FH and I just opened a joint savings account for the wedding, and will be adding a joint account as well. They are both linked to my personal accounts.
What were going to do is put it all in one checking when our pay is deposited. 10% goes to savings, we pay our combined bills, then we each get a pre-set allowance for the week that goes into our separate accounts to do what we want to fund our own hobbies or personal savings.
Any purchases made from the joint account over $x needs spouses okay.
This isn't implemented yet, but this is how we decided to do it.
It's different for everyone. Personally, we probably will just keep our own accounts. We have different views on money, but I think we balance each other out. It may be helpful for you guys to have your own and then extra joint account for bills and such.
Right now we have separate accounts and we each pay half of our bills from there. After the wedding we're going to get a joint account, then we'll allocate some fun money to go into our separate accounts. I do payroll at my company so I can set a small amount to go right into my personal account and the rest to go into the joint account.
We have a similar approach to finances and everything we have now is combined. We share a checking and savings account but we have our own credit cards, so we can still buy each other gifts, etc. We tell each other when we make purchases over $100. I have no idea (nor do I care) what he spends money on under $100, but at the end of the day, I do see that his CC bill was $XX.
No clue what we will do once we are officially married, but FH and I bought a house together so we opened a joint account for that (mortgage, bills, groceries, necessities etc). We both contribute to that account as well as have our own separate accounts. We will probably always have our "own" accounts for fun stuff we want to buy (my makeup and clothes obsession lol) but the joint account is what we will use for most everything.
We have had joint bank accounts for 5 years. It works perfectly for us. In our minds, we share everything especially now that we are married so no need for separate accounts. It's different for everyone though.
We have a joint checking & savings account for the house, and our own separate accounts the other cannot access where our "own" money goes. When I was young my godmother's husband - who had been wonderful up until this day, as far as she or any of us could see - got up one morning, emptied everything from all of their accounts and left her and their son utterly broke and took off. That left a lasting impression on me. I trust my fiancé, so I'll have SOME joint accounts. However, my personal practice is that you never really know the depths of someone and I'm not about to hand over all of my money and power to someone else, no matter how much I love them. It's also why I stress that if you can't be on the mortgage for a new home, you should at least be on the title to it (as long as your state permits that, and most of them if not all do.)
Build trust, plan on a lifetime, but don't put yourself in a position to be left broke and homeless if everything were to go horribly wrong.
I'm a personal banker, so I'll share with you what seems to work best for a lot of my customers.
Hold on to your separate checking accounts if you already have them. It's nice to have a place where you can make a purchase for a birthday gift for your spouse without it coming out of the "our money" bucket. It's good for secrecy too - imagine trying to surprise your spouse with a spontaneous vacation, only for them to see the transaction and dispute it, thinking it's a mistake - ruining your plans!
However, you may want to add your spouse to your individual accounts (and vice versa) as a POD or POA, if (God forbid) something should happen to one of you or one of you become incapacitated.
However, DO open a joint checking and savings account, if for nothing more than when family members write checks out to "Mr. and Mrs. So-And-So." (Trust me, this simplifies things BIG TIME.) It also creates a nice place to write checks for bills from.
As for joint savings...think about your shared goals. Do you want to be homeowners? Do you want to go on a dream vacation? Do you want to save for retirement? (Hint; you should start saving NOW)
In the end, it's all up to you - but speaking as a professional, the key is to not put all your eggs in one basket.
Joint checking and savings. We each have a separate checking and each get a set $$ amount per month based on our salaries into the personal. Joint is used for almost everything, separate is just for fun. If I want to buy new make up or fancy shoes, comes from my personal account. When he wants more video games, comes from his personal. When we need groceries or basics like new clothes, comes from joint.
Eta- fixing my typos. As always. Gotta love autocorrect.
Everyone will be different. We've been together for 7.5 years and have always had separate accounts. I plan on keeping it that way. I have access to his account to set up bill pay and it has always worked for us so far, so I don't plan on changing it when we're married.