Pros and cons of shared bank account

I have had a joint account with my FH a month after we started dating which is now 10 years ago. I DO NOT RECOMMEND ANYONE DOING THIS SO EARLY ON IN THE GAME AT ALL, but my FH and I really clicked from day 1 and it all worked out thankfully. I think because of our joint account, it has been soooo incredibly easy to budget all of our bills and save. We have other accounts now, but initially when we first started dating and did not have nearly as much money as we do now, having a joint bank account helped us money manage and save like you wouldn’t believe. I think it’s a great thing as long as you both are totally in it together financially. I know some married friends who keep it all separate which is fine and totally their choice but I can’t imagine us keeping track as easily if we didn’t have one.

In addition to my initial post, when we decided to have a joint account we understood that we had to be in it 100% together. There was no “paying each other back”. Whatever money that was in their was both of ours equally and as long as you understand the IMPORTANCE OF PRIORITIZING you guys will be fine. I stressed that last part greatly as it is the number one key. He doesn’t seem as on board as you are as he mentioned he makes more. Keep in mind, there will be times where you make more than him and vice versa. Its about being together and supporting each other through it all.

We are having both joint and separate accounts. Most of it will go in the joint account for house things, food, mostly everything, and then a smallish amount will go into our separate accounts for fun stuff / our own hobbies, which are both very important to us.


I was adamant about having my own account, no matter how small, for financial safety. I refuse to be completely financially tied to my partner. He is great with money, but I have trust issues I guess. He respects that and we have created a system where I retain autonomy but am still contributing to our life together.

Hubby and I agreed from day one to have just one account because what’s his is mine and what’s mine is his. We both work equally hard for our earnings and there was a point where I was making more than him for some time and now the tables have turned, there’s absolutely nothing wrong with one spouse making more than the other. At the end of the day, you’re sharing the same living space and bills lol we saw it this way that if God forbid something happened to one of us, we assume the responsibility of any debt so either way we might as well know at all times where we stand financially. We became one and we stand together in that.


Now in my opinion, a small con, is I am a penny pincher my husband is the spender. What I see as a saving opportunity or extra cash for emergencies, my husband sees as spending money lol so he can be a little shopping happy and sometimes I wish he didn’t know how much we have left lol but other than that I can’t think of any other cons in our situation.

There are lots of comments on this and I read through them all but figured I'd add my thoughts. We currently have only one "joint" account but as soon as the wedding happens and my name officially changes, we will only have accounts at two banks and both with equal access (one is a local credit union that has my car loan).

From the time we started seriously talking about getting married, we decided that it was no longer his and my money, it was ours. We have been using Mint to budget our money and we put every single account into the app to track. So even though our money is in different accounts, we don't look at it that way. I'm so excited to have a joint account so we don't have to worry about transferring money. I think it's super important to have similar financial goals and work together as a team.

That being said, he makes more money, but due to child support, I bring home a lot more. We work in the same field, but someday we hope I can be a stay at home mom/work a small part time job. Then the financial difference will be HUGE. We still set aside a certain amount of money a month for "fun money" which is money we can spend or save for whatever. It's not in a different account, but it has it's own line item in the budget.

Financial discussions are tough. But they need to be had. I know people have horror stories about divorce and what happened when the couple started moving that direction, but why set up your marriage from the start to protect yourself? Isn't that the same as keeping one foot in the door to bail if needed? Doesn't that mean you're not fully committing?

I'd say get some counseling and talk it through. Things don't automatically change when you sign the paper. You're still the same people the day after the wedding as before. But after the wedding you're a team and you need to work together.

View Quoted Comment Doesn’t it set you up for failure and selfishness ? Being separate? I think it’s kinda like “naw it’s not ours so “

I make significantly more than my fiancé but we recently opened a shared bank account in December. It’s made our lives easier because we can both see the entirety of our expenses. I feel like you have to go into it on the same page. Usually we talk to each other about an expense that’s over a certain amount of money.


The only con that I can think of is that I can’t go crazy at TJ Max or Marshall’s anymore haha.

We have a joint account and we take a certain amount out every month for fun stuff. Logistically it's a lot easier for us. Trying to figure out rent, bills, daycare, groceries, etc... was a mess when we had separate accounts.

My FH and I have what we call, “A Joint Billing Account”. This is a joint checking account where we each have access too for the sole purpose to transfer money into & pay bills with. We both felt that we didn’t want to have full access to the other persons money, so once we decide who would pay what bills, we made a joint checking account where we would use to only pay bills, this way either I could or my FH could pay the rent, utilities, etc. for that month.
I really like this way because once I transfer my money for bills, the rest of the left over money is mine & I don’t have to worry about my FH taking that money for himself (even though my FH wouldn’t do that) PLUS sometimes bills will take a few days for them to take the money from your account so by transferring the “bill” money into the Joint Billing Account I know that the left over money in my personal account is all mine to spend on things or save.
Since doing this way my FH and I have never over drafted our account! Win Win 😊

Every couple is different! Do what best works for you guys. I make 2xs more than my fiancé does but we’re having a joint account. We’re a team I believe that’s how it should be 🤷🏼‍♀️

We’re not getting rid of our separate accounts, but we’ll probably get a joint one for savings and expenses we share.

I'm for a shared bank account regardless of who makes more money. You guys are a team you work together. I feel your just like roommates if you keep your money separate and pay bills just like a roommate would. I've watched my parents put all their money in one bank account and it works great for them. My fiancé parents do the same as well and he said they never had a problem. Me and my fiancé are going to have a shared bank account as well where all our money is going to go. It will make paying the bills easier I think.

It's good to have a joint account for bills and emergencies, but you can still have your own separate accounts as well. We're going to keep our current accounts, but also open a joint one together once we're married. You should be able to work as a team while also spending your own money on whatever you deem appropriate.

We opened a joint checking account a few months ago that we both have access to for our wedding and house expenses. We both still have our individual account because we each have our own individual bills that we are responsible for, and I think I this dynamic works out for our relationship and what we have.

Our paychecks go into our individual accounts. We have allotments set up going to our joint checking (for bills, groceries, & mortgage) and another allotment for our joint savings (wedding payments and honeymoon fund that will be our travel fund after this is done). I'd be very nervous stepping into a marriage without having the money talks prior and figuring that out. Shouldnt matter who is making more as long as you're living within your means and contributing to everyday needs.

We have a small joint account for joint expenses. The rest is separate. FH puts a little more into the joint account because he makes a little more than me

Nope my Momma always told me always have your own money just in case and never to rely on a man to take care of you.. That's always stuck.

Thats odd. My fiancé make 100k morethan I do and we have a joint account for our rent and bills. We also maintain our individual accounts which is where most of our money is.

View Quoted Comment Hi Kaylene, I really hope it isn't. I certainly don't want that to happen. Our separate accounts are only there for extra things, like hobbies and gifts and so on. Things that we want to fund ourselves. And there will only be a certain amount going into that (kind of like an "allowance" from my paycheck) and when that money is gone it's gone. Our day to day expenses will of course come out of the joint account.


To elaborate, I was witness to pretty serious financial abuse between my parents growing up. I will never allow myself be financially "trapped", no matter how much I love a person. It's just a promise I made to myself. Hope this explains my mindset a little bit. I think the fact that my fiance wholeheartedly supports it and has integrated my wishes into our life plans is a sign that it won't set us up for failure.

My FH and I have a shared bank account but we both have separate accounts as well. This way we will never fight over purchases.