(Closed) Should we start a joint savings account???

posted 9 years ago in Money
Post # 17
Member
83 posts
Worker bee
  • Wedding: June 2012

We have our personal accounts, and a joint accout- which has worked out really well!  A set amount is transferred from our personal accounts into the joint account every month, and the rule is the joint account is used for big home purchases.  It really came in handy last year when we had our hardwood floors redone!

Post # 18
Member
14969 posts
Honey Beekeeper
  • Wedding: June 2011

We dont have any joint accounts (yet).  But at this point I dont know if we will bother.  It’s worked as separate since we’re both really good with money and know pretty much exactly what’s going on in each others account.  We already view all our money as ours and treat it as such, so a new joint account is no benefit to us.

Post # 19
Member
724 posts
Busy bee
  • Wedding: July 2011

We started a joint *checking* account when we were still dating, to help pool money that we used on dates and trips and such. Made it easier than fighting over who paid how much the last time. We did open a savings account when we got engaged, but so far, that has just been money to be used for the honeymoon. If at any point we break up, I assume we would just split the money evenly or whoever contributed how much would get their money back.

We are still using our joint checking account because we live together and that makes it easier for purchases and what not. But we have our own savings, checking and credit cards that are separate and we have devised a way that we’re comfortable for how to split the money.

It really just depends on what you’re comfortable with. There are no right or wrong ways to do it.

Post # 20
Member
66 posts
Worker bee
  • Wedding: September 2011

I will NEVER share a bank account with my fiance. Not because I don’t trust his intentions or because I think we’ll break up. He doesn’t keep track of his money. He gets his cash out and keeps the large amounts in a coconut cup from Hawaii. If theres bills to be paids, I take his cash (cause I can always use cash) and pay the bill with my card. He pays the rent so he uses money orders. A lot of people have the idea that the men control the funds because women spend it. We have reversed roles in that sense.

Post # 21
Hostess
11165 posts
Sugar Beekeeper

@mrsdavistobe2012: This is such a case by case issue.

I opened a joint account with my ex and while it didn’t cause any serious issues (I got to the account first post break up) it very well could have.

My Fiance and I have had a joint account for about a year now and were together for almost five years when we opened one. While we weren’t engaged when we decided to put our funds together we knew that we trusted each other and were headed down the path of marriage.We had also been living together at that point for almost four years so my money was his already and vice versa.

I think if you trust him and are 100% committed to the relationshp without any questions or concerns then it should be fine. If you have doubts best to wait.

Post # 22
Member
600 posts
Busy bee
  • Wedding: May 2012

Fiance and I started a Joint account to save for the wedding…. that way I can cash checks he gets into it etc….

I think it is a nice trial run for after we get married… but even then, we mainly keep money seperate… I pay certain bills and he pays others… whatever is left over at the end goes into savings for future payments (like car insurance) or making double payments on student loans…

Post # 23
Member
1126 posts
Bumble bee
  • Wedding: April 2011

I agree about waiting to start the account until after the wedding, but I would start a joint checking account around the time of your first shower so you can deposit checks and money related to the wedding.  We were going to wait until after to start it, but we had a stack of checks and cash, and we’re in the process of moving, so we wanted to get it in the bank asap.  I have to go to the bank once I change my name to update the account, but it’s been really convenient having the joint checking account, especially on the honeymoon.  We’ll open the savings account this month sometime once we figure out our financial setup.

Post # 24
Member
822 posts
Busy bee
  • Wedding: January 2012

I think a joint savings account would be fine, if that is what you want to do.  You are engaged after all, but everyone is different!

My Fiance and I opened a joint account when we moved in together, just before we got engaged.  We now have a joint savings, check (regular) and credit card.  We also have our own accounts which our pay checks go into and we transfer a set amount into our savings each pay and also our joint account which pays the bills, shopping etc.

We both don’t really spend much money, and Fiance always asks me before he buys things, even if it is something little like lunch with a mate so I don’t have any concerns at all.  We have an agreed on budgeted amount of spending each, each week and it works out fine.

Do either of you have debt?  That would be something to consider.  I have a small student loan but the repayments come out of my pay before I get it, and the only other debt we have is the mortgage which is both of ours.

Post # 25
Member
2192 posts
Buzzing bee
  • Wedding: May 2012

@nqz100: I agree with having the joint and the separate accounts as ngz100 said.

Fiance and I have separate ING savings accounts specifically for the wedding.  We talk constantly about how much we have saved, etc.  We split most bills now.  But will wait till we are married to get a joint account as right now it is still his and mine where as when we are married it will be ours. 🙂

Post # 26
Member
1844 posts
Buzzing bee
  • Wedding: May 2012

  Fiance and I have a joint checking/savings account for wedding-related items. We each have our own checking and savings accounts as well. We won’t merge them for awhile. Neither of us direct deposit into this account. We each contribute to it, though. I tend to make a contribution more often, but in smaller increments, while he chooses to make a large contribution every now and then. It does balance out.

  As for when we actually get married, we will keep the joint account for bill paying and keep our separate accounts for awhile.

Post # 27
Member
270 posts
Helper bee
  • Wedding: November 2013

Its really up to you, If you know you can trust him and want to then go for it. I personally don’t think its a good idea now. I want to also get a combined savings or checking when we move in but my SO didn’t like that lol Personally I live by something my mom told me along time ago, she was stuck in a relationship and really had no way out, so she always told me no matter how much I loved and cared for this person always have a seperate savings even if we got married. It is something I could have in case of a rainy day and I told my SO about this and he liked the idea.

I hope whatever you decide it works out for ya!!

Post # 28
Member
798 posts
Busy bee
  • Wedding: June 2011

I’m all for having a joint account for household expenses and still keeping personal savings accounts.

Post # 29
Member
404 posts
Helper bee
  • Wedding: December 2016

I know that everyone seems to think that once they are engaged, they are home free.  I just want to remind you that ANYTHING can happen, and I am NOT trying to be a Debbie Downer by any means…but I never in a MILLION years thought that me and the love of my life, my best friend, the person I live with, would be calling off the wedding 6 months prior to the date.  But here we are.  We too, thought about a joint account, to pull rent and wedding funds from…I am SOOO glad we didn’t.  We are working out our differences right now, and hopefully it will work out for the best, however, I would have been really stressed right now had we decided to open a joint account and mix our funds. 

I would wait, no matter how in love you think you are!!!  You just never know what may happen!!

…sorry for the slightly jaded, Debbie Downer repsonse… :-/

Post # 30
Member
2023 posts
Buzzing bee

We have decided to set up a joint savings account while still maintaining our own personal savings/checking accounts. we will each be contributing equal amounts to the savings account so in the even that we are to split, we will just divide the money equally. for now though, as we both would like to be more financially stable when we get married, we’re calling it the “wedding fund”.

EDIT for Clarification.

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