Question for Married Couples..

[nomorepriest]

When you got married.. Did you put your money together in one bank account or keep it separate ?

[anakin57]

we put ours together, and we did it actually while we were engaged. i fought it for a while lol, but we were already living together so the pressure was on. I know many couples - and there is lots of good financial advice out there on this - still maintain separate bank accounts, which they each both use for agreed-upon amounts for spending money/petty cash.

[Captain N]

My wife and I have a joint savings account which is setup strictly for the kid's college fund but we keep separate checking accounts.

[THE Bigzoman]

Can I just say, any couple that puts all of their savings in joint accounts with their spouses are foolish?

[Itisamuh]

Putting it together seems to be what most people do, but I have known a few that kept it separate. It just depends on if you both have the same type of spending habits, and if you feel the need to keep each other balanced out. If one of you tends to save and manage your finances well while the other is an impulse buyer, then keeping it separate is a fair way to make sure your own money does not get wasted on dumb crap.

[anakin57]

Can I just say, any couple that puts all of their savings in joint accounts with their spouses are foolish?

I know there are horror stories, but so far so good here. I think the other route - keeping it separate - can lead to mistrust issues, so there's good and bad to both probably.

[Azadina]

Can I just say, any couple that puts all of their savings in joint accounts with their spouses are foolish?

Why exactly? People can't be trusted? Why get married with a person, if you don't trust him/her tho

[THE Bigzoman]

I know there are horror stories, but so far so good here. I think the other route - keeping it separate - can lead to mistrust issues, so there's good and bad to both probably.

It's just a matter of privacy and a way to avoid conflict when it comes to spending decisions.

I could see a significant other of mine disliking some of my spending habits and making fights out of nothing.

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Why exactly? People can't be trusted? Why get married with a person, if you don't trust him/her tho

If there's trust, why get a joint account then?

[Darsithis]

We'renot married but we both (when he worked) contributed enough to the joint account from each check to cover food and all bills. Everything else was ours to spend as we pleased.

[Azadina]

If there's trust, why get a joint account then?

Why not? It's easier when both can see how much you have together, to spend on whatever things

[Captain N]

It's just a matter of privacy and a way to avoid conflict when it comes to spending decisions.

I could see a significant other of mine disliking some of my spending habits and making fights out of nothing.

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If there's trust, why get a joint account then?

Well that's a problem with your choice of women more than a problem with joint bank accounts. If you both have good paying jobs and you're being told what to spend your money on after all applicable bills are paid -- that's on your poor decision making.

[THE Bigzoman]

Well that's a problem with your choice of women more than a problem with joint bank accounts. If you both have good paying jobs and you're being told what to spend your money on after all applicable bills are paid -- that's on your poor decision making.

I might've worded that poorly. it was meant to be a hypothetical situation.

[TxAg]

Maintaining separate accounts is akin to signing a prenuptial agreement. Both are operating under the assumption that things are going to fail and you want to make it easier to divide assets when that eventuality occurs.

[THE Bigzoman]

Why not? It's easier when both can see how much you have together, to spend on whatever things

The ease is marginal at best. You're avoiding doing what is basic addition in most cases.

And for what? Are there benefits at the bank or something when doing so?

[Malachi256]

It's all joint. She handles 98% of the financials. We're both frugal as heck, or in other words, we're very much on the same page financially.

[kyoloco]

well we just got married...so i will be reading these comments for the advice, we havent made any plans yet

[Captain N]

I might've worded that poorly. it was meant to be a hypothetical situation.

The point still stands -- if you're handling your bills and being told how to spend your disposable income that's not an issue with 2 people sharing a joint bank account. It could possibly be an issue if you have a one income house and the other party is taking money out of it to fund an extravagant lifestyle, but that still comes down to terrible decision making on the part of the income earner.

[Fahrenheit]

We have both, a joint where our paycheck direct deposits go and we each have a separate one that we keep with just a few thousand dollars for buying each other gifts and surprises and such. We also have a joint retirement plan that we put money into (after taxes) and we each have separate pensions through our careers. Though we're listed as each other's primary beneficiaries.

[Deleted]

My husband and I keep seperate accounts, but we still consider it all 'our' money; if one of us needs some extra money, the other will transfer some over, and we don't keep track of who buys what especially. I guess we wouldn't particularly be opposed to a joint account, it's just never seemed like a pressing need to have one, either. Besides, this way it's a lot easier to buy gifts for each other without any giveaway bank statement clues!

[THE Bigzoman]

The point still stands -- if you're handling your bills and being told how to spend your disposable income that's not an issue with 2 people sharing a joint bank account. It could possibly be an issue if you have a one income house and the other party is taking money out of it to fund an extravagant lifestyle, but that still comes down to terrible decision making on the part of the income earner.

Point taken.



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