(Closed) Sharing bank accounts with SO?

posted 10 years ago in Money
Post # 7
Member
3009 posts
Sugar bee
  • Wedding: October 2012

We have our separate account and we just got an e-mail that our joint account was approved tonight.  This will be used for the wedding/any other savings.

Post # 9
Member
18627 posts
Honey Beekeeper
  • Wedding: June 2009

We have only joint accounts.  I don’t really want to have seperate accounts.  We don’t feel like we have to justify every purchase but we do discuss larger purchases.

Post # 10
Member
329 posts
Helper bee
  • Wedding: July 2011

We have a joint savings and checking account. I have very different spending habits than my Fiance, so we are working through that. We may have a joint and separate accounts here soon. 🙂

Post # 11
Member
624 posts
Busy bee
  • Wedding: November 2011

How do you bees manage joint accounts. We’ve opened up checking and savings this weekend but aren’t planning on using them till direct deposits transfer. How do you handle personal/spending money? We are so used to swiping debit cards for everything…

Post # 12
Member
3125 posts
Sugar bee
  • Wedding: December 2017

I handle paying most of the bills. Anything left over at the end of the pay period I put directly into our savings account. If we are running low on spending money for a pay period I let Fiance know and we try not to buy as much. I think I am much worse at spending than he is but I have also been making a lot more than him for a very long time. It is hard for me to adjust to not buying everything I want just because there is money in the account because it is HIS money too and we have to pay both of our bills with it!

Post # 13
Member
18627 posts
Honey Beekeeper
  • Wedding: June 2009

View original reply
@msgraphics: We use our credit cards for everything really.  We just try to keep our joint withdrawals within budget.  It’s good to have monthly “state of the union” meetings where you talk about your budget, progress toward your joint goals, etc.

Post # 14
Member
624 posts
Busy bee
  • Wedding: November 2011

@MissAsB Thank you, we were thinking about credit card but was also thinking weekly cash. We are really trying to cut our spending which I’m hoping this will help with.  Basically I’m trying to figure out the best way to set a budget and to keep track of spending. 

sorry to hijack the tread

Post # 15
Member
18627 posts
Honey Beekeeper
  • Wedding: June 2009

View original reply
@msgraphics: Cash is great for getting on a budget since when you run out of money, you don’t have anymore to spend!  My husband and I have gotten pretty good at leveling out our expenses so we don’t have overruns.

Post # 16
Member
10354 posts
Sugar Beekeeper
  • Wedding: September 2010

View original reply
@msgraphics: We have our monthly spending money automatically transferred from our joint account to our individual account every month. We each have our own debit cards to those accounts, and it works out great. Since the vast majority of our money stays joint, it’s really easy to see where our money is going and track where we could be saving more.

Post # 17
Member
624 posts
Busy bee
  • Wedding: November 2011

@crayfish That was my original idea but Fiance wasn’t thrilled with having so many accounts to manage.  When we were at the bank on saturday, the lady helping us made it sound really confusing. I didn’t understand the minimum balance for no fee. Figuring separate accounts would be like spending money and kept very close to actually what we would spend.

Post # 18
Member
4 posts
Wannabee
  • Wedding: June 2011

We have so many accounts, lol. But we are in our late 30s so have a bit of financial “stuff” going on.

Fiance has used Bank A for ~15 years, has an investment loan with them, uses them for his work/company banking and we use Bank A for our investment company accounts/loan (so he has an excellent reputation with them).

I have used Bank B for ~25 years, have several accounts and two investment loans with them, & prefer them over Bank B.

We have had joint accounts at both Bank A & Bank B for a year or two now, to establish a relationship/history with each other’s bank. That way when we want to refinance/combine our loans in the future, we have a history with both banks and can choose the best loan for our needs.

Once we are married, we will have both our salaries paid into one of the joint accounts, which we will use for paying all bills, living expenses etc. We will transfer a set amount (probably the same for us both) to our individual accounts and we will use that for personal expenses eg clothes, pressies for each other, etc. We will also transfer a set amount per month to our (joint) savings account.

We are a team, and since neither of us have a “what’s mine is mine” attitude, we are sharing everything. We may fine tune it a little as we go along, but knowing us, this will work very well for us.

I will say that this is the first time I’ve even *remotely* wanted to have shared finances. In my previous two serious relationships, I was very careful to keep stuff exactly 50:50. It speaks volumes to me that it feels completely natural to me to share everything with my Fiance.

 

 

Post # 19
Member
2819 posts
Sugar bee
  • Wedding: February 2013

We’ll be combining all our accounts. We’re big on “what’s mine is yours” & shared family/spousal finances, plus we’re also pretty well agreed on how to budget/spend.

Post # 20
Member
336 posts
Helper bee
  • Wedding: September 2011

We finally got a joint account a few months ago after living together for 7 years. It is the best thing we ever did and I wish we did it years ago! I used to pay for everything from my account, rent, bills, food, etc. I’d have to record everything I spent, work out his half and he’d give the money to me every fortnight. Admittedly, this was the worst system ever. Because I paid for everything he didn’t understand how much some things cost.

We kept our own personal accounts with the intention of transferring a bit of money to them both each week as play money but we haven’t bothered doing so as yet, we just use the joint account for everything.

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