(Closed) Two checking accounts or one?

posted 11 years ago in Married Life
Post # 17
Member
2470 posts
Buzzing bee
  • Wedding: September 2010

As of right now we have our separate checking but a joint savings. i think  it will stay that way.

Post # 18
Member
424 posts
Helper bee
  • Wedding: October 2009

We are having combined accounts and maybe two seperate checking accounts. It’s the way my parents have done things for years and it’s worked great for them, so I want to give it a try. 

Post # 19
Member
3162 posts
Sugar bee
  • Wedding: July 2010

We operate under the what’s mine is yours philosophy already, so I think we’ll be combining everything just to make thinks easier. He’s in charge of finances because I’m not too good with money – well, I’m good at spending money….

Post # 20
Member
1573 posts
Bumble bee
  • Wedding: August 2009

never thought of it

 

my friend’s mom has her secret own account because her 3rd husband is extravagant

Post # 21
Member
7429 posts
Busy Beekeeper
  • Wedding: October 2009

We have 1 joint account and will each have our own checking accounts. We each also have a joint and separate savings accounts.  We actually just talked about this last night, we’re going to put all our bill money in the joint and pay out of that and then the rest goes into our personal accounts so we have our own spending money

Post # 22
Member
28 posts
Newbee
  • Wedding: June 2009

I think you should have 1 joint account and each of you have a seperate checking account! the joint account should be used to pay household bills and the seperate accounts i think for rainy days!

Post # 23
Member
80 posts
Worker bee
  • Wedding: May 2011

Currently we have 3 accounts:  joint savings and our own personal checking.  we’ve taken it a step further though, and use budgeting software so all of our expenses are combined (we can see how far ahead "we" are are expenses etc.) but we still pay our individual bills with our individual accounts.  It sounds confusing but it’s really wonderful!!

 If anyone else is considering using budgeting software (and I highly recommend it, it’s helped us reevaluate a lot of things and put much more money aside than we would have been able to on our own!) Check out YNAB dot com.   It’s the best money management software i’ve ever heard of, and although it’s taken me a minute to get used to being on a "budget" it really helps.

Post # 24
Member
2004 posts
Buzzing bee
  • Wedding: November 2008

We’ve got three checking accounts and I love the arrangement: a joint checking account into which all our paychecks are direct deposited, and then personal checking accounts that we can use for our personal frivolities. That way we keep tabs on our personal spending and don’t have to go to the other for "permission" or nag the other or worry about what they’re choosing to spend, because there’s a monthly cap we determined on how much could go in those personal accounts. We also have a joint savings account.

 

Post # 25
Member
2004 posts
Buzzing bee
  • Wedding: November 2008

Here are some good questions to ask to determine what money management system would work best for you:

How much does it matter that you have a "shared" mentality about your monetary resources? Separate accounts are more like what you have when you are dating, to me, because you are always thinking of "your" money and "his" money. This can lead to problems if one person makes more than the other.  Will you (perhaps unconsciously) try to impose a ratio system where the one who makes more has to spend more? Will you feel jealous if he makes more and he spends more of his money on personal things you can’t afford? And if you decide to stay home with children one day, will it all be "his" money that he gives you, or will it be both your money? For us, we definitely wanted it to be "our" money. Honestly, it was hard at first to have this new mentality, but the longer we do it the easier it gets.

Second, how comfortable are you with each other’s spending habits? Do you like to know every detail or will details drive you crazy? I found myself questioning the validity of all his little purchases even when I made tons of them myself, so it’s better for me if I say "don’t go over this certain amount" and leave it be.

But how do you determine what a good "personal amount" is? You can either calculate it as a percentage of your joint resources out of a shared account, or as a percentage of your individual resources put into a shared account. I prefer the former approach because it equalizes the playing field no matter what each party is making. We go through the motions of actually having separate personal checking accounts because I would otherwise nag him about all his little purchases, which I know is dumb, so it saves me the aggravation. But ours is more a shared mentality than anything else.

Post # 26
Member
445 posts
Helper bee
  • Wedding: August 2009

We’ll have a joint account for all household expenses, but probably keep our personal accounts for our own mad money.

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