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Just Said Yes April 2017

Joint bank accounts

James and Marlane, on August 4, 2016 at 12:49 AM Posted in Married Life 0 34
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HELP!!!!

Joint bank account or separate bank accounts??? If separate both have equal access or my money your money!!?!

34 Comments

  • Chip
    Master March 2018
    Chip ·
    • Flag

    Its whatever works for you. Fh and I have both.

    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.

    • Reply
  • Kristen
    Super September 2017
    Kristen ·
    • Flag

    This is honestly not a thing WW can decide for you. You and FH just need to sit down and do a pro con discussion and talk about what you both prefer to do.

    • Reply
  • Kayla
    VIP September 2016
    Kayla ·
    • Flag

    It completely depends on you, FH, and your relationship.

    Every relationship is different.

    My parents always had joint everything, it worked for them.

    My mom and step mom have a joint house account, and separate accounts for everything else(each could access them if necessary)

    FH and I have joint and separate, but we both can access each others accounts. We do this mostly because I have a business account I have to keep separate, and he's too lazy to switch banks.

    It's still our money though.

    • Reply
  • Brittny
    Super June 2017
    Brittny ·
    • Flag

    We have both, just opened up a joint account for the wedding. It depends on the relationship though

    • Reply
  • H
    Beginner August 2018
    Harmonie ·
    • Flag

    We both have separate bank accounts at 2 different banks. But we have a joint for our bills.

    • Reply
  • TiffanyGomez2018
    VIP July 2017
    TiffanyGomez2018 ·
    • Flag

    We're gonna do both. Joint for bills with same percentage of paycheck from each of us (since he makes so much more than me, it's fair this way). Separate for personal things we want.

    • Reply
  • VC
    Master May 2017
    VC ·
    • Flag

    You do what's right for you.

    We say his money is ours and my money is ours. So we don't fight about money or where to spend it. We are both frugal and are conscious of our spending and make decisions together.

    We have a joint savings/checking and individuals accounts too but we pool everything together and keep minimum balances in our own accounts.

    • Reply
  • Sangele
    Master April 2016
    Sangele ·
    • Flag

    This is something you need to discuss with FH. How would we know how the both of you are with your finances?

    • Reply
  • Sam
    Super October 2016
    Sam ·
    • Flag

    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.

    • Reply
  • Melissa847
    Super September 2016
    Melissa847 ·
    • Flag

    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.

    • Reply
  • Lara
    Master July 2015
    Lara ·
    • Flag

    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.

    • Reply
  • GymRat
    Master May 2017
    GymRat ·
    • Flag

    Talk to a financial advisor.

    • Reply
  • Linda
    VIP June 2017
    Linda ·
    • Flag

    We are getting a joint savings account after the wedding and keeping our checking separately

    • Reply
  • Laine
    VIP September 2017
    Laine ·
    • Flag

    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.

    • Reply
  • Sandy
    Expert May 2017
    Sandy ·
    • Flag

    Every couple is different. We have a joint savings account for wedding stuff and separate accounts otherwise, but as pp have said, what works for one couple isn't necessarily what works for another.

    • Reply
  • mimitrue
    Master January 2016
    mimitrue ·
    • Flag

    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.

    • Reply
  • Kate
    Dedicated October 2017
    Kate ·
    • Flag

    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.

    • Reply
  • Danielle
    Expert May 2017
    Danielle ·
    • Flag

    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.

    • Reply
  • MrsMiller17
    Devoted January 2017
    MrsMiller17 ·
    • Flag

    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.

    • Reply
  • Cryst'l
    Super November 2017
    Cryst'l ·
    • Flag

    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.

    • Reply

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