(Closed) Those of you who share finances

posted 4 years ago in Money
Post # 2
Hostess
3167 posts
Sugar bee

We havent combined accounts yet but plan to tomorrow or early next week.  We will both keep our existing separate checking / savings accounts, but the majority of our pay checks will go into a shared joint account out of which we’ll pay all bills.  The rest (a set percentage) will go into our existing accounts for personal expenses and purchases.

I don’t feel comfortable having no money of my own separate from him.  I would like us to still have some independence with our finances, and be able to make surprise purchases (birthday, holiday etc).  We both think this is what will work best for us.

Post # 3
Member
5109 posts
Bee Keeper
  • Wedding: December 2014

Pickle7:  We have one checking account that we share and two savings accounts. One of the savings accounts is just our emergency fund and the other is general savings. We use credit cards for everything and pay them off using the checking account. We don’t have any problems.

Post # 4
Member
14965 posts
Honey Beekeeper
  • Wedding: June 2011

We added each others names to our existing accounts (at Bofa). He eventually got tired of having two checkings accounts to use so he changed all his direct deposit and bill pay to “my” account.  (he left his open with a few hundred in case he needed cash from atm).  At the same bank I also have our regular savings account for bigger items like house maintenance/repair, vacations, etc.  We have our emergency savings at Ally bank for the slightly higher interest rate.  FDIC insurances 250k so unless its more than that per account, it’s not really a worry to keep everything at one bank.  In fact, the more you have with a bank, the more perks they give you so I like having it all at one place.

Post # 5
Member
9223 posts
Buzzing Beekeeper

We have a savings account with the highest interest rate we could find and then a separate checking account with a bank that has ATMs everywhere.

FI’s paychecks get direct deposited into our savings and mine into the checking. Whenever we see that we’re accumulating more than enough in our checking, we just transfer some more to our savings.

(this doesn’t include our 401k accounts or accounts with E-trade and whatnot)

Post # 6
Member
1624 posts
Bumble bee

We have a checking and savings account at one bank where all our money transfers happen. His grandmother worked at a tiny bank in his home town, so he has a tiny savings account and some CDs that she started for him when he was born. We keep it more for sentimental reasons than anything.

Post # 7
Member
7310 posts
Busy Beekeeper
  • Wedding: October 2011 - Bed & Breakfast

We consolidated everything at my credit union. It’s small, but has won numerous accolades for being well-managed and has always done right by me for the last 15 years.

Post # 8
Member
194 posts
Blushing bee

Right now we have separate accounts, but the plan is to combine with one main account that both paychecks go into and that bills get paid from, one savings account, and for me to maintain a separate account with an “allowance” because I’m really bad with money (all accounts would have both names on them). The question now is which accounts to close. Right now I have a checking account with a major bank account (ATMs everywhere) and a checking, savings, and credit card with my university credit union. He has a checking and savings with a less known bank and credit card and savings with his university credit union. So together we have 6 checking/saving accounts and 2 credit cards, each with its own advantages. And I recently looked into Simple and I really like it, but they don’t offer joint accounts, but I really don’t need another account….

Post # 9
Member
1845 posts
Buzzing bee

Everything is listed in both our names, but we have:

  • 2 ‘everyday’ accounts (one is ‘mine’ and one is ‘his, our pay checks go into here and our debit cards are connected to it) 
  • 1 ‘budget’ account (this is where we regularly put money for bills, etc.) 
  • 1 savings account
  • Mortgage

Even though we were combining finances we liked the idea that we still have some control over our own money, hence the two everday accounts. We get paid into it, buy things from it and transfer the appropriate amounts into our savings/budget/mortgage as we get paid (techincally we both put our money into the budget account and I transfer it around as needed).

Post # 10
Member
429 posts
Helper bee

We have a joint account for all house expenses/bills and we put a certain amount every pay check. Whatever is left over goes in our own individual accounts. This way our house expenese are always covered and we can spend/save the leftover as we please. 

Post # 11
Member
7905 posts
Bumble Beekeeper

We didn’t merge our finances until after we had relocated to our new city, which was a few months after actually getting married. We wanted to have a bank in our area that had lots of complimentary services, so we joined a completely different bank for our current earnings and a bit of our savings from prior. I am keeping my previous bank accounts and just leaving them dormant as our shared bank is only regional. Darling Husband isn’t sure if he’s going to close his personal one or keep it dormant too. 

Post # 12
Member
2714 posts
Sugar bee
  • Wedding: May 2015 - St Peter\'s Church, East Maitland, and Bella Vista, Newcastle

We have the same as grace14 – still have individual accounts plus a joint account; we each transfer a certain amount per fortnight into the joint account, where rent/bills/groceries come out of and then whatever is left is our own – I have an everyday account and savings account of my own.  We may be reassessing this shortly though as we’re in the process of getting a mortgage which has an offset account so the more we can keep in that the better!

Post # 13
Member
523 posts
Busy bee

Ok bees, sorry if this is abit morbid- 

but even if you share finances 100%, you really should consider both having atleast 1 account each with only your name on it. Even if you just put a couple of grand (or however much you are comfortable with) in and leave them untouched. 

That way if the worse was to happen and one of you died or was seriously unwell the other would still have access to some emergency money. Where I’m from if one partner on a joint account dies the bank can freeze the whole account for processing (this may take a couple of days or weeks or worse months). However long it is,  this would be the worse time to have no access to your accounts.

Just something to think about or at least speak to your bank about. (This may change in different regions – I don’t know) 

Post # 14
Member
576 posts
Busy bee
  • Wedding: June 2014

We have one joint chequing where we deposit our paycheques and two joint savings accounts, one is an emergency fund, and the other is our everyday savings. I pay all the bills out of the chequing account. The emergency fund is never touched, we deposit money into it every month but it would only be used for a true emergency (medical emergency,  house burns down, etc). The everyday savings is for large purchases like home rennovations, vacations, etc. Our mortgage is also through the same bank, and I love having everything at the same bank. We can get everything done at the same place, and we get great service. We also each have a credit card in our own name that we use for all our everyday purchases. I pay them off monthly from our chequing account, so we earn points but don’t pay interest. If one of us wants to surprise the other we use cash, or put it on our credit card. My husband has to warn me not to look at his statement since I pay all the bills but it works for us.

Our investments are seperate accounts. We each have our own RRSPs and TFSAs at different banks. I also have a seperate chequing and savings in my name, but they’re solely for my rental property, which I owned before we were married. 

Post # 15
Member
5109 posts
Bee Keeper
  • Wedding: December 2014

BibbidiBobbidiBoop:  This is also a good point on the other side of the coin as well, for people who have separate accounts, but money from both accounts are needed to contribute to the bills. If one partner dies, an individual account will most likely be frozen (unless it was part of a trust or some other arrangements were made). So, if you have separate accounts, but need the money from both accounts to pay the bills, then that’s a problem. It’s my understanding, at least in the US, that joint accounts by and large are not frozen upon the death of one of the account holders, as long as the two account holders are married and are able conduct business with that account individually (i.e. you don’t need both signatures to make withdrawls, write checks, etc.). Though there can be issues with the IRS or SS that can cause a joint account to be frozen after death. Either way, it is something to think about.

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