My parents have a joint bank account, while I have heard of other couples keeping things separate. What are your experiences? Pros? Cons? Overall?
I'm getting married this summer and will definitely be doing a joint account... ...but I could understand separate accounts if it's a 2nd marriage or something like that.
My parents always had a joint account and 2 separate accounts. All the money went into the joint and they each received 10% in their personal account. Everything associated with the house came out the joint and they could do with what they wanted with "their" money. Anything over 100 bucks had to be talked over with the other. They've been married for 50 yrs retired at 50. I guess its easier when both make the same money, but it is what it is. My wife and I have the same deal even though I imput way more. Its kinda cool though because she can blow money on shoes or women things and I can blow money on gadgets and there isn't any kind of evil eye. It also works great with the budget. Its saves a lot of arguments.
Joint. A lot less confusion. IMO, whichever of you is better at managing money should be in charge of balancing the books, controlling spending and paying bills. It was a problem for my wife at the beginning of our marriage but she eventually realized I was very good at it. I know other couples where the wife does the books and the bank accounts. One person has to swallow their pride and sacrifice some independence and let the better half handle things. I know couples who have separate accounts but each situation has problems.
Well I think thats where my concern lies. I know of couples where the person that doesn't handle the finances is completely clueless about all matters and really has no idea whats going on with the money. I think thats a little dangerous.
My friend who is somewhat newly married sleeps in a separate bed then his wife. He can't get a good night's sleep if he is not by himself. Another couple I know, the wife sleeps in another room, because the husband snores loudly.
Well, think about it. We like differntg things and have different desires at times. I've know my wife since 88 and there are things she,ll buy I don't understand. Shes actually pretty tight and not really a big spender, but she has like 15 pair of those red bottom shoes like oprah wears. Thosed shoes are pretty expensive. I don't care because it comes out of her money. When she wanted another car, guess where the money come from? She saved up her money and paid for it in cash because we're debt free and will stay that way. Someone metioned about the one that's better with finances should take over, but as a person you should know the finances. What happens if the finance person dies or becomes very ill? My wife loves our setup and like I've said, when she goes and buy those red bottom shoes, nothing is said. When I want to go buy a hd projector for the theater room, nothing is said.
I would consider the home theater room a joint purchase, while the shoes are all her. You got ripped off Unless you can wear her shoes
Naw, that's my space. When we watch movies together, everyone will watch it, but for the most part, women don't see hd projectors as a "necessary.". It really isn't , but I wanted it, so I bouth it. Those red bottom shoes are like 150 at least.
The smart thing to do is have both seperate bank accounts and have a joint account. Using the joint acount to take call of home needs, bills and neccesities which are applible for the home. Keeping the seperate accounts is really a plan for you can have no restriction with the money in the seperate accounts. In other words the joint accoutis the responsible account and the personal account are with no limits. Do Both
This is pretty much what we do. It also gives me the ability to buy him presents without him seeing the bill ahead of time. I do think that for 2nd marriages with kids from prior marriages involved, that separate accounts may be in order. Or a smaller joint account to pay mutual bills out of.
My wife doesn't work so the separate accounts wouldn't really make sense. We have one joint right now. After my youngest is old enough to be in school, I think she is going to go back to school herself and try to get a certificate to be an X-ray tech or something. Then we might look into doing the joint/separate deal with the 10% going opposite directions. Probably depends on how much debt we are in at the time (quite a bit now).
That's what we do as well, we have a set dollar amount go into our individual accounts though not a percentage.. Dude, you know those Christian Louboutin shoes average at about $800.00 right?
yup....my hubby and i put 70% in the joint and the 30% is our own for haircuts, clothes, shoes, massage, rockets season tickets...generally girl stuff. we make pretty much the same amout too so it works out. plus he has a vintage mustang he puts $$$$ into. but i think once we have kids, we may up that to 90% or so. i agree on the whole getting a gift without them seeing it on the cc thing. everything joint goes on the joint like house, car, groceries, cell phone, all bills, etc.
We have 1 joint checking and 1 separate savings account each. We also have a joint CD that we locked in for 5 years at 4.5% right before WaMu was about to go under. Both our paychecks go into the checking and all bills are paid from it. My band money goes into my savings and any extra money at the end of the month goes into hers. We use the savings accounts to back up the checking account and for emergencies. I have a separate credit card that I only use to buy her gifts I don't want her to know about and for auto debits like the tollway and our storage lot. She has a credit card as well that she only uses to buy stuff for me that she doesn't want me to know about. 99% of what we charge, we use our debit card(s) for. Nothing is secret with us. All our bank accounts are with the same bank and are connected so we can see each other's balances at any time. Plus all our credit cards, loans, mortgages (I still have my house from before we were married) etc. are on Mint dot com, so we can see all balances and transactions at any time. I handle all the bills because I'm kind of anal about it. We tried both doing it when we first got married and we ended up paying several bills twice. So now I just handle everything.
We have a joint account. When you get married you become ONE! As for buying him presents without him knowing, I just put it on my C.C. then pay it off.
We each have our own checking accounts, but we share a savings account. We also each have a smaller savings account.
I agree with everyone that there should be one primary account for all of the bills, house payment, etc... Then have at least one other account that only one person uses. We have our primary, but I kept my old bank account that my wife never uses that way it doesn't get overdrawn. It's more of a convenience account for me. I am against having separate accounts that are private or not available to the other. For me once you get married, what yours is hers and vice versa.
