Joint bank accounts

My fiance and I have had a joint bank acount for awhile and it has been no trouble. we each have our own little saving accounts. My FH makes more than i do but he doesnt see it as his money.

We have joint accounts for everything, and a separate joint savings account for the wedding itself. We added up all our potential costs, added 15% (just in case) and then split that amount by the number of paychecks we would receive between then and the wedding. That amount was direct deposited accordingly into our savings. It's not 50/50 (I'm putting in more), but that is only b/c FW paid the cash for so many of our deposits up front. It has worked really well, AND, like they say -- out of sight, out of mind. We don't even miss the money (ok, well at least not THAT much), since it just goes in via DD.

Good luck! I'm sure you'll find a plan that works for you both!

We got a joint checking and savings account when we moved in together last year. We both still have our own accounts as well, so when we get paid we just transfer the amount needed to cover our bills into the joint checking account. We've been trying to put 20% of our paychecks into savings too, which is hard. Whatever we have left over is ours to use for fun stuff.

FH makes considerably more than I do, but he doesn't seem to mind putting more into the joint. He loves to save money, so he gets excited when he transfers his part over.

It all just depends on how each handles money....FH and I have a joint bills account. We both put an equal amount to pay the normal monthly bills but I could never trust him with access to all funds. He has a "we got it lets spend it" attitude and Im cheap. Plus his family is always asking for money and he cant say NO.

Having a joint account was almost a non issue for us. We have a main current account which everything goes into and out off. We also have savings acconts some in one name some joint. We never think of his money or mine. it is just a name on a bit of paper.

he is the only one working at the mo and we still just have one current account for us both.

FH does have things (trusts/holds).that are just in his name and our 'his' but we dont think of it like that. Same with the things we own seperatly (We do own together as well)

it hasnt been a problem at all. Actually it makes life easier

Thanks for the positive advice! My FH loves to save money too! Unfortunately I came from a family that is TERRIBLE with their money and he comes from a family that isn't wealthy, but very good with their spending. We definitely used to butt heads a lot, but he's made me so much more financially responsible! I think the joint account is a good idea because I will be held even more accountable for my spending habits (which is what I need, admittedly haha).

We're combining next week. If has to be easier than having separate accounts.thats not working for us at all.

FH definitely made me more responsible with my money too! And it's exactly what you said - you're more accountable for your spending habits. I needed it too having to explain to him why I needed to spend $70 on a mani/pedi got old real quick, so I actually put some thought into how I spend my money now.

Right! I come from a "spend it now, worry about it later" family...and he comes from a "worry and save now, then spend when you have it" family. It's definitely an adjustment haha

For the wedding account we deposit according to the ratio of our salaries. I make 2.5 times more than her so I put in 2.5 times more than her. We each make a deposit every two weeks and use that account exclusively to pay our wedding bills.

I think if your money situation is under control I wouldnt worry about it too much.

That's exactly what we plan on doing Nick. I think it's a great start to entering the "joint account" world

We have joint bank accounts and we both have the same amount per month that we are opposed to put in for the wedding. He actually has been putting in $50 extra when he can, but I also pay for wedding things out of pocket when I can. After we get married, (we will still live apart for a year or so after the wedding) we will put in a percentage of our paychecks to go toward vacations, savings for future kids, etc. once we move in, we will put the majority in a joint account, and have separate accounts for buying presents, having lunch, guys nights, girls nights, etc.

We have separate checking accounts, but a joint savings account.

We're going to keep our separate. For one, he makes more, and I like to spend my money as I please, so long as I'm saving. If we had a joint, I'd always be afraid of spending his money.

Also, he has a three year old son, and where the son lives, they ask to include all assets on the child support worksheet, including joint accounts FH would have with another. My money, and how much or how little I have, is none of his ex girlfriends business, nor do I feel like my money should be counted towards the child support.

With all that said, I have had a joint account with someone in the past, and unless both people are on the same page about spending, it can get rough. I was in charge of bills, etc., and my ex always got pissy if we didn't have money for something he wanted.

Also, we have friends who have issues with their accounts. If husband spends money say, on a soda at work, wife will go buy a pair of shoes. Sort of unbalanced.

I support having joint and separate accounts really. I think everyone needs their own money to not worry about, but it's also good to learn to save together, and easier to pay bills from one account.

I think for the most part, our spending habits are fairly the same. We don't buy clothes or anything without consulting the other one first anyway, even with our separate accounts, so I don't think there will be a huge difference. We already consider it "our" money, so hopefully that won't change. But yeah, child support is a whole different ball game.

I've had a great experience with the joint accounts. Me and the FH have a joint "operational" account for the bills and wedding stuff and then we have a joint "emergency" fund account and then we each have our own "do as you please" account.

He's been an excellent partner when it comes to being patient with me converting to this joint account thing - I was so resisting it at first, not from trust issues on his part, but my own reservations with you "knowing my business" (been an independent chica for a while, so the two becoming one thing has been an interesting part of the journey from a finance perspective). But I must say now, I wouldn't have it any other way!

Currently, we have separate. Once we get married, we plan to have a joint checking account but separate savings account. However, you've brought up some good points. It def makes sense for you two to have a joint account for wedding expenses.

We have a joint everything – checking, savings, and credit card. It doesn’t work for some, but it works for us. We own a home together, we are paying for a wedding together, we have our everyday living expenses together…it is so much easier that everything goes in and comes out of one single account opposed to worrying about who owes who money. We only discuss finances when it’s about big purchases. So far it’s been good, but what works for some doesn’t work for others so it’s all based on personal preference.