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MIWM
VIP June 2019

Joint Bank accounts.

MIWM, on February 9, 2021 at 7:53 AM Posted in Married Life 2 44
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Do you and your spouse plan on having joint bank accounts or do you plan on keeping separate accounts. Just curious on everyone's Opinion on this topic. My Husband has been watching these financial videos and has been hounding me around us having a joint back account all of a sudden. We have been doing just fine with separate bank accounts. I know people who use joint bank accounts and it works for the and also know people who have separate accounts with no problems.

44 Comments

Latest activity by Jon, on February 18, 2021 at 12:41 PM
  • M
    Expert June 2021
    Melanie ·
    • Flag
    We already have a joint account for wedding stuff which we'll probably use for savings once we're married. We also have a joint credit card. But our paychecks are deposited into our separate accounts and we plan to keep it that way after we get married. Our method of paying for things works for us, so we don't see the need to confuse things and change it. When we have kids we'll probably reevaluate what works best
    • Reply
  • Jessica
    Devoted February 2021
    Jessica ·
    • Flag
    We are keeping everything separate and contributing money to the household bills based off of our income. We both like our financial autonomy in the fact that if I wanna buy a sweater I don’t have to tell anybody else I can just buy it and calculate it out of my own finances.
    • Reply
  • Mrs. Spring
    Master April 2021
    Mrs. Spring ·
    • Flag
    We will have obly one joint for savings. We will keep our checking accounts separate.
    • Reply
  • Lisa
    Rockstar July 2022
    Lisa ·
    • Flag
    My fiance and I have separate accounts, and we also have a joint account that we both contribute a set amount to per paycheck. We use this account for wedding-related expenses, bills, trips we take together, etc. We plan to continue this system after our wedding, since it's been working out super well for us.
    • Reply
  • Ava
    Super May 2022
    Ava ·
    • Flag
    Like everyone else has said, we are planning to have a joint savings account plus separate checking accounts.
    • Reply
  • Ava
    Super May 2022
    Ava ·
    • Flag
    Are you not able to edit comments on this site? I cannot figure out how to do it.
    In any case, I was going to add to my comment a question. You said your husband has been watching financial videos and now wants joints accounts. Did he say why the experts are advising joint accounts?
    • Reply
  • Michelle
    Rockstar April 2021
    Michelle ·
    • Flag
    He just added my name to his bank account & I started doing the automatic deposit into. I still have 1 banking account separate since it’s tied to my student loans.
    • Reply
  • Expert September 2021
    ·
    • Flag

    Personally, we've decided to totally combine accounts! I've heard of a lot of couples who will join savings and a "bill" checking and kind of give themselves allowances from there for their personal accounts. For us, it just makes more sense to pool our money, pay our bills from that, put into our savings, tithe (however you work your finances) and what you have left is what you have for extra!

    The way we get paid, one will get paid one week and the other gets paid the next. So we feel like we constantly have a source of income coming in and we see both incomes as "our" money.

    Just a thought! I think everybody's finances are different, so it will always be what works for you two!

    • Reply
  • Hannah
    Rockstar July 2019
    Hannah ·
    • Flag
    We opened a joint account for joint expenses when we moved in together several years ago. After we got married, we decided to transfer our direct deposits to that account. For us, having 1 primary checking, 1 primary savings, and 1 primary credit card account that we both use is easier for keeping track of our total finances. We can see where money is coming in and where it's going out. Neither of us care about what the other person spends money on, unless it's a large purchase. It works for us to have everything in 1 place rather than figuring out who's money is whose and how much each person owes for whatever.
    • Reply
  • Lisa
    Rockstar July 2022
    Lisa ·
    • Flag
    View Quoted Comment
    To answer your question about editing, the only way I'm aware of to edit comments on here is to either use a desktop computer, or, if you're accessing the site from your phone, open Wedding Wire in a browser (not the app) and put the browser in desktop mode. There should be an Edit button below your comment.
    • Reply
  • Expert September 2021
    ·
    • Flag

    We used Venmo a TON. But going out to dinner with friends and being like "I got it this time!" felt weird for us. Or even being at the day before my payday and I needed to buy something expensive. It just worked best for us to not have "his" money vs my money.

    We both have savings accounts that we don't plan to close or merge together, and money we've invested by ourselves. But as far as day-to-day finances, we totally share.

    • Reply
  • Expert September 2021
    ·
    • Flag
    View Quoted Comment

    This is a good point! We definitely do not question what the other spends - that's where it could be an issue for sure! If you're going to join your accounts, you have to still respect that you both contribute to account and should be able to spend without question - unless it's like a huge purchase, which we always discuss beforehand!

    • Reply
  • A
    Expert September 2020
    Amanda ·
    • Flag
    We’re still figuring this out. Currently we have a shared savings account and separate checking. We both also have independent savings accounts. Since we have different amounts saved, I think we will end up contributing equally to the joint savings account and keep anything left over separate. As it relates to large purchases down the road (home, etc.) we can assess tapping into those other savings accounts. Day-to-day expenses we usually just take turns with or split the cost via venmo (groceries, entertainment, etc).
    • Reply
  • Hannah
    Rockstar July 2019
    Hannah ·
    • Flag
    View Quoted Comment
    Yeah, my husband makes a lot more than me right now because I'm in grad school, but we still view any money as "our" money. So unless it's like....a new TV which my husband wanted a few months ago, we don't really care if one of us spends $30 on some stuff on Amazon or whatever.
    • Reply
  • Sarah
    Super August 2021
    Sarah ·
    • Flag
    We have his, mine amd then our bank accounts. We split up the bills from our own accounts. We use our joint account as our savings that we both contribute to.
    • Reply
  • M
    Dedicated September 2021
    Marianne ·
    • Flag

    Currently, we have completely separate accounts and it works alright for us, but we plan on opening at least a joint checking and credit card once we're married. Our original plan was to just contribute enough to the joint account to cover bills and keep the rest in our personal accounts (contributions based on income - we're currently 60/40) but after talking to a financial advisor, he highly recommended depositing both our income into the joint account and transferring a set amout into personal accounts from there. Makes sense when it comes to bills, groceries, restaurants, vacations, etc. as most things we'll be spending money on will be benefiting both of us, but we both like having our own money for our own purchases - I'd end up getting mad at him for buying a bunch of car and guitar stuff and he'd get mad at me for buying clothes and shoes!

    • Reply
  • H
    Dedicated August 2023
    Heather ·
    • Flag
    We have a joint account plus our own individual accounts. We looked at how much we were spending on joint expenses, made a budget spreadsheet, and figured out how much we should each deposit into the joint account to cover those monthly expenses (rent, groceries, eating out, etc.). We contribute equitably, not equally, because he makes more money than I do. All our bills get automatically pulled out of that account, so it's really easy, and then we still have our own money leftover in our separate accounts for whatever we want to purchase individually.
    • Reply
  • Biaani
    Expert May 2021
    Biaani ·
    • Flag

    We have joint credit cards. We'll have a joint savings account to pay rent, save up for our house, etc. But our checks will be deposited into separate bank accounts. What his parents did when they got married was live off the mom's income and the dad's check went straight to savings and that's how they bought their first house. Might try that, who knows.

    • Reply
  • Meghan
    Rockstar October 2019
    Meghan ·
    • Flag

    We have a joint checking and savings as well as individual checking and savings. I like to keep some money separate so I can purchase gifts with my own money and not our money. Also for large "me purchases" like getting my hair done or getting a pedicure.

    • Reply
  • Melle
    Legend June 2019
    Melle ·
    • Flag

    We had a joint account and credit card already before marrying. we still have our separate accounts, of course. but this joint one goes towards things that benefit both of us such as shared bills, mortgage, etc

    • Reply

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