(Closed) Will you have a joint checking account?

posted 7 years ago in Money
  • poll: Will you (or do you already) have a joint checking account?
    Yes : (96 votes)
    86 %
    No way! : (5 votes)
    5 %
    Maybe : (10 votes)
    9 %
  • Post # 3
    Member
    2280 posts
    Buzzing bee
    • Wedding: April 2011

    My fiance and I are going to set up a joint checking/savings acct before the wedding. It will certainly simplify money management for us; rather than dividing up bills, all our money will go into the acocunt, and all payments will come out of it, regardless of who’s earning what. (We’ll get an equal allowance from the remainder after expenses/savings)

    We would have had it done already, except I didn’t have two forms of identification with me when we went to the bank! They could have used a driver’s license, credit card, social security card, etc., but I only had my license on me. Make sure you have all the documentation you need if you do decide to go that route, haha.

    Post # 4
    Member
    1729 posts
    Bumble bee
    • Wedding: July 2012

    We plan on having a joint account once we’re married, but I will still hang onto my own personal account, as will he. I think that’s a smart way to go.

    Post # 5
    Member
    156 posts
    Blushing bee
    • Wedding: June 2011

    Fiance and I opened a joint checking account when we bought our house.  We each deposit the same amount from each paycheck via direct deposit (we make about the same amount so it’s about half our paycheck).  All of our shared expenses and bills are taken from our joint account and then we use our own accounts for our personal bills (student loans, cars, credit cards) and personal expenses.  So far it has worked out wonderfully…And I’m really stingy about sharing my money 😉

    Post # 6
    Member
    459 posts
    Helper bee
    • Wedding: April 2010

    We opened a joint checking account and credit card about a year before we got married, which was also about 1.5 years after we had been living together. It made life easier. We still did and do have individual accounts as well.

    Post # 7
    Member
    1326 posts
    Bumble bee
    • Wedding: October 2011 - Tre Bella, Mesa, AZ

    @stranger1: We do the same thing. We use it for groceries and together purchases. It’s much easier and we’ve been together for so long, there was no reason to wait.

    Post # 8
    Member
    2392 posts
    Buzzing bee
    • Wedding: September 2011

    We plan to get one as soon as we stop being too lazy to go to the bank.

    Post # 9
    Member
    1313 posts
    Bumble bee

    We did about 6 months into our relationship and it’s worked perfectly. I am a big advocate of it because in our lives, it just makes things SO much easier.

    If you are comfortable with it – go for it!

    Post # 10
    Member
    1893 posts
    Buzzing bee
    • Wedding: April 2011

    We’re doing both.  A joint checking and savings for bills and savings as well as our own accounts, at my insistence. 

    My poor mother would have a heart attack if I didn’t have my own account.  We’re not opening the joint accounts until after the wedding though.  We figured it’d be easier once we’re married and have the same last name.  We’re lazy that way.

    Post # 11
    Member
    6661 posts
    Bee Keeper
    • Wedding: May 2010

    You should do it however it makes the most sense for you. Darling Husband and I couldn’t WAIT until we set up our joint checking, we purposefully waited until after the wedding so we could erase all our individual small debts and start wiht a clean slate. But until that point we were literally putting down 2 credit cards everywhere to split things and he was writing me checks for rent + whatever else was uneven that month and it was such a pain. I should add that our salaries are almost identical (not that that should matter) and we both came into the marriage with 0 debt and almost the same in savings.

    This doesn’t work for every couple though. My older sister still has separate accounts from her husband and that arrangement works great for them. They like to be a little more private about their spending and don’t mind figuring out how much they owe each other at the end of the month. They pay proportional amounts towards the mortgage based on their salaries and have something figured out for savings.

    The way I see it though, is what if one of us gets laid off? What do we do then – give the other person an allowance? What if I decide to stay home if we have kids? It’s a little too 1950’s for me, I’d rather do that coming off of our joint everything system. I personally feel like this arrangement makes us more of a team working towards a unified goal, but at the same time I can see why it’s not the right choice for others.

    Post # 12
    Member
    5106 posts
    Bee Keeper
    • Wedding: September 2011

    I voted maybe. Fiance and I have been together for over 5 years, we each have our ownseperate accounts, and have split the bills between us. Our set-up works well right now. I don’t want to feel mad at him because he spent X amount of dollars on something he wanted and vice versa. He knows what he can afford, as do I.

    So we have been toying with the idea of doing some kind of joint money market account, where each of can contirbute so much every pay period but still keep our single accounts as well.

    Post # 13
    Member
    4583 posts
    Honey bee
    • Wedding: October 2011

    We’ll have a joint account for things like bills and groceries and maintain our own separate accounts for more frivolous spending (video games for him, clothes for me).

    Post # 14
    Member
    4547 posts
    Honey bee
    • Wedding: September 2010

    We got one when we got engaged to save for the wedding. Now we just have 1 checking and savings account that are joint.

    Post # 15
    Member
    5118 posts
    Bee Keeper
    • Wedding: November 1999

    We’ll have the set-up that @iheartnerds: described. Fiance just got his first job, so we’ll probably set up our joint account in the next month or so. 

    Post # 16
    Member
    181 posts
    Blushing bee
    • Wedding: July 2011

    We just set one up to put money away towards the honeymoon. We’ll definitely switch to everything combined after the wedding though.

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