays more of the bills by default as 80% of his income is still way more than 80% of my income. He makes double what I do. its all the same money we just keep a portion out of our joint account. This is also a way we could surprise one another if we wanted to. I see us eventually going all joint but I like having some money in different accounts. Personal preference. I don’t judge others for how they do it and how we set ours up doesn’t affect anyone besides Us. 

Post # 14
Member
383 posts
Helper bee
  • Wedding: August 2015

View original reply
olna:  i think thats a different situation. Like if you make only enough to just cover your half of bills then yeah he should pay more of the bills or if you do completlet joint then even if your pay foes to bills the spending money you will have will essentially be his, but as its joint its just one bit pot of money basically and it soesnt really matter. 

Post # 15
Member
214 posts
Helper bee
  • Wedding: June 2015 - Ritz Carlton Laguna Niguel

View original reply
OneDayMrsL:  Yep this exactly… 

his contribution To joint is bigger than mine but so is his “fun money” i think the percent of income was fair for us and it’s given me time to adjust to sharing control which I have never done before. 

As I said before everyone has their own prerogative. Our bills get paid, we have money to save, and the ability to afford extras. In the green as a whole so that’s what matters. 

The topic ‘Seperate bank account or Joint accounts?’ is closed to new replies.

Find Amazing Vendors