Mahatma Posted August 14, 2009 Posted August 14, 2009 What do most people do nowadays? My parents actually shared a joint account, but my mom does not work. A lot of my friend's parents have separate bank accounts. I can understand why you would do this, but I also think it is a bit odd to be like "this is mine and this is yours" when you are married. I do not mean to attack anyone or say any way is right or wrong. I don't really know for sure because I am not married, and do not plan to be for a while.
Thaddeus Posted August 14, 2009 Posted August 14, 2009 IMHO, joint accounts for things like household expenses (mortgage, vehicles, food and whatnot) AND personal accounts for each person to spend as they please.
Lyssa Posted August 14, 2009 Posted August 14, 2009 IMHO, joint accounts for things like household expenses (mortgage, vehicles, food and whatnot) AND personal accounts for each person to spend as they please. That's what SO and I are practising.
Vet Posted August 14, 2009 Posted August 14, 2009 All budgetary expenses (bills, food, dining, etc.) put in joint account where they're drafted automatically, 25% thrown into savings, and the left over split up between personal accounts. Anything left over at the end of the year in these accounts is thrown at a vacation or a large purchase usually.
Teslacoil Posted August 14, 2009 Posted August 14, 2009 I'm in favor of full joint accounts. I don't see the need for separate personal accounts. You just keep your SO in the loop when you plan on making a large purchase. Of course, this assumes that both people in the partnership are at least somewhat financially responsible. If not, then separate is probably better.
2sure Posted August 14, 2009 Posted August 14, 2009 Of course, this assumes that both people in the partnership are at least somewhat financially responsible. If not, then separate is probably better. Bingo. I'm ashamed to admit that I am not very good with money, never have been. So my H has graciously taken on that responsibility. I have other skills I bring to the table, but thats not one of them. We have a shared checking account and savings account but the credit cards are separate. If I go over, its my problem and it doesnt affect the serious stuff.
asireen Posted August 16, 2009 Posted August 16, 2009 If both spouses are financially responsible, joint account is the way to go. If one dies without a will, the account automatically is owned by the surviving spouse.
JackJack Posted August 16, 2009 Posted August 16, 2009 WE have a joint checking and savings account. However my wife also has a separate account because she sells make up on the side, and that's kind of like her business thing, so its fine.
Ronni_W Posted August 16, 2009 Posted August 16, 2009 joint accounts ... AND personal accounts Yep...that's what I was going to suggest. It's also how we managed finances in our marriage. Never experienced any problems or issues with that aspect of the relationship.
missdependant Posted August 16, 2009 Posted August 16, 2009 Separate, separate, separate! Just one less thing to fight about. Believe me, if there is a joint account.. there will be fights at some point, it's inevitible.
asireen Posted August 16, 2009 Posted August 16, 2009 Separate, separate, separate! Just one less thing to fight about. Believe me, if there is a joint account.. there will be fights at some point, it's inevitible. I think it depends on a case by case basis. One cannot generalize that fights will be inevitable. If both spouses are financially responsible and the marriage is generally going well, joint accounts are a better idea. If you file your taxes as 'Married filing jointly', joint accounts is the way to go.
Enema Posted August 16, 2009 Posted August 16, 2009 My wife and I have our own bank accounts. We both contribute X to the mortgage every month, I take care of all the bills: electricity, water, land rates, phone, internet. She takes care of food. Works for us! As long as those are taken care of, we do whatever we like with our spare money and there's nothing to argue about.
sally4sara Posted August 16, 2009 Posted August 16, 2009 If money was a common point of contention between my SO and I, I would consider opening separate accounts would be a good way to try to resolve a problem like that. Thankfully we have never fought about money even once in 5 years. We have a joint account. To have separate accounts while trying to be partners seems counter productive IMO. If there has never been a problem on either part when managing finances, and/or, it isn't something like having a household account separate from the business account, I'm not sure why anyone would bother. It would sorta lead me to believe my partner wasn't really being very, uhh partner-like I guess. I would feel like they possibly didn't trust me even without a bad track record, didn't want to ever have to compromise on whether or not to make large purchases or investments, and didn't want me knowing how they managed money. I think it would become a deal breaker for me. That is not to say I think people who handle things this way are wrong - just wrong for me.
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