Joined vs Separate Bank Accounts

[1still_waters]

Three accounts

1. Account holding money for paying bills and long term savings. Figure out how much the necessities cost each month, and figure out how much you both want to collectively save each month. Put that in here.

Split any excess income between the accounts below.

2. Account for the wife.
3. Account for the husband

 

[SarahM777]

Isn't the whole point of marriage - oneness? how is having 2 bank accounts promoting that?

If one has a business it's another dynamic if only one spouse works in the business. The oneness DOES NOT come from having one bank account.

 

[Grace-Like-Rain]

When I spoke about two accounts, I was talking about two JOINT accounts that both spouses could access if necessary as well. It's not about trust, it's merely an issue of organization and convenience.

Same here. I'd never want either of us to have money that the other didn't have access to if they needed it. But the more I think about it, the better a single account would be, with side accounts for non-essentials.

 

[Angela53510]

Speaking as a married woman who has been through it all, it took about 25 years for us to work this out.

In the beginning we had joint accounts and joint credit cards. We also had very little money, although we both worked, with 4 children eating up the spare change.

We fought continually about money, and in 1995 when we separated, I went and drained the savings account and realized we only had $500 in it. That was our "cushion."

After we reunited, we went totally separate accounts, except for a joint chequing to pay the bills. That stopped a lot of fighting, and also competition to spend what little money we had on our own desires (mine was the children, his was his cars!)

After we went to a financial seminar put on by his company, they recommended joint bank accounts for everything, in case of death. That way you don't have to wait for the will to be probated to get the spouse's money. Sometimes that can take years.

So we went joint on everything, but I can only access his money at the bank, and vice versa. I can see his accounts on-line, but I can only use my own. The joint, is still joint on-line as he makes more money than me, but I pay the bills. He has a joint American Express, and I pay household bills like food and gas with it. I have my own cards for my book habit, and he has separate cards for his car habit. LOL

Maybe we have just mellowed with age, or having more money makes it easier to cope with the division of money. But we have not fought about money in at least 10 years, although he has retired, making for an adjustment on both of our parts with regards to spending.

I highly recommend joint accounts, but with access limited to bank transfers. Of course, if you trust your spouse, it doesn't really matter how you work your banking. If you don't trust your spouse with money, time for some serious marriage counseling, is my thought!

 

[NodMyHeadLikeYeah]

Seperate. That way when i come home like this

He's not all

<---like this

 

[zeroturbulence]

He must be shocked at much she saved on that stuff

 

[BananaPie]

Perhaps it's more about spending habits than about banking dynamics.

If one spouse is a Sales-chaser-Mall-dweller after being outbid on eBay weekly, or a "large" spender (buys you a car when you already have last year's model LOL), then you'll be broke regardless of how may separate bank accounts exist in a marriage.

On the other hand, if you're a peachy shopper who rarely shops, or who would rather buy a math book twice a year before going to the mall, then a joint account would be just as efficient.

In matters of marital budget, it boils down to both spouses agreeing to:
a) how finances are administered, and
b) being accountable to each other on income distribution.

 

[jeremyPJ]

Would you want combined bank accounts, or would you prefer to each have your own account and split expenses?

i'm a big fan of utilizing different "baskets" for money, since they seem to be so helpful in organization. in fact, it plays a big role in how i stay organized financially, and helps me to track business related expenses vs. personal.
however, i'm pretty easygoing about money matters, so i can "flex" quite a bit to meet someone in this area.



I like this idea. Tried it in the past, but didn't work due to differences in views.
Hopefully my next life partner will have a different view than the last. It didn't help that some of her family and their kids were living off us too...a whole 'nuther story.

 

[oldernotwiser]

separate accounts (with husband and wife having access to both accounts) and joint decision making

 

[ww_21]

"Combined main account, with separate accounts for our own spending money" seems like the way to go for me.

 

[keep_on_smiling]

I like to budget my money, so I hope my husband won't mind it also. We may have more than one bank account, but they would all be joint. Everything would be out in the open to either myself or my husband.