Shared bank accounts

posted 2 years ago in Money
Post # 46
Member
2473 posts
Buzzing bee
  • Wedding: May 2017

We closed our separate accounts and have 1 joint checking and 1 savings. All our bills are in different names either mine or his but they’re all paid from the joint account.  Before we got married they were separate and we each paid whichever bill was in our name from our own account. A lot of people have their preference and advise against joint because of divorce but that’s like planning your funeral before you die and you know for sure you WILL die. You don’t know for sure that you will get divorced so fo what feels right NOW. I’ll take my chances and if it ever happens I’ll cross that bridge when I get to it. No need to think that way now. 

Post # 47
Member
1361 posts
Bumble bee

We have joint everything, but separate credit cards. I think it only works for couples that aren’t tit for tat.

Post # 48
Member
393 posts
Helper bee

Fiance and I have a joint account but I have a savings account in my own name too. It works amazingly for us

Post # 49
Member
556 posts
Busy bee

We are totally seperate, for now, and it works. I’m hesitant to share as my ex-husband and I did and it turned into a nightmare.  The most I will do will be a shared account for shared expenses and then both of us have our individual accounts. But, it’s been great, seperate. He pays for all the home bills, I pay for all the fun things we do, like going out, vacatins, concert tickets, etc. Groceries and those types of purchases depend on who has the time to go to the store. I’m an avid amazon purchaser, so I usually pick that up and he gets off work before me, so he usually gets the food groceries. Some months he is more in, some months, I am more in. If he has a slow month, I’ll chip in and vice versa. I don’t think it would work for a lot of couples, but it works for us!

Post # 50
Member
313 posts
Helper bee
  • Wedding: June 2018

jayrock :   sure! So my Fiance is really anti-credit cards…he has one that his ex wife racked up thousands of dollars worth of debt in before they got divorced that he’s still paying off, plus he worked in collections for a few years, so that’ll turn you off of credit real quick! I have one for my personal account, but I haven’t used it in ages- his habits have rubbed off on me! We use our joint solely as debit. I’ve tried talking him into getting a credit card with it to rack up points, but he’s a broken record with “it’s not worth it”, so…no credit cards for us right now! If I were in your shoes, I wouldn’t have credit for both accounts, I’d do it with joint, since your big purchases would probably come out of there. You don’t want fees for everything, plus a wallet full of cards! 

Post # 51
Member
1609 posts
Bumble bee
  • Wedding: August 2018 - Location

peacebethejourney :  Yeah that makes sense! thanks for sharing and that sucks he’s stuck with those bills 🙁 

Post # 52
Member
344 posts
Helper bee
  • Wedding: June 2014

We have shared checking and savings. We are both frugal so we agree on the budget and then stick to it. If we decide to be more flexible in certain areas, we discuss and agree to it first. They say couples fight over money the most, but we’ve never fought over money. Other things, yes.

Post # 53
Member
657 posts
Busy bee
  • Wedding: November 2018

Right now we have one shared credit card which we have had for several years and we use mostly for travel outside the country.

I am conflicated on this. We have seperate accounts right now and he just sends me money or visa versa when needed and it hasn’t been an issue, but I do like the idea of “OUR” money, but then again I don’t like that idea lol. 

Ugh I have no idea… lol

Post # 54
Member
713 posts
Busy bee

Life lesson: always keep a”Secret” personal account on the side for a rainy day. 

Post # 55
Member
3882 posts
Honey bee
  • Wedding: April 2017

We have a joint account and individual accounts. Our pay goes in the joint account and all the bills etc come out of the joint account and we give ourselves spending money in our individual accounts. It workes well. It’s useful sometimes to have your own account, especially if you’re buying a surprise for your partner! 🙂

Post # 56
Member
5886 posts
Bee Keeper
  • Wedding: April 2013

jessiebear85 :  Darling Husband and I have one shared savings account and a shared checking account.  We don’t have any seperate account sand we approach all of our money as joint.  It works great for us!  We did start with a strong foundation of financial compatibility, so this was probably easier for us than most.

I personally think it makes sense to think of your money as “ours” once you are married and deal with your finances with a team mentality.  I thnk that long term this will make the most sense.  That means that you deal with income, debt, savings, purchases, and other important financial decisions togeher.  It can force you to have tough conversations (and fights) but it can also allow you to attak things like debt much more effectively. That said, you don’t have to get there overnight.  For some couples it might make sense to take several months or years to ease into combining finances.

For my Darling Husband and I a single account works, but a lot of couples like to supplement a single account with two seperate acconts into whcih they deposit a monthly allowance for indvidual “fun” spending.  I think that this is a great idea if you want to avoid conflict over each of you spending on your own hobbies and indulgences.  I think that you should choose an amount (equal for both of you) that gets auto transfered out of the main account each month.  Obviously run your budget to make sure the amount is something you can afford!  And then make an agreement about what sort of items come from the individual accounts and what comes from joint.

Post # 57
Member
657 posts
Busy bee
  • Wedding: November 2018

withluv :  My mom has always told me this when she was alive!

Post # 58
Member
2802 posts
Sugar bee

We have totally different bank accounts, but still function as a financial ‘team’

Bills come out of my account and he pays his half into my account (all automated). He has certain things that he does the shopping for, and I have mine. If one of us is feeling a bit broke, the other helps out etc. 

We thought we’d merge at least some of our accounts after we got married, but then we just never bothered. I like being able to treat myself without feeling guilty, and treat him to things without it actually coming from his pocket.

We’ll likely switch it up a bit when I go on maternity leave, but we figure if it aint broke don’t fix it! 

Post # 59
Member
310 posts
Helper bee
  • Wedding: May 2016

We joined shortly before we married and have a joined checking and saving account as well as individual checking accounts. It just didn’t make sense as a married couple to not partner together in finances too. That said – every pay we take a set amount and put it towards our individual checkings as spending money and can do whatever we want with that. 

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